TechnipFMC reported third-quarter 2024 revenues of US$2,348.4 million, with a net income of US$274.6 million, or US$0.63 per diluted share. Adjusted net income, which accounts for after-tax charges, was US$280.5 million, or US$0.64 per share. Key factors impacting adjusted net income included a US$60.6 million non-cash tax benefit and an $8.4 million after-tax foreign exchange loss. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter reached US$386.1 million, with a margin of 16.4%. Excluding foreign exchange impacts, adjusted EBITDA rose to US$389.2 million.
The subsea division contributed significantly, with US$2,028.1 million in revenue—a 0.9% rise from the second quarter. TechnipFMC said that growth in Asia Pacific, Latin America, and Canada was tempered by lower activity in the Gulf of Mexico and Norway. Increased revenue from flexible pipe projects in Brazil and modest improvements in Subsea Services activity bolstered results. Its subsea operating profit climbed to US$288.8 million, a 4% increase, with a margin uptick to 14.2%. Adjusted EBITDA for subsea was US$371 million, a 4.1% increase, with an adjusted EBITDA margin of 18.3%.
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TechnipFMC’s subsea inbound orders hit US$2.5 billion, maintaining a book-to-bill ratio of 1.2x. Notable awards included:
- Petrobras Contracts (Brazil): Two significant awards for Brazil’s pre-salt fields, encompassing riser flexible pipe design and the manufacture of subsea production systems. Equipment will be locally produced to support Brazil’s pre-salt development.
- bp Kaskida iEPCI™ Project (Gulf of Mexico): A substantial contract for the greenfield Kaskida development, including design, manufacture, and installation of various subsea components.
Doug Pferdehirt, Chair and Chief Executive Officer of Technip , highlighted the quarter’s performance: “Our relentless focus on industrialization and standardization… is allowing us to execute more efficiently.”
He expressed optimism about the market, noting, “We remain very confident in the sustainability of the market backdrop… We expect an even more diversified mix of opportunities in 2025.”
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.
