Karoon Energy, an Australian oil and gas firm, recently granted TechnipFMC plc FTI its first integrated Engineering, Procurement, Construction and Installation (iEPCI) contract for the Patola field development in the Santos Basin, offshore Brazil.According to the agreement, TechnipFMC will offer engineering, procurement, construction and installation of flexible pipes, subsea trees and umbilicals. The project will be conducted at a depth of 300 meters under water and connected to the existing Cidade de Itaja Bauna Floating Production, Storage and Offloading (FPSO) vessel. The development consists of two near-vertical subsea production wells that will be drilled and completed utilizing the newly-contracted Maersk Developer rig.The Patola field is located in the Santos Basin, fully owned and run by Karoon under the BM-S-40 Production Licence beside the Bauna and Piracaba oil fields. According to Karoon, the Patola development budget ranges between $175 million and $195 million with about $17 million already committed to ensure that long-lead goods are available to match the project's deadline.Patola’s output is estimated at a rate of more than 10,000 barrels of oil per day (bopd) from high-quality reservoirs that are geologically similar to those found in the nearby Bauna and Piracaba fields. The first oil is expected to be churned out in the March quarter of 2023.TechnipFMC won the contract because of its well-known technical expertise and ability to offer comprehensive and integrated solutions. The firm will leverage its properties and resources, and a chunk of local infrastructure in Brazil, such as its subsea equipment and flexible pipe factories plus its logistical input.Per Jonathan Landes, president, Subsea, at TechnipFMC, "We are very pleased to receive our first iEPCI contract in Brazil for the KaroonPatola project. TechnipFMC and Karoon have a relationship based on trust and transparency, with shared principles and values. We are proud to apply our integrated expertise to help Karoon achieve its goals.”Also, last month, TechnipFMC secured a significant EPCI deal from Ithaca Energy for the Captain enhanced oil recovery (EOR) stage-two project in the U.K. side of the North Sea. For TechnipFMC, a ‘significant’ contract varies from $75 million and $250 million.The EOR stage 2, which involves the EOR expansion into the subsea areas of the Captain field, was sanctioned by the board of Ithaca in April 2021. Per the terms of the deal, TechnipFMC will design, manufacture, deliver and install subsea equipment, which includes a rigid riser caisson, water injection flexible flowline, umbilicals and related equipment.Brief on the Company TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions to the energy industry. The company formed from the January 2017 merger of Technip and FMC Technologies is engaged in designing, producing and servicing technologically-sophisticated systems and products for subsea, onshore/offshore and surface projects.Zacks Rank & Key PicksTechnipFMC currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space are Sprague Resources LP SRLP, SilverBow Resources Inc. SBOW and Continental Resources, Inc. CLR, each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TechnipFMC plc (FTI): Free Stock Analysis Report Continental Resources, Inc. (CLR): Free Stock Analysis Report Sprague Resources LP (SRLP): Free Stock Analysis Report SilverBow Resources Inc. (SBOW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research