<\/p>\n
\nTechnipFMC Announces First Quarter 2021 Results\n<\/p>\n
LONDON & PARIS & HOUSTON–(BUSINESS WIRE<\/a>)– \nTechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported first quarter 2021 results.\n<\/p>\n Summary Financial Results from Continuing Operations<\/b><\/p>\n Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.<\/i><\/p>\n Three Months Ended<\/b><\/p>\n (In millions, except per share amounts)<\/b><\/p>\n<\/td>\n March 31, <\/b><\/p>\n 2021<\/b><\/p>\n<\/td>\n March 31,<\/b><\/p>\n 2020<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n Revenue<\/b><\/p>\n<\/td>\n \n$1,632.0\n<\/p>\n<\/td>\n \n$1,582.6\n<\/p>\n<\/td>\n \n3.1%\n<\/p>\n<\/td>\n<\/tr>\n Income (loss)<\/b><\/p>\n<\/td>\n \n$430.3\n<\/p>\n<\/td>\n \n$(3,234.8)\n<\/p>\n<\/td>\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n Diluted earnings (loss) per share<\/b><\/p>\n<\/td>\n \n$0.95\n<\/p>\n<\/td>\n \n$(7.23)\n<\/p>\n<\/td>\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$165.2\n<\/p>\n<\/td>\n \n$79.7\n<\/p>\n<\/td>\n \n107.3%\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n \n10.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n5.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n510 bps\n<\/p>\n<\/td>\n<\/tr>\n Adjusted income (loss)<\/b><\/p>\n<\/td>\n \n$(14.5)\n<\/p>\n<\/td>\n \n$(60.0)\n<\/p>\n<\/td>\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n Adjusted diluted earnings (loss) per share<\/b><\/p>\n<\/td>\n \n$(0.03)\n<\/p>\n<\/td>\n \n$(0.13)\n<\/p>\n<\/td>\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Inbound orders<\/b><\/p>\n<\/td>\n \n$1,722.1\n<\/p>\n<\/td>\n \n$1,538.4\n<\/p>\n<\/td>\n \n11.9%\n<\/p>\n<\/td>\n<\/tr>\n Backlog<\/b><\/p>\n<\/td>\n \n$7,221.4\n<\/p>\n<\/td>\n \n$8,195.5\n<\/p>\n<\/td>\n \n(11.9%)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Company revenue in the first quarter was $1,632 million. Income from continuing operations attributable to TechnipFMC plc was $430.3 million, or $0.95 per diluted share. These results included income from the Company\u2019s equity investment in Technip Energies of $470.1 million primarily related to a favorable change in fair market value. After-tax charges and credits totaled $444.8 million of credit, or $0.99 per diluted share. Adjusted loss from continuing operations was $14.5 million, or $0.03 per diluted share (Exhibit 6).\n<\/p>\n \nAdjusted EBITDA, which excludes pre-tax charges and credits, was $165.2 million; adjusted EBITDA margin was 10.1 percent (Exhibit 7). Included in adjusted EBITDA was a foreign exchange gain of $28.1 million.\n<\/p>\n \nAs previously announced, on February 16, 2021, the Company completed the partial spin-off of Technip Energies to its shareholders. Financial results for Technip Energies are reported as discontinued operations.\n<\/p>\n \nDoug Pferdehirt, Chairman and CEO of TechnipFMC, stated, \u201cOur first quarter as a leading pure play, technology and services provider to both traditional and new energy industries was an exceptional start. Total Company adjusted EBITDA from continuing operations was $165 million, with free cash flow of $137 million. We delivered solid financial results in both Subsea and Surface Technologies, largely driven by strong operational execution. We also announced new strategic partnerships that will further progress the development of material opportunities for TechnipFMC in the energy transition.\u201d\n<\/p>\n \nPferdehirt added, \u201cIn Subsea, inbound orders more than doubled sequentially to $1.5 billion, with increased adoption of Subsea 2.0\u2122 technologies. Integrated projects comprised nearly 40 percent of segment orders and included an award for Petronas\u2019 first deepwater project, Limbayong, which will benefit from the seamless integration of both iEPCI\u2122 and Subsea 2.0\u2122. We also received a contract for manifolds for the Petrobras Marlim and Voador fields, which will utilize our all-electric robotic technology. Using digital automation and control, we can replace traditional subsea hydraulics, allowing for a more autonomous system that enables a significantly reduced carbon footprint.