May 24, 2018 - 7:15 AM EDT
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Wired News - TechnipFMC and L&T Hydrocarbon Engineering Jointly Bag EPCC Contracts for Two Fertilizer Plants in India

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LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free research report on TechnipFMC PLC (NYSE: FTI), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FTI as the Company's latest news hit the wire. On May 22, 2018, a consortium of TechnipFMC and L&T Hydrocarbon Engineering ("LTHE") announced that they have been awarded Engineering, Procurement, Construction and Commissioning (EPCC) contracts by Hindustan Urvarak and Rasayan Limited ("HURL") for two fertilizer plants in India. LTHE is a wholly owned subsidiary of Larsen & Toubro Limited, while HURL is a joint venture company formed by three Indian public-sector companies - Coal India Limited ("CIL"), NTPC Ltd ("NTPC"), and Indian Oil Corporation Ltd ("IOCL") as the lead promoters with Fertilizer Corporation of India Ltd ("FCIL") and Hindustan Fertilizer Corporation Ltd ("HFCL") as other two partners. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Scope of the contracts

The EPCC contracts are for the construction of two state-of-the-art, natural gas-based fertilizer complexes in two eastern states in India. One plant is in Barauni, Bihar, while the second plant is in Sindri, Jharkhand. Each of these plants has the capacity to produce 2200 Tonnes Per Day (TPD) of ammonia and 3850 TPD of urea.

The consortium bagged the contracts after participation in the international competitive bidding. The two projects will be executed on EPCC Lump Sum Turn Key (LSTK) basis and will progress concurrently. TechnipFMC will lead the consortium and has been entrusted with the licensing, basic engineering, detailed engineering, construction and commissioning of the two complexes within a period of 36 months.

TechnipFMC has revealed that its teams in France and India will work closely with HURL to complete these projects.

Both of the plants will be constructed incorporating ammonia technology from Haldor Topsoe, Denmark and urea technology from Saipem, Italy. The two projects are valued over Rs. 3,800 Crores.

HURL is working to revive three fertilizer plants in India, at Gorakhpur Uttar Pradesh (UP), Barauni, Bihar and Sindri, Jharkhand. These projects are part of Government of India's "Make in India" initiative with the aim of making India self-sufficient in the field of urea production. Earlier in March 2018, HURL had awarded the contract for constructing a large-scale fertilizer complex in Gorakhpur, UP to Japan's Toyo Engineering Corporation.

Management Comments

Sharing his views on bagging two EPCC contracts in India, Nello Uccelletti, President - Onshore/Offshore Business at TechnipFMC, said:

"We are honored to be entrusted the execution of these prestigious projects in consortium with LTHE which demonstrates our long-term commitment to India and strengthens our leadership in executing challenging projects in fertilizers, refinery and petrochemical sectors. The project is of great national importance to India to address the demand of Urea in domestic market and thereby, boosting the economic growth of the country."

Subramanian Sarma, MD and CEO at LTHE, added:

"L&T has a Proven Track Record of over 25+ years in the fertilizer sector and bagging these two orders from HURL, reinforces our integrated capabilities in executing critical plants for fertilizers, refinery and petrochemical segments. We are extremely proud to be associated with these projects of national importance, critical to enhancing India's food security and boosting the Make-in-India initiative."

About L&T Hydrocarbon Engineering

LTHE undertakes turnkey construction of fertilizer, refinery, and petrochemical plants; cross-country pipelines and oil & gas terminals covering civil, structural, piping equipment, heavy lifts, electrical and instrumentation projects. Larsen & Toubro is a $17 billion technology, engineering, and construction group, with global operations.

About TechnipFMC PLC

London, UK-based TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects, technologies, systems and services. TechnipFMC was established in 2017 with the merger of FMC Technologies with Technip. The Company uses its proprietary technologies and production systems, integrated expertise, and comprehensive solutions to transform clients' project economics. The Company can deliver on projects across the project lifecycles from concept to project delivery and beyond.

TechnipFMC has presence in over 48 countries and has over 37,000 employees. The Company reported revenue of $15 billion for FY17.

Stock Performance Snapshot

May 23, 2018 - At Wednesday's closing bell, TechnipFMC's stock dropped 1.87%, ending the trading session at $32.57.

Volume traded for the day: 2.97 million shares.

Stock performance in the last three-month – up 6.65%; previous six-month period – up 22.91%; past twelve-month period – up 2.45%; and year-to-date - up 4.02%

After yesterday's close, TechnipFMC's market cap was at $15.12 billion.

Price to Earnings (P/E) ratio was at 37.70.

The stock has a dividend yield of 1.60%.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry.

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Source: ACCESSWIRE Investor Awareness (May 24, 2018 - 7:15 AM EDT)

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