What happened? TechnipFMC and Saipem have announced major contracts under an integrated Engineering, Procurement, Construction and Installation (iEPCI) format. FTI''s scope ($1bn) includes Subsea 2.0 tree systems, manifolds, connectors, and topside control equipment. The Company will also supply umbilicals, flexible jumpers, and flexible risers. Saipem''s scope ($1.9bn), lasting 5 years, entails the engineering, procurement, supply, construction, installation, pre-commissioning and assistance for the commissioning and start-up of the Subsea Umbilicals, Risers and Flowlines (SURF) package. SPM will use its fleet of J-lay and S-lay vessels with the offshore campaign taking place in 2027/28. BNPP Exane View: Significant positive for SPM and FTI, with GranMorgu the first deepwater development in the emerging Suriname basin. This is also the first major contract to be executed under FTI and SPM''s vessel sharing ecosystem. For SPM, the award alone takes ABS (offshore EandC) order intake a touch above consensus and is larger than we expected, while the low end of FTI''s stated award range (c$1bn) accounts for 40% of Subsea consensus in 4Q.