TechnipFMC, the subsea contractor for the Liza Phase 1 development project in Guyana, recorded its third consecutive quarter of order growth in Q2 2018 as well as the highest order intake to date since the merger that saw FMC Technologies and Technip joining forces in 2017.
Doug Pferdehirt, TechnipFMC plc Chief Executive Officer told investors during the company’s Q2 2018 earnings call in July that total company revenues were $3 billion with adjusted EBITDA of $377 million. Total company inbound orders improved to $4.2 billion, he said, adding that onshore/offshore inbound of $2.3 billion was particularly notable, driven by new project awards as well as additional work on existing projects.
“The second quarter represents our third consecutive quarter of order growth and our highest order intake to date as TechnipFMC. Total company book-to-bill was above 1 for a second consecutive quarter, driving sequential growth in backlog to $14.9 billion. The improvement in onshore/offshore has been significant. Backlog now stands at $8.3 billion, an increase of 30% since year-end,” he stated.
Favourable performance in Q2 2018 follows first-quarter profits which almost quadrupled as the oil service giant cashed in on better market conditions.
TechnipFMC has been awarded a contract by ExxonMobil affiliate Esso Exploration and Production Guyana Limited for the engineering, manufacture and delivery of subsea equipment for the Liza deepwater project in the South American country.
The award scope includes seventeen total enhanced vertical deepwater trees and associated tooling, as well as five manifolds and associated controls and tie-in equipment.