TechnipFMC has been awarded a large integrated engineering, procurement, construction, and installation contract by Vår Energi for the Ofelia and Gjøa Nord projects in the Gjøa area of the North Sea. The contract, valued between $500 million and $1 billion, follows a five-year collaboration agreement signed in 2025 to accelerate subsea development through coordinated portfolio execution. Jonathan Landes, President of Subsea at TechnipFMC, said Vår Energi is applying a portfolio approach to reduce project cycle time and improve returns, with an ambition to deliver first oil within two years. The majority of inbound associated with this award will be included in the second quarter of 2026, with a portion included in prior quarters.
TechnipFMC PLCAwarded large iEPCI contract worth $500M-$1B for North Sea projects, boosting order backlog and revenue.
Var Energi ASA NOKAwarded contract to TechnipFMC for its Ofelia and Gjøa Nord projects, advancing subsea development.