Wired News – TechnipFMC Awarded BAPCO Sitra Refinery Expansion Project in Bahrain
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LONDON, UK / ACCESSWIRE / December 06, 2017 / Active-Investors issued a free report on TechnipFMC PLC. (NYSE: FTI), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=FTI as the Company's latest news hit the wire. On December 04, 2017, the Company, a global leader in subsea, onshore/offshore, and surface projects, declared that it has been awarded a $4.2 billion contract from State-run Bahrain Petroleum Co. (BAPCO) for the BAPCO Modernization Program (BMP). The contract has been given to the consortium comprising UK-based TechnipFMC, South Korea-based Samsung Engineering, and Spain's Tecnicas Reunidas. Sign up now for our free research reports at:
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About the BAPCO Modernization Program (BMP)
- At present, the Sitra oil refinery, which is Bahrain's only oil refinery, has a processing capacity of 267,000 barrels per day (bpd). The BMP targets to increase its capacity to 360,000 bpd by adding and replacing some units.
- The BMP also aims at improving energy efficiency, valorization of the heavy part of the crude oil barrel (which is the bottom of the barrel), enhancing products slate, and meeting environmental compliance.
- The project is located on Bahrain's Eastern coast, and is scheduled for completion in 2022.
About the Contract Between BAPCO and the Consortium
The contract entails expansion of the Sitra oil refinery by the consortium led by TechnipFMC. The BMP project would capitalize on the expertise of the joint venture partners in Bahrain as well as in the Region. The project would be executed on an engineering, procurement, construction, and commissioning (EPCC) lump sum turnkey basis.
The consortium's scope of work covers Residue Hydrocracking Unit, Hydrocracker Unit, Hydro Desulfurization Unit, Crude Distillation Unit, Vacuum Distillation Unit, Saturated Gas Plant, Hydrogen Production Unit, Hydrogen Recovery Unit, Sulphur Recovery Unit, Tail Gas Treatment Unit, Sour Water Stripper Unit, Amine Recovery Unit, Bulk Acid Gas Removal Unit, Sulphur Solidification Unit, and Sulphur Handling Facilities. Besides, it also includes EPCC for associated utilities and off sites for the project.
So far, neither BAPCO nor the consortium has disclosed details about the capacities of individual units that are to be added as part of the expansion.
Contract to Strengthen Technip's Leadership in the Refining Industry
Nello Uccelletti, President at TechnipFMC's Onshore/Offshore business, expressed that it is an honor for the Company to lead this joint venture, which aims at the execution of this prestigious contract. In fact, it is a testimony to TechnipFMC's long-term partnership with BAPCO.
Most importantly, this contract goes a long way in strengthening the Company's leadership in the refining sector. It is one of the strategic ‘early engagement' achievements for TechnipFMC, after the successful completion of the FEED contract.
Stock Performance Snapshot
December 05, 2017 - At Tuesday's closing bell, TechnipFMC's stock dropped 2.32%, ending the trading session at $28.24.
Volume traded for the day: 3.16 million shares.
Stock performance in the last three-month period – up 7.62%; and past six-month period – up 0.07%
After yesterday's close, TechnipFMC's market cap was at $13.19 billion.
Price to Earnings (P/E) ratio was at 34.15.
The stock has a dividend yield of 1.84%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry.
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