London-based TechnipFMC has added five subsea contract opportunities worth up to $3.5 billion to its target list for the next two years which, in total, could be worth more than $22 billion.

This increase in potential subsea contracts underpins the company’s long-held view about a market recovery cycle as oil prices and offshore investments increase.

“There is no doubt, the cycle is setting up very well,” chief executive Doug Pferdehirt told analysts on Thursday during the company’s second quarter results webcast.