What's Happening?
TechnipFMC has been awarded an integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract by bp for the Tiber development in the Gulf of America Paleogene. This project is notable for its high-pressure requirements, with the Tiber field being one of the most technically demanding in the region. The contract, valued between $600 million and $800 million, builds on previous work done for bp's Kaskida project, which was also a high-pressure development. The Tiber project will follow a similar execution model, emphasizing collaboration and technical innovation. The contract was included in TechnipFMC's inbound orders for the fourth quarter of 2025, with planning and installation schedules aligned with ongoing equipment
procurement in Trinidad.
Why It's Important?
The awarding of this contract underscores the continued interest and investment in ultra-deepwater high-pressure reservoirs in the Gulf of Mexico. For TechnipFMC, this contract not only extends its backlog but also reinforces its position as a leader in subsea engineering and construction. The project is significant for bp as it continues to develop its high-pressure capabilities in the Gulf, a region known for its challenging conditions. The use of an integrated contracting model is crucial for managing costs and logistics risks, which are inherent in such complex projects. This development could have broader implications for the U.S. energy sector, potentially influencing future investments and technological advancements in offshore drilling.
What's Next?
As the project progresses, TechnipFMC and bp will focus on the completion planning and installation phases, which are expected to align with equipment procurement already underway. The success of this project could lead to further collaborations between the two companies in the Gulf of Mexico. Additionally, the project's outcomes may influence other operators in the region to adopt similar integrated contracting models, potentially setting new standards for high-pressure subsea developments.