\u201d\n<\/p>\n \n\u201cIn Surface Technologies, our international revenue mix continued to expand and represented nearly 70 percent of the segment in the quarter, driven by strength in the Middle East, North Sea and Asia Pacific. These markets demand higher specification equipment, global services and local capabilities, which are areas where we continue to further differentiate our offering. We believe our unique capabilities will allow us to extend our leadership positions in these more resilient markets.\u201d\n<\/p>\n \nPferdehirt continued, \u201cClient conversations remain constructive, suggesting a further increase in activity. We see potential for a global recovery that is more sustainable than previous cycles, giving us confidence in our 2021 Subsea outlook of more than $4 billion in inbound orders and for continued growth in 2022. We believe that integrated project awards have the potential to more than double versus the prior year, and the combination of direct project and service-related orders could represent 50 percent of total inbound for the current year.\u201d\n<\/p>\n \nPferdehirt added, \u201cWe announced two strategic partnerships focused on the generation of renewable energy. There is strong market momentum towards offshore wind, with governments increasingly focused on opening new areas for development. Our new partnership with Magnora is pursuing offshore wind development opportunities, and we are working separately with Bombora to convert both wind and wave energy into renewable power. It is estimated that nearly 80 percent of the world\u2019s offshore wind resources will come from deepwater where we will benefit from our significant installed base, domain expertise and history of subsea innovation.\u201d\n<\/p>\n \nPferdehirt concluded, \u201cOur first quarter results provide us with a very strong start to the year in support of our 2021 commitments. Looking ahead, we expect robust and sustained activity across our businesses, supported by improving market fundamentals and our competitive differentiation. Importantly, we continue to leverage our unique capabilities and technologies to strategically position TechnipFMC for the development of new energy sources, using the very same playbook that led to the successful transformation of our Subsea business.\u201d\n<\/p>\n Operational and Financial Highlights <\/b><\/p>\n Subsea<\/span><\/b><\/p>\n Financial Highlights<\/b><\/p>\n Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.<\/i><\/p>\n Three Months Ended<\/b><\/p>\n (In millions)<\/b><\/p>\n<\/td>\n March 31, <\/b><\/p>\n 2021<\/b><\/p>\n<\/td>\n March 31, <\/b><\/p>\n 2020<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n Revenue<\/b><\/p>\n<\/td>\n \n$1,386.5\n<\/p>\n<\/td>\n \n$1,253.1\n<\/p>\n<\/td>\n \n10.6%\n<\/p>\n<\/td>\n<\/tr>\n Operating profit (loss)<\/b><\/p>\n<\/td>\n \n$37.0\n<\/p>\n<\/td>\n \n$(2,750.7)\n<\/p>\n<\/td>\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$135.1\n<\/p>\n<\/td>\n \n$104.8\n<\/p>\n<\/td>\n \n28.9%\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n \n9.7%\n<\/p>\n<\/td>\n \n8.4%\n<\/p>\n<\/td>\n \n130 bps\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Inbound orders<\/b><\/p>\n<\/td>\n \n$1,518.8\n<\/p>\n<\/td>\n \n$1,172.1\n<\/p>\n<\/td>\n \n29.6%\n<\/p>\n<\/td>\n<\/tr>\n Backlog1,2,3<\/sup><\/b><\/p>\n<\/td>\n \n$6,857.1\n<\/p>\n<\/td>\n \n$7,773.5\n<\/p>\n<\/td>\n \n(11.8%)\n<\/p>\n<\/td>\n<\/tr>\n Estimated Consolidated Backlog Scheduling<\/b><\/p>\n (In millions)<\/b><\/p>\n<\/td>\n March 31, <\/b><\/p>\n 2021<\/b><\/p>\n<\/td>\n<\/tr>\n 2021<\/b><\/p>\n<\/td>\n \n$2,954\n<\/p>\n<\/td>\n<\/tr>\n 2022<\/b><\/p>\n<\/td>\n \n$2,534\n<\/p>\n<\/td>\n<\/tr>\n 2023 and beyond<\/b><\/p>\n<\/td>\n \n$1,369\n<\/p>\n<\/td>\n<\/tr>\n Total<\/b><\/p>\n<\/td>\n $6,857<\/b><\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Backlog in the period was decreased by a foreign exchange impact of $131.3 million.