TechnipFMC plc Ordinary Share - FTI STOCK NEWS

TechnipFMC plc (NYSE: FTI) reported its fourth quarter 2020 results, revealing a revenue decline of 8.1% year-over-year, totaling $3,426.1 million. The company experienced a net loss of $39.3 million, with adjusted net income rising 55.0% to $23.4 million. Despite the challenges due to COVID-19, inbound orders increased by 54.7% to $4,204.5 million, though the backlog decreased 11.8% to $21,388.2 million. The company aims for revenue growth in 2021, driven by international markets and its separation into independent entities.

TechnipFMC (NYSE:FTI) has secured a letter of award (LOA) from Energean Israel Limited for the development of the Karish North field, offshore Israel. The contract entails designing, manufacturing, delivering, and installing subsea equipment including a subsea production system, rigid flowlines, and umbilicals, connecting to the ‘Energean Power’ FPSO. Jonathan Landes, President Subsea, emphasized the significance of their partnership with Energean and the value of their integrated offerings in this venture.

TechnipFMC (NYSE: FTI) has secured a significant contract from PETRONAS Carigali for the Limbayong Deepwater Development Project. This contract entails front-end engineering design and integrated engineering, procurement, construction, installation, and commissioning of subsea systems for developing 10 deepwater wells in Malaysia. The contract value is classified as substantial, ranging from $250 million to $500 million. The project will be managed from Kuala Lumpur, utilizing local manufacturing resources.

TechnipFMC (FTI) has secured a significant integrated Engineering Procurement Construction and Installation (iEPCI™) contract from joint ventures NIpetco and PetroAmriya for a subsea tieback project offshore Egypt. This award, valued between $75 million and $250 million, enables TechnipFMC to utilize its advanced technologies to enhance efficiency and reduce costs. The project will involve designing and installing subsea equipment, marking the second collaboration with Energean, further solidifying TechnipFMC's leadership in integrated subsea projects.

TechnipFMC has successfully completed its spin-off, creating two independent companies: TechnipFMC and Technip Energies. The technical reference price for Technip Energies was set at €9.00 ahead of its listing on Euronext Paris under the symbol 'TE'. CEO Doug Pferdehirt stated the separation positions the companies to better serve clients and address energy transformation needs. Additionally, Technip Energies announced the appointment of Simon Eyers to its Board, enhancing its strategic leadership in energy markets.

TechnipFMC plc (NYSE:FTI) announced that the Dutch Authority for the Financial Markets has approved the prospectus for the admission of Technip Energies N.V. shares on Euronext Paris. This follows the planned separation into two independent, publicly traded companies, with TechnipFMC shareholders receiving a 50.1% stake in Technip Energies. Trading is set to begin on February 16, 2021, subject to regulatory approvals. The technical reference price will be announced on February 15, 2021. More details are available on TechnipFMC's investor relations website.

TechnipFMC (NYSE: FTI) announced that its joint venture, CTJV, received a major EPCC contract from Qatar Petroleum for the North Field East Project. This contract includes the delivery of four LNG mega trains, each capable of producing 8 Mtpa. The project aims for a significant reduction in greenhouse gas emissions and will increase Qatar's LNG production from 77 Mtpa to 110 Mtpa. Arnaud Pieton, President of Technip Energies, emphasized the project's importance for low carbon LNG and energy transition. A major contract is defined as exceeding $1 billion.

TechnipFMC (NYSE:FTI) will announce its fourth quarter 2020 earnings on February 24, 2021, after NYSE close. A teleconference for the earnings release is scheduled for February 25, 2021, at 1 p.m. London time (8 a.m. New York time). Interested participants can join via specified telephone numbers or access a webcast. The company operates in three segments: Subsea, Surface Technologies, and Technip Energies, focusing on innovative technologies to improve project efficiency in the energy sector.

TechnipFMC plc (NYSE: FTI) announced detailed plans for its spin-off into two independent companies: TechnipFMC and Technip Energies. The transaction entails a share dividend distribution, where shareholders will receive one Technip Energies share for every five TechnipFMC shares held. The last trading day for rights to Technip Energies shares is February 12, 2021, with shares starting independent trading on February 16, 2021. Technip Energies will also establish an ADR program in the U.S., while fractional shares will be converted into cash payments for shareholders.