Wednesday 5 May 2021

s 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.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Our 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.”

Pferdehirt added, “In Subsea, inbound orders more than doubled sequentially to $1.5 billion, with increased adoption of Subsea 2.0™ technologies. Integrated projects comprised nearly 40 percent of segment orders and included an award for Petronas’ first deepwater project, Limbayong, which will benefit from the seamless integration of both iEPCI™ and Subsea 2.0™. 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.”

“In 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.”

Pferdehirt continued, “Client 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.”

Pferdehirt added, “We 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’s offshore wind resources will come from deepwater where we will benefit from our significant installed base, domain expertise and history of subsea innovation.”

Pferdehirt concluded, “Our 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.”

Full results here