TechnipFMC slashes 2020 CAPEX by US$150 million

Must Read

Local content requirements must be flexible, realistic – Angele Ramsaransing-Karg

Countries which lack the necessary skills and experience in the oil and gas industry run the risk...

Preparing Guyanese women for opportunities in oil and gas a top priority for local NGO

Guyanese Non-Governmental Organization (NGO), Women in Oil and Gas, is seeking to change age-old stereotypes about the...

Guyana oil revenue will more than double T&T’s and quadruple Suriname’s