<\/i><\/p>\n<\/td>\n<\/tr>\n 2<\/sup>Backlog does not capture all revenue potential for Subsea Services.<\/i><\/p>\n<\/td>\n<\/tr>\n 3<\/sup>Backlog does not include total Company non-consolidated backlog of $612 million.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nSubsea reported first quarter revenue of $1,386.5 million, an increase of 10.6 percent from the prior year largely driven by higher project and services activity.\n<\/p>\n \nSubsea reported an operating profit of $37 million that included impairment, restructuring and other charges totaling $19.7 million. Operating results improved versus the prior-year quarter primarily due to the significant reduction in non-cash impairment charges as well as cost reduction initiatives and increased installation activity.\n<\/p>\n \nAdjusted EBITDA increased year-over-year due to cost reduction initiatives and increased installation activity; adjusted EBITDA margin improved 130 basis points to 9.7 percent.\n<\/p>\n \nSequentially, Subsea revenue increased 3.6 percent, benefiting from strong project execution from backlog. The geographic mix of projects also mitigated the seasonal decline in services activity.\n<\/p>\n \nOperating results improved sequentially driven by increased manufacturing productivity which more than offset the impact of the services activity decline.\n<\/p>\n \nSubsea inbound orders were $1,518.8 million for the quarter, resulting in a book-to-bill of 1.1. The following awards were included in the period:\n<\/p>\n \nPartnership and Alliance Highlights\n<\/p>\n Surface Technologies<\/span><\/b><\/p>\n Financial Highlights<\/b><\/p>\n Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.<\/i><\/p>\n Three Months Ended<\/b><\/p>\n (In millions)<\/b><\/p>\n<\/td>\n March 31, <\/b><\/p>\n 2021<\/b><\/p>\n<\/td>\n March 31, <\/b><\/p>\n 2020<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n Revenue<\/b><\/p>\n<\/td>\n \n$245.5\n<\/p>\n<\/td>\n \n$329.5\n<\/p>\n<\/td>\n \n(25.5%)\n<\/p>\n<\/td>\n<\/tr>\n Operating profit (loss)<\/b><\/p>\n<\/td>\n \n$8.2\n<\/p>\n<\/td>\n \n$(424.0)\n<\/p>\n<\/td>\n \nn\/m\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n$26.9\n<\/p>\n<\/td>\n \n$24.5\n<\/p>\n<\/td>\n \n9.8%\n<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA margin<\/b><\/p>\n<\/td>\n \n11.0%\n<\/p>\n<\/td>\n \n7.4%\n<\/p>\n<\/td>\n \n360 bps\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Inbound orders<\/b><\/p>\n<\/td>\n \n$203.3\n<\/p>\n<\/td>\n \n$366.3\n<\/p>\n<\/td>\n \n(44.5%)\n<\/p>\n<\/td>\n<\/tr>\n Backlog<\/b><\/p>\n<\/td>\n \n$364.3\n<\/p>\n<\/td>\n \n$422.0\n<\/p>\n<\/td>\n \n(13.7%)\n<\/p>\n<\/td>\n<\/tr>\n \nSurface Technologies reported first quarter revenue of $245.5 million, a decrease of 25.5 percent from the prior-year quarter. The decline was primarily driven by the sharp reduction in operator activity in North America while international revenue was resilient, declining low-single digits.\n<\/p>\n \nSurface Technologies reported operating profit of $8.2 million that included restructuring, impairment and other charges totaling $2.8 million. Operating results improved versus the prior-year quarter primarily due to the significant reduction in non-cash impairment charges as well as improved operational performance, benefits from prior-year cost reduction initiatives and ongoing cost control measures.\n<\/p>\n \nAdjusted EBITDA increased year-over-year due to improved operational performance, benefits from prior-year cost reduction initiatives and ongoing cost control measures; adjusted EBITDA margin improved 360 basis points to 11 percent.\n<\/p>\n \nSequentially, revenue decreased 6.4 percent largely due to seasonal declines in customer activity and timing of backlog conversion in international markets. International markets accounted for nearly 70 percent of total segment revenue in the quarter. Revenue in North America declined due in part to the Company\u2019s exit from certain underperforming markets, partially offset by growth in the U.S. which benefited from further adoption of the iComplete\u2122 ecosystem.