TechnipFMC (NYSE:FTI) has been awarded a large(1) integrated engineering, procurement, construction, and installation (iEPCI®) contract by Vår Energi for the Ofelia and Gjøa Nord projects in the Gjøa area of the North Sea.

This direct award follows a five-year collaboration agreement signed in 2025 to deliver subsea projects utilizing TechnipFMC’s integrated model and accelerate development through coordinated portfolio execution.

Jonathan Landes, President, Subsea at TechnipFMC, commented: "Vår Energi is applying a portfolio approach in the Gjøa area to reduce project cycle time and improve project returns. This approach requires deep collaboration and is enabled by TechnipFMC’s unique integrated execution model. We are pleased to support Vår Energi’s ambition to deliver first oil within two years."

(1) For TechnipFMC, a "large" contract is between $500 million and $1 billion. The majority of inbound associated with this award will be included in the second quarter of 2026, with a portion included in prior quarters.