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NEWCASTLE/HOUSTON - TechnipFMC (NYSE:FTI) has secured a contract valued between $250 million and $500 million from Eni SpA (ENI.MI) for the deepwater Maha project offshore Indonesia, the company announced in a press release. The contract adds to TechnipFMC's strong performance, with the stock up over 51% year-to-date and trading near its 52-week high of $44.34.
The integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract will involve TechnipFMC designing and manufacturing tree systems, flexible flowlines, a manifold, and controls, as well as installing the subsea production system.
The project will utilize TechnipFMC's Subsea 2.0 configure-to-order technology for the first time in Indonesia and will tie back to the existing Jangkrik Floating Production Unit.
"This project marks another collaboration with a leading energy company to use our integrated execution model, enhanced by the benefits of our configurable product platform," said Jonathan Landes, President of Subsea at TechnipFMC.
The award builds on previous successful collaborations between the two companies in the region, including the Jangkrik and Merakes projects.
TechnipFMC included this contract in its inbound orders for the second quarter of 2025. The company employs approximately 21,000 people globally and operates in two business segments: Subsea and Surface Technologies.
In other recent news, TechnipFMC reported third-quarter earnings that missed analyst expectations, posting a clean EBIT of EUR125 million, which fell short of the EUR135 million estimated by KECH and the consensus forecast of EUR137 million. Despite this, several analyst firms have adjusted their price targets for the company. Jefferies raised its price target to $50 from $47, maintaining a Buy rating, following guidance upgrades announced during the company's third-quarter results. RBC Capital also increased its price target to $47 from $40, citing strong third-quarter orders and optimistic fiscal year 2026 Subsea margins. Piper Sandler adjusted its price target to $49 from $48, highlighting the company's 2026 Subsea margin guidance, which exceeded the current consensus. Evercore ISI raised its price target to $48 from $46, emphasizing the strength of TechnipFMC's subsea outlook and structural operating model changes. These developments reflect a positive sentiment among analysts despite the recent earnings miss.
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