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TechnipFMC plc (symbol: FTI) is a global leader in subsea, onshore/offshore, and surface projects. The company utilizes proprietary technologies and production systems along with integrated expertise to provide comprehensive solutions, enhancing project economics for their clients. TechnipFMC is uniquely positioned to deliver greater efficiency across project lifecycles, from concept to project delivery and beyond. By leveraging innovative technologies and improved efficiencies, TechnipFMC unlocks new possibilities for clients in developing oil and gas resources.
Founded through the 2017 merger of Technip and FMC Technologies, TechnipFMC has become the largest pure-play offshore oilfield service provider. The company offers integrated deep-water offshore development solutions, covering the full spectrum of subsea equipment and subsea engineering and construction services. Additionally, the company provides various surface equipment used in onshore oil and gas wells.
TechnipFMC's core business revolves around delivering integrated solutions that challenge industry conventions and rethink how the best results are achieved. Each employee is driven by a steadfast commitment to clients and a culture of purposeful innovation, enhancing the performance of the world's energy industry.
To stay updated on TechnipFMC’s latest achievements and current projects, please visit technipfmc.com.
TechnipFMC reported second-quarter 2022 results with total revenue of $1.72 billion, up 10.4% sequentially. The company achieved a net income of $2.1 million and adjusted EBITDA of $186.5 million, reflecting a 21.5% increase. Inbound orders total $2.2 billion, pushing the backlog to $9.04 billion. TechnipFMC successfully reduced gross debt by $530 million to $1.5 billion and initiated a $400 million share repurchase program. The outlook for full-year Subsea orders is now estimated to reach $7 billion, a 40% increase compared to 2021.
TechnipFMC (NYSE: FTI) has announced a new share repurchase program, allowing for the buyback of up to $400 million of its outstanding shares, equating to approximately 14% of the total shares at the previous closing price. CEO Doug Pferdehirt expressed confidence in the company's long-term outlook and plans to initiate a quarterly dividend in the second half of 2023. This repurchase program aligns with prior shareholder authorization from May 20, 2021, and is subject to market conditions and capital plans.
TechnipFMC (NYSE: FTI) has signed a Letter of Intent with Equinor to conduct an integrated Front End Engineering and Design (iFEED™) study for the BM-C-33 gas and condensate project offshore Brazil. This study will refine the technical solution before Equinor's final investment decision. Notably, the FEED study includes an option for a direct award to TechnipFMC for the integrated Engineering, Procurement, Construction and Installation (iEPCI™) phase, potentially exceeding $1 billion. This partnership highlights TechnipFMC's strong relationship with Equinor and innovative technology.
TechnipFMC (NYSE: FTI) announced that CEO Doug Pferdehirt will speak at the J.P. Morgan 2022 Energy, Power and Renewables Conference on June 23 at 9:00 a.m. EDT. The event will take place at the InterContinental New York Barclay. A live webcast of the event will be available on the company's Investor Relations website. TechnipFMC is recognized for its technology offerings to both traditional and new energy sectors, focusing on integrated projects and services that enhance project economics while promoting sustainability and carbon reduction.
TechnipFMC (NYSE: FTI) will release its second quarter 2022 earnings after the NYSE close on July 27, 2022, followed by a conference call on July 28, 2022 at 1 p.m. London time (8 a.m. New York time). The call will be accessible via TechnipFMC's website, with an archived version available post-event. The company specializes in integrated projects for traditional and new energy sectors, focusing on technology leadership and digital innovation, organized into Subsea and Surface Technologies segments.
TechnipFMC (NYSE: FTI) has secured a significant contract from TotalEnergies EP Angola for subsea production systems in the CLOV3 development at Block 17, offshore Angola. This contract marks the first under a new framework agreement for brownfield developments in the region. The CLOV3 project will utilize Subsea 2.0™ trees and associated services, aimed at optimizing engineering and reducing time to first production. The contract value is estimated between $75 million and $250 million.
TechnipFMC (NYSE: FTI) has secured a major engineering, procurement, construction, and installation contract from Equinor for the subsea tiebacks of the Halten East development in Norway. This project includes the manufacturing and installation of flowlines, umbilicals, and subsea structures, tied to existing infrastructure on the Åsgard field. The contract, valued between $75 million and $250 million, enhances project economics for Equinor. The award follows their ongoing subsea umbilicals, risers, and flowlines framework agreement, pending government approval.
TechnipFMC (NYSE: FTI) announced that CEO Doug Pferdehirt will speak at the Citi 2022 Global Energy, Utilities, and Climate Technology Conference on May 10, 2022, at 11:00 a.m. EDT. The conference will take place in Boston, MA. A live webcast will be available during the event on the company's Investor Relations website. TechnipFMC is a leader in technology for traditional and new energy sectors, focused on integrated projects and innovative solutions that help clients reduce carbon intensity and transition to sustainable energy.
TechnipFMC plc (NYSE: FTI) announced an increase in the maximum aggregate principal amount of its 6.500% Senior Notes due 2026 tender offer from $320 million to $430.187 million. As of the Early Tender Time on May 3, 2022, the total amount of Notes tendered reached the maximum amount, prompting acceptance of all valid tenders. Holders will receive a Total Consideration of $1,050 per $1,000 principal amount, including a $30 Early Tender Premium. The company successfully received the necessary consents for proposed amendments to eliminate covenants governing the Notes.
TechnipFMC (NYSE: FTI) has secured a significant contract from ExxonMobil's Esso Exploration for the Yellowtail development in Guyana's Stabroek Block. The contract encompasses six high-pressure and high-temperature risers. Additionally, it has received approval to proceed with a previously announced subsea production system contract, which includes 51 enhanced vertical deepwater trees and 12 manifolds. The majority of these contracts will contribute to TechnipFMC's second-quarter orders. The company currently employs 70 Guyanese and aims to expand its local workforce.
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