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Press Release

ƹƵapp Awarded Significant iEPCI™ Contract by Woodside Energy for Xena Phase 3 Development

May 13, 2024

NEWCASTLE & HOUSTON, May 13, 2024 — ƹƵapp (NYSE: FTI) has been awarded a significant(1) integrated Engineering, Procurement, Construction, and Installation (ʰ™) contract by Woodside Energy (LON: WDS) in Australia.

ƹƵapp will design, manufacture, and install the subsea production system, flexible pipe, and umbilicals for the Xena Infill well (XNA03) to support ongoing production from the Pluto LNG Project. The award follows an integrated front end engineering design (󷡷™) study.

The project will use the Company’s Subsea 2.0® production system. Xena Phase 3 will be tied back to existing subsea infrastructure previously supplied by ƹƵapp.

Jonathan Landes, President, Subsea at ƹƵapp, commented: “We are proud to be delivering a fully integrated project from concept to execution. This project will help our long-term client meet their objectives, demonstrating the favorable impact 󷡷™, ʰ™, and Subsea 2.0® can have on project economics.”
The contract is the latest call-off on the framework agreement between Woodside Energy and ƹƵapp.

(1) For ƹƵapp, a “significant” contract is between $75 million and $250 million. This award will be included in inbound orders in the second quarter of 2024.

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Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, including our assumptions and projections regarding the expected benefits of the awarded contract, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law. 

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About ƹƵapp

ƹƵapp is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. 

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.  

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as ʰ™, 󷡷™ and dzٱ™), technology leadership and digital innovation.

Each of our approximately 21,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

ƹƵapp uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.ƹƵapp.com and follow us on X (formerly Twitter) .

 

Contacts

Investor relations
Matt Seinsheimer
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
Email: Matt Seinsheimer

James Davis
Director, Investor Relations
Tel: +1 281 260 3665
Email: James Davis

Media relations
David Willis
Senior Manager, Public Relations
Tel: +44 7841 492988
Email: David Willis