TechnipFMC wins $500M–$1B subsea contract from Vår Energi

TechnipFMC (NYSE: FTI) has been awarded a contract valued between $500 million and $1 billion by Vår Energi for subsea work on the Ofelia and Gjøa Nord projects in the Gjøa area of the North Sea.

The contract covers integrated engineering, procurement, construction, and installation services. According to a company statement, the majority of the inbound associated with the award will be recorded in the second quarter of 2026, with a portion included in prior quarters.

The award follows a five-year collaboration agreement signed in 2025 between TechnipFMC and Vår Energi to deliver subsea projects using TechnipFMC's integrated model.

Jonathan Landes, President of Subsea at TechnipFMC, said: "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."

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