LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (Paris:FTI) (NYSE:FTI) (ISIN:GB00BDSFG982) announced today that, jointly with Samsung Engineering and Tecnicas Reunidas, it has been awarded a $ 4.2 billion USD contract from Bahrain Petroleum Company (Bapco) for the Bapco Modernization Program (BMP). The project is located on Bahrain’s Eastern coast and entails the expansion of the capacity of the existing Sitra oil refinery from 267,000 up to 360,000 barrels per day (BPD), improve energy efficiency, valorization of the heavy part of the crude oil barrel (bottom of the barrel), enhancing products slate and meeting environmental compliance.
The project will be executed on engineering, procurement, construction and commissioning (EPCC) lump sum turnkey basis and is slated for completion in 2022. It includes the following main units: 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. Utilities and offsites are also part of the scope.
The BMP project will capitalize on the vast experience of the joint venture partners in Bahrain as well as in the Region.
Nello Uccelletti, President of TechnipFMC’s Onshore Offshore business stated: “We are honored to be the leader of this joint venture entrusted for the execution of this prestigious contract that represent a testimonial of the long-term partnership with Bapco and strengthen our leadership in the refining sector. This award is one of the strategic “early engagement” achievement, following the successful completion by TechnipFMC of the FEED contract.”
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 “scheduled,” “estimated,” “aimed” 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. Known material factors that could cause our actual results to differ from those in the forward-looking statements include the Company's ability to successfully deliver, and Bapco’s acceptance of, the various products ordered. For additional information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Registration Statement on Form S-4, 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.
About TechnipFMC
TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.
We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.
Each of our more than 40,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
To learn more about us and how we are enhancing the performance of the world’s energy industry, go to TechnipFMC.com and follow us on Twitter @TechnipFMC.
