TechnipFMC Posts $191M Profit

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TechnipFMC has reported first-quarter 2017 net income of $190.8 million and diluted earnings per share of $0.41.

Excluding charges and credits of $193.5 million, or $0.30 per diluted share, adjusted diluted earnings per share were $0.71.

Total company operating profit was $379.7 million, with adjusted EBITDA at $684.4 million.

Revenues for the quarter were $3.4 billion. Order intake was $1.6 billion, of which subsea division order intake was $666 million.

Subsea generated first quarter revenues of $1.4 billion. Major projects include Total Kaombo and Moho Nord, and ENI Jangkrik.

Subsea delivered operating profit of $54.2 million. Adjusted EBITDA was $238.6 million. Subsea improved adjusted EBITDA margins to 17.3 percent, despite a 42 percent revenue decline from the prior-year quarter.

“In subsea, market acceptance of our combined offering has been demonstrated by an acceleration of front-end studies. These studies are being converted to iEPCI™ awards including the Shell Kaikias project. Other recent project awards, including our award of ExxonMobil Liza, further illustrate returning confidence in the subsea market,” said Doug Pferdehirt, CEO of TechnipFMC

At the end of the first quarter 2017, the company’s backlog was $16.1 billion, including subsea backlog of $6.6 billion.

The company added it plans a quarterly dividend following third quarter 2017 results.

Subsea World News

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