TechnipFMC has secured a large integrated engineering, procurement, construction and installation contract from Vår Energi for the Ofelia and Gjøa Nord projects in the Gjøa area of the North Sea. The contract is valued between $500 million and $1 billion, making it one of the company's most important subsea awards in recent years. Most of the associated revenues will be recorded in the second quarter of 2026, with a smaller portion already recognized in prior quarters. The award follows a five-year strategic collaboration agreement signed in 2025 to accelerate subsea developments using TechnipFMC's integrated execution model across multiple offshore projects. The Ofelia and Gjøa Nord developments will leverage existing infrastructure to minimize capital expenditures and reduce development timelines.
Var Energi ASA NOKAwards contract to TechnipFMC for Ofelia and Gjøa Nord projects
TechnipFMC PLCWins large iEPCI contract from Vår Energi valued $500M-$1B
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