TechnipFMC plc Ordinary Share - FTI STOCK NEWS

TechnipFMC reported first-quarter 2023 results with total revenues of $1.717 billion, a 1.4% increase sequentially and a 10.4% increase year-over-year. The company achieved a modest profit of $0.4 million after substantial restructuring charges. Inbound orders reached $2.858 billion, a remarkable 55.2% increase from the previous quarter, boosting total backlog to $10.607 billion, a 13% growth. The subsea sector performed strongly with inbound orders of $2.537 billion and a book-to-bill ratio of 1.8. Adjusted EBITDA stood at $157.5 million with a margin of 9.2%. Additionally, $50 million in shares were repurchased as part of the ongoing buyback program, bringing the total to $150 million.

TechnipFMC (NYSE: FTI) is set to host its first quarter 2023 earnings conference call on April 27, 2023, at 1:30 p.m. London time (8:30 a.m. New York time). A press release detailing earnings results will precede the call at approximately 11:45 a.m. London time (6:45 a.m. New York time). The conference call will be available via live webcast on the TechnipFMC website, with archived access post-event. The company emphasizes the significance of forward-looking statements in its communications, advising caution regarding reliance on projected results due to inherent risks and uncertainties.

TechnipFMC (NYSE: FTI) has secured a significant contract from Azule Energy for the Agogo Integrated West Hub Development Project in Angola. This contract, one of the largest for flexible pipe in West Africa, entails engineering, procurement, and supply of key components, including jumpers and flowlines. The flexible pipe will link the new Agogo facility to subsea production systems. The contract value is estimated between $250 million and $500 million. This achievement underscores TechnipFMC's capacity to facilitate rapid greenfield developments, a vital factor in winning this award.

TechnipFMC plc (NYSE: FTI) reported a 4.6% increase in full-year revenue to $6.7 billion, driven by a 36% growth in orders totaling $6.7 billion. The total backlog rose 22% to $9.4 billion. Despite operational challenges, the company generated $566 million in cash flow from operations in Q4 2022. Full-year losses were reported at $61.9 million, mainly due to charges related to debt extinguishment and foreign exchange losses. Looking ahead, TechnipFMC anticipates total revenue growth of approximately 12% in 2023, targeting $7.5 billion, while adjusted EBITDA is expected to rise to $870 million.

TechnipFMC (NYSE: FTI) has secured a significant contract to provide flexible pipe and hardware for TotalEnergies EP Angola's Girassol Life Extension project offshore Angola. This project aims to enhance the Girassol field's lifespan by circumventing existing rigid pipe bundles. The contract involves engineering, procurement, and supply of flowlines and connectors, valued between $75 million and $250 million. This award reflects the trust built with clients and showcases TechnipFMC's technological capabilities. TotalEnergies' continued confidence illustrates a strong partnership in future projects.

TechnipFMC (NYSE: FTI) has secured a significant contract for the subsea production system related to Equinor’s Verdande project in the Norwegian Continental Shelf. The deal, part of an existing framework agreement, encompasses all elements of the subsea system, including subsea trees, structures, and installation support. According to TechnipFMC, a 'significant' contract ranges from $75 million to $250 million. Jonathan Landes, President of Subsea at TechnipFMC, emphasized the strong relationship with Equinor, expressing confidence in the trust Equinor places in their technology.

TechnipFMC (NYSE: FTI) has secured a significant contract from Equinor for subsea production systems related to the Irpa oil and gas development on the Norwegian Continental Shelf. The contract, valued between $75 million and $250 million, includes the supply and installation support for subsea trees, control systems, and tooling. Jonathan Landes, President of Subsea at TechnipFMC, highlighted the project’s reliance on their standardized production system tailored for the region's demands, underscoring Equinor's confidence in TechnipFMC's technology and capabilities.

TechnipFMC (NYSE: FTI) has appointed Robert G. Gwin, former President of Anadarko Petroleum, to its Board of Directors effective February 1, 2023. This follows the retirement of Peter Mellbye, who will not seek re-election at the next annual meeting. Doug Pferdehirt, CEO, praised Mellbye’s contributions since 2013 and expressed enthusiasm for Gwin’s extensive experience in finance and operations, which strengthens the Board’s capabilities. Gwin has over 30 years of industry experience and has held significant leadership roles, including serving as CFO at Anadarko until its acquisition in 2019.

TechnipFMC (NYSE: FTI) has secured a significant integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from Aker BP for the Utsira High development. This contract, categorized as 'large' (worth between $500 million and $1 billion), consolidates three projects connecting to the Ivar Aasen and Edvard Grieg platforms. The contract follows a two-year iFEED™ study aimed at optimizing field layout. TechnipFMC's President of Subsea, Jonathan Landes, emphasized that their expertise in the Utsira High region contributed to winning this direct award and highlighted the advantages of their integrated model.