\n<\/p>\n \nOperating profit decreased sequentially primarily due to lower volumes, partially offset by continued improvement in operational performance and a lower cost structure.\n<\/p>\n \nInbound orders for the quarter were $203.3 million, a decrease of 44.5 percent versus the prior-year quarter primarily due to a shift in timing of international orders to future periods. Backlog ended the period at $364.3 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.\n<\/p>\n Corporate and Other Items<\/b><\/p>\n \nCorporate expense in the quarter was $28.8 million. Excluding charges and credits totaling $3 million of expense, corporate expense was $25.8 million.\n<\/p>\n \nForeign exchange gain in the quarter was $28.1 million.\n<\/p>\n \nThe Company recognized income of $470.1 million from its equity ownership in Technip Energies. The income was related to the change in fair market value of the investment, which reflected the difference between the book value at the time of separation and the market value at the end of the period, as well as the discount associated with shares sold during the quarter.\n<\/p>\n \nNet interest expense was $34.5 million in the quarter. The Company also recorded a loss on the early extinguishment of debt of $23.5 million.\n<\/p>\n \nThe Company recorded a tax provision in the quarter of $24.5 million.\n<\/p>\n \nTotal depreciation and amortization for the quarter was $95.2 million.\n<\/p>\n \nCash flow from continuing operations in the quarter was $181.5 million.\n<\/p>\n \nCapital expenditures in the quarter were $44.2 million.\n<\/p>\n \nFree cash flow from continuing operations was $137.3 million in the quarter (Exhibit 9).\n<\/p>\n \nThe Company ended the period with cash and cash equivalents of $752.8 million; net debt was $1,778.3 million.\n<\/p>\n \nDuring the quarter, the Company completed the transaction contemplated by the Share Purchase Agreement with Bpifrance Participations SA (\u201cBpifrance\u201d) where Bpifrance purchased $100 million in Technip Energies shares from the Company\u2019s retained stake in Technip Energies. At the end of the period, the Company held 82.3 million ordinary shares of Technip Energies.\n<\/p>\n \nBpifrance had previously provided funding of $200 million for the purchase of Technip Energies\u2019 shares from TechnipFMC. As a result of the revised level of investment, the Company refunded $100 million to Bpifrance in the second quarter.\n<\/p>\n \nAlso in the second quarter, the Company announced the sale of 26.8 million shares from its retained stake in Technip Energies for proceeds of approximately $360 million. The sale further reduced the Company\u2019s ownership stake to 55.5 million shares, or approximately 31 percent of Technip Energies\u2019 outstanding shares.\n<\/p>\n Discontinued operations<\/b><\/p>\n \nDuring the quarter, the Company completed the partial spin-off of Technip Energies. Financial results for Technip Energies are reported as discontinued operations.\n<\/p>\n \nFor the three months ended March 31, 2021, the results of discontinued operations on the Consolidated Statement of Income include the historical results of Technip Energies prior to its spin-off on February 16, 2021 as well as all separation-related costs incurred for the transaction. The Company has accounted for its investment in Technip Energies using the fair value method with changes in the fair value recorded in its Consolidated Statement of Income.\n<\/p>\n \nOn February 16, 2021, all assets and liabilities of Technip Energies were spun-off. There were no assets or liabilities classified as discontinued operations on the Condensed Consolidated Balance Sheet at the end of the period. The Company\u2019s investment in Technip Energies is reflected in current assets at market value as of March 31, 2021.\n<\/p>\n 2021 Full-Year Financial Guidance1<\/sup><\/b><\/p>\n \nThe Company\u2019s full-year guidance for 2021 can be found in the table below.\n<\/p>\n \nGuidance is based on continuing operations and thus excludes the impact of Technip Energies, which is reported as discontinued operations.\n<\/p>\n \nUpdates to the Company\u2019s full-year guidance for 2021 are as follows:\n<\/p>\n \nThe guidance updates reflect a change to separation-related tax items and costs, previously estimated to be $40 million and $30 million, respectively. The actual separation-related expenses incurred were in-line with previous expectations and were reported as part of discontinued operations in the first quarter.\n<\/p>\n \nAll segment guidance assumes no further material degradation from COVID-19-related impacts.\n<\/p>\n 2021 Guidance *Updated April 27, 2021<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Subsea<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Surface Technologies<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenue in a range of $5.0 – 5.4 billion\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nRevenue in a range of $1,050 – 1,250 million\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEBITDA margin in a range of 10 – 11% (excluding charges and credits)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nEBITDA margin in a range of 8 – 11% (excluding charges and credits)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n TechnipFMC<\/b><\/p>\n<\/td>\n<\/tr>\n Corporate expense, net<\/b> $105 -115 million\n<\/p>\n<\/td>\n<\/tr>\n (includes depreciation and amortization of ~$15 million)<\/i><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net interest expense<\/b> $130 – 135 million\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Tax provision, as reported*<\/b> $70 – 80 million\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Capital expenditures<\/b> approximately $250 million\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Free cash flow*<\/b> $120 – 220 million\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n 1 <\/sup>Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.\n<\/p>\n Teleconference<\/b><\/p>\n \nThe Company will host a teleconference on Wednesday, April 28, 2021 to discuss the first quarter 2021 financial results. The call will begin at 1 p.m. London time (8 a.m. New York time). Dial-in information and an accompanying presentation can be found at www.TechnipFMC.com<\/a>.\n<\/p>\n \nWebcast access will also be available on our website prior to the start of the call. An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.\n<\/p>\n ###<\/b><\/p>\n About TechnipFMC<\/i><\/b><\/p>\n TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services. <\/i><\/p>\n With our proprietary technologies and comprehensive solutions, we are transforming our clients\u2019 project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. <\/i><\/p>\n Organized in two business segments \u2014 Subsea and Surface Technologies \u2014 we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI\u2122, iFEED\u2122 and iComplete\u2122), technology leadership and digital innovation. <\/i><\/p>\n Each of our approximately 20,000 employees is driven by a commitment to our clients\u2019 success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.<\/i><\/p>\n
\nRegulatory News:\n<\/p>\n\n
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<\/b>Significant* integrated engineering, procurement, construction and installation (iEPCI\u2122) contract from NIpetco and PetroAmriya, two Joint Ventures between Energean and Egyptian Natural Gas Holding Company (EGAS) and Egyptian General Petroleum Corporation (EGPC) for a subsea tieback located offshore Egypt on the North El Amriya and North Idku concession. TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, subsea trees, production manifolds, umbilicals, flexible pipelines, jumpers and associated subsea and topside controls.
