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TechnipFMC lands more offshore Angola subsea equipment work
The latest contract from Azule Energy is expected to contribute to third-quarter 2026 inbound orders, even as total backlog fell year over year.
TechnipFMC said Azule Energy has awarded it a contract to supply flexible flowlines, risers, and related equipment for the West Hub Tails project, an extension of the Agogo Integrated Development offshore Angola, which will carry production from the West Hub area into the Agogo floating production, storage, and offloading vessel. The deal is classified as significant, with expected revenue between $75 million and $250 million, and TechnipFMC said it will land in third-quarter 2026 inbound orders.
The award follows another Azule Energy contract disclosed on July 30 for flexible flowlines and risers on the Greater PAJ development offshore Angola, and TechnipFMC’s year has also included subsea wins across regions. Those include a $500 million to $1 billion contract from Vår Energi for the Ofelia and Gjøa Nord projects in the North Sea, an award from Eni for the Baleine Phase 3 expansion offshore Côte d'Ivoire, and multiple Norwegian brownfield tie-back contracts totaling $250 million to $500 million from Equinor.
TechnipFMC executives characterized the work as customers taking a portfolio approach to development, reusing existing infrastructure across multiple fields rather than building each project from scratch, which ties to the company’s integrated iEPCI model. In the company’s latest results, second-quarter revenue rose to $2.76 billion, net income increased to $362.7 million, and adjusted EBITDA margin expanded to 21.1%, while free cash flow totaled $488 million and 90% was returned to shareholders through buybacks and dividends.
Despite the deal streak, TechnipFMC noted its backlog picture is less additive, with total backlog at $16.44 billion at the end of the second quarter, down 1.2% from a year earlier. Subsea backlog was essentially flat, suggesting new awards are largely replacing work already being completed rather than increasing the pipeline faster.