TechnipFMC plc FTI, a leading manufacturer and supplier of products and services to the energy sector, announced that it has been awarded a new contract by Eni S.p.A E, an Italian integrated energy firm, for Baleine Phase 3, an offshore oil and gas development in Cote d’Ivoire.
FTI’s Scope of the Contract
TechnipFMC will be responsible for the design and manufacture of flexible flowlines and risers used in offshore oil and gas production. Flowlines and risers are critical components used to transport oil and gas from the wells to the production facility. FTI has stated that, for this project, the flexible flowlines and risers will connect wells at depths of around 1,200 meters to the new floating production unit.
The company has stated that the contract is “significant,” implying that its value lies between $75 million and $250 million. The contract award was included in the company’s second-quarter inbound orders and will contribute to TechnipFMC’s expanding order backlog, supporting future revenue growth.
Baleine Phase 3 Aims to Boost Offshore Production
Eni announced a final investment decision for Baleine Phase 3 in May 2026. The company plans to follow the same phased, fast-track development model used in Phases 1 and 2, helping reduce development timelines and optimize project costs. The Baleine discovery is the largest hydrocarbon find made in Cote d’Ivoire.
Baleine Phase 3, alongside Phases 1 and 2, is expected to increase oil production from the field from 60,000 barrels per day(bpd) to 150,000 bpd and gas production from 80 million cubic feet per day (MMcf/D) to 200 MMcf/D.
FTI has also stated that this contract further strengthens its collaboration with Eni. TechnipFMC’s expertise in supplying flexible pipe solutions should support the project’s development as per schedule and help Eni increase its offshore production.
Zacks Rank and Key Picks
FTI currently carries a Zacks Rank #3 (Hold) while E has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the energy sector are Cenovus Energy CVE and FuelCell Energy FCEL. While Cenovus Energy currently sports a Zacks Rank #1 (Strong Buy), FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Cenovus Energy Inc. is a Canadian integrated energy company with operations spanning the upstream, midstream and downstream sectors. The company is involved in exploration and production from its low-cost oil sands and heavy oil assets in Canada. The strategic MEG Energy acquisition is expected to boost Cenovus Energy’s production levels in 2026.
FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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This article originally published on Zacks Investment Research (zacks.com).
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