TechnipFMC reported a strong financial performance for the full year 2024, with total revenue of US$9,083.3 million and net income attributable to the company of US$842.9 million, or US$1.91 per diluted share. After-tax charges and credits, including a gain on the disposal of the Measurement Solutions business and restructuring charges, totaled US$39.7 million, or US$0.09 per share.
Technip said its adjusted net income for the year was US$803.2 million, or US$1.82 per diluted share, reflecting a positive tax benefit of US$114.6 million and a foreign exchange loss of us$16.7 million.
Doug Pferdehirt, Chair and Chief Executive Officer, highlighted the company’s robust growth, with inbound orders totaling US$11.6 billion for the year, leading to a year-over-year increase in backlog to US$14.4 billion. Subsea inbound orders reached US$10.4 billion, marking the fourth consecutive year with a book-to-bill ratio greater than one. The company also returned US$486 million to shareholders, nearly doubling the amount from the previous year.
Pferdehirt emphasized the success of TechnipFMC’s iEPCI™ and Subsea 2.0® offerings, which now represent more than 80% of total Subsea inbound orders. He said those innovations were central to securing new records in both iEPCI™ and Subsea 2.0® orders in 2024, including a major iEPCI™ contract for the GranMorgu project offshore Suriname.
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Subsea revenue for Q4 2024 totaled US$2,047.9 million, a 1% increase from the previous quarter. However, operating profit declined sequentially to US$230 million, partly due to lower vessel-based activity and restructuring charges. Subsea adjusted EBITDA was US$338.6 million, down 8.7% from the previous quarter.
In terms of new projects, TechnipFMC secured substantial contracts, including the GranMorgu iEPCI™ project in Suriname and the Shell Bonga North project in Nigeria. The company also announced a collaboration with Prysmian to accelerate the development of floating offshore wind projects, aiming to meet growing demand for renewable energy.
Looking ahead, TechnipFMC plans to increase shareholder distributions to at least 70% of free cash flow by 2025, with year-over-year growth in distributions expected to exceed 30%. Pferdehirt concluded, “2024 was a major milestone for TechnipFMC, on our more ambitious journey.”
The company has been a major player in Guyana’s oil and gas sector since securing its first subsea production system contract in 2017 for Exxon’s Liza 1 project. For projects in Guyana, TechnipFMC provides Enhanced Vertical Deepwater Trees (EVDTs), Tooling, Manifolds, Controls and Tie-in Equipment and Life of Field Services. TechnipFMC is expected to supply 400 subsea trees in the period 2024-2029, with 35% for Exxon’s Guyana developments.