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*A \u201csignificant\u201d award ranges between $75 million and $250 million.<\/i><\/li>\n<\/ul>\n\n
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<\/b>Substantial* contract for front-end engineering design, and integrated engineering, procurement, construction, installation and commissioning of subsea production system, umbilicals, risers and flowlines (iEPCI\u2122) by PETRONAS Carigali, a subsidiary of PETRONAS, for the Limbayong Deepwater Development Project. This contract covers the development of 10 deepwater wells and their tieback to the Limbayong Floating Production Storage and Offloading (FPSO) unit in Malaysia. TechnipFMC will design, manufacture, deliver and install subsea equipment including subsea trees, manifolds, umbilicals, flexible riser, flowlines, jumpers and other associated subsea hardware for the project. The iEPCI\u2122 contract combines our integrated subsea solution with our Subsea 2.0\u2122 products, demonstrating the added value of our unique and complete integrated offering.
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*A \u201csubstantial\u201d award ranges between $250 million and $500 million.<\/i><\/li>\n<\/ul>\n\n
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<\/b>Letter of Award (LOA) from Energean Israel Limited for the development of the Karish North field, located offshore Israel. TechnipFMC will design, manufacture, deliver and install subsea equipment including the subsea production system, rigid flowlines and umbilicals as a tieback to the \u2018Energean Power\u2019 FPSO as well as the second gas export riser.\n<\/li>\n<\/ul>\n\n
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<\/b>Significant* contract from Petrobras for the Marlim and Voador fields offshore Brazil. TechnipFMC will supply up to eight manifolds for production and injection, utilizing the all-electric Robotic Valve Controller (RVC). The contract also includes associated tools, spares and services. The RVC is a unique robotic technology that replaces traditional subsea hydraulics, as well as thousands of mechanical parts, while providing real-time data and analysis on system performance. This results in a manifold that is smaller, less complex and less costly with a significantly reduced carbon footprint.
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*A \u201csignificant\u201d award ranges between $75 million and $250 million.<\/i><\/li>\n<\/ul>\n\n
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<\/b>Significant* Notice to Proceed for a subsea production system contract from Santos Ltd. for the Barossa project, located 300 kilometers north of Darwin, Australia. The contract scope covers the supply of subsea trees and associated control systems, manifolds and wellheads, as well as installation and commissioning support, which will help to extend the life of the existing Darwin LNG facility.
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*A \u201csignificant\u201d award ranges between $75 million and $250 million.<\/i><\/li>\n<\/ul>\n\n
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<\/b>Formed a partnership with Magnora ASA (Magnora) to jointly pursue floating offshore wind project development opportunities under the name Magnora Offshore Wind. Magnora holds a strategic position within the renewable energy sector as an owner in offshore wind, onshore wind, and solar development projects. When combined with TechnipFMC\u2019s unique technologies, experience delivering integrated EPCI (iEPCI\u2122) projects and its novel Deep Purple\u2122 initiative to integrate wind and wave energy with offshore green hydrogen, this partnership will enable Magnora Offshore Wind to realize significant opportunities in the growing offshore floating wind market.\n<\/li>\n<\/ul>\n\n
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<\/b>Formed a strategic partnership with Bombora to develop a floating wave and wind power project in support of a more sustainable future. The relationship brings together TechnipFMC\u2019s unique technologies and experience delivering complex integrated engineering, procurement, construction and installation (iEPCI\u2122) projects offshore with Bombora\u2019s patented multi-megawatt mWave\u2122 technology that converts wave energy into electricity. The partnership will initially focus on TechnipFMC and Bombora\u2019s InSPIRE project. With engineering work initiated in November 2020, the partnership is developing a hybrid system utilizing Bombora\u2019s mWave\u2122 technology.<\/b><\/li>\n<\/ul>\n\n
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