BP plc BP, a UK-based oil and gas giant, has inked a global frame agreement with the Subsea Integration Alliance, a partnership between SLB’s OneSubsea and Subsea7. As part of the agreement, the trio has decided to create a platform to effectively utilize their expertise in subsea projects across a range of future projects.

Subsea7 and OneSubsea have highlighted that the partnership would enable them to bring cross-domain teams together to leverage their capabilities through the lifecycle of each project. The partnership is aimed at improving project outcomes and facilitating project delivery through collaboration and the development of new commercial models.

BP Awards New Contract

BP recently awarded OneSubsea and Subsea7 a multimillion-dollar engineering, procurement, construction, and installation (EPCI) contract for one of its oil and gas fields in the UK North Sea. The contract covers the installation of subsea pipelines and production systems for the field. The frame agreement positions the Subsea Integration Alliance as a front-runner in developing innovative solutions that drive the future of subsea oil and gas operations.

Subsea7 has expressed its pride in continuing its relationship with OneSubsea and BP through this agreement. The company mentioned the importance of being involved in the early stages of field development. By leveraging its extensive experience in project management and its advanced fleet, SUBCY believes that it can offer a holistic approach to planning and delivering solutions.

OneSubsea has emphasized that its long-standing relationship with BP, which only grew stronger with the latest agreement. The global frame agreement should allow them to collaborate on a much deeper level, from the beginning of the field development phase to the extension of the life of mature assets. The collaboration between BP and the Subsea Integration Alliance should allow OneSubsea to enhance its capabilities in field delivery and deploy cutting-edge, tailored solutions associated with subsea projects.

BP’s Zacks Rank and Key Picks

Currently, BP carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the energy sector are Archrock Inc. AROC, Sunoco LP SUN and FuelCell Energy FCEL. Archrock presently sports a Zacks Rank #1 (Strong Buy), while Sunoco and FuelCell Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.