TechnipFMC has secured a major contract, valued between $600 million and $800 million, for the integrated engineering, procurement, construction, and installation (iEPCI) of BP's Tiber development in the US Gulf of Mexico.

Project Context and Technology

This contract represents BP's second project in the region to utilize technology capable of handling pressures of 20,000 pounds per square inch (20k). The iEPCI work will be executed based on TechnipFMC's established plans for BP's first 20k development, the Kaskida project, for which TechnipFMC won a contract in 2024. This approach aims to enable repeatable and systematic delivery of integrated projects within the same basin.

Development Timeline and Output

BP sanctioned the Kaskida project in 2024 and the Tiber-Guadalupe project in 2025. These two greenfield developments are anticipated to collectively add 160,000 barrels per day of crude oil capacity by 2030. The Tiber-Guadalupe project is expected to come online in 2030, with Kaskida scheduled for first oil in 2029.

Additional Contract Award

Separately, BP has already awarded a contract for a subsea boosting system for the Tiber development to SLB OneSubsea, a joint venture between SLB, Aker Solutions, and Subsea7.