TechnipFMC secured a $600‑$800 million integrated Engineering, Procurement, Construction and Installation (iEPCI) contract from bp for the 20 K Tiber greenfield development in the U.S. Gulf of Mexico. The award follows the company’s successful Kaskida iEPCI execution in 2024 and expands its presence in bp’s deep‑water portfolio.
The Tiber project is a high‑pressure (20,000 psi) development that will use TechnipFMC’s Subsea 2.0 product architecture. Subsea 2.0 delivers standardized, modular components that reduce engineering time, lower supply‑chain risk and enable predictable delivery schedules. By leveraging the same technology platform that powered Kaskida, TechnipFMC can provide a single point of accountability and accelerate the project’s timeline.
The contract adds a substantial order to TechnipFMC’s backlog and reinforces the company’s strategy of expanding high‑margin subsea work. In Q4 2024, the company reported revenue of $2.37 billion, up 13.9 % YoY, and net income of $224.7 million, a 324 % increase from the prior year. The new Tiber order is expected to contribute significantly to future cash flow and support the firm’s investment‑grade capital‑allocation discipline.
bp’s final investment decision for the $5 billion Tiber‑Guadalupe project was announced in September 2025, with production slated for 2030. The partnership underscores bp’s commitment to deep‑water development in the Gulf of Mexico and positions TechnipFMC as a key enabler of high‑pressure subsea technology.
Jonathan Landes, President of TechnipFMC Subsea, said the company is “excited to advance both projects” and highlighted the synergy between Kaskida and Tiber. The award demonstrates TechnipFMC’s ability to deliver repeatable, integrated solutions that meet the demanding technical requirements of bp’s most challenging assets.
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