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  • 15 Mar 2024

Contractors selected for major UK East Coast Cluster packages


Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0

  • BNP Paribas Exane
    • Thomson Daniel DT

    • 6 pages


 

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Contractors selected for major UK East Coast Cluster packages


Saipem (SPM:BIT), 0 | Saipem S.p.A. (SPM:MIL), 0 | Vallourec (VK:EPA), 0 | Vallourec SA (VK:PAR), 0 | CGG (CGG:EPA), 0 | Viridien (VIRI:PAR), 0 | SBM Offshore NV (SBMO:AMS), 0 | TechnipFMC PLC (FTI:NYSE), 0 | TechnipFMC plc (FTI:NYS), 0 | SUBSEA 7 (SUBC:STO), 0 | Subsea 7 S.A. (SUBC:OSL), 0 | Petrofac Limited (PFC:LON), 3.8 | Gaztransport & Technigaz (GTT:EPA), 0 | Gaztransport & Technigaz SA (GTT:PAR), 0 | AKER SOLUTIONS (AKSO:STO), 0 | Aker Solutions ASA (AKSO:OSL), 0 | Technip Energies NV (TE:PAR), 0

  • Published: 15 Mar 2024
  • Author: Thomson Daniel DT
  • Pages: 6
  • BNP Paribas Exane


What happened? Technip Energies, Saipem and TechnipFMC have been awarded letters of intent (LOIs) related to two major low-carbon projects in the UK which have been shortlisted for government funding under the UK''s net-zero programme. The projects are expected to capture and sequestrate up to 4mtpa of CO2 by 2027. Final awards are subject to regulatory clearances and project FIDs, planned for September 2024 or earlier. Overall, LOIs for GBP4bn of awards have been announced to contractors this morning. See: East Coast Cluster packages The Technip Energies-led consortium including GE Vernova and Balfour Beatty as construction partner announced the award of a letter of intent from BP for the execution of the Net Zero Teeside Power (NZT Power) project comprising one of the world''s first commercial gas-fired power plants with carbon capture, expected to capture up to 2mtpa of CO2. The CCS plant will use TE''s proprietary ''Canopy by T.EN'' solution powered by the Shell CANSOLV CO2 capture technology. Saipem has signed a Memorandum of Understanding (MoU) for the development of offshore structures for the transportation and storage of CO2 in respect of the NZT Power and Northern Endurance Partnership (NEP) projects in the ''East Coast Cluster'' in Teeside, UK. SPM''s workscope includes the EPCI of a 28-inch, c145km offshore pipeline with associated landfalls and onshore outlet facilities for the NEP project, and the EPCI of the water outfall for the Net Zero Teesside Power (NZTP) project. SPM''s flagship Castorone vessel will perform the pipelaying operations. TechnipFMC has been awarded a package related to the offshore subsea injection system. BNPP Exane View: Award agreements demonstrate that transition opportunities are reaching material scale Decent positives for TE, SPM and FTI though final award values will only be disclosed upon FID scheduled for later this year. We think this could be a EUR1bn+ project to the TE-led consortium, i.e., the largest...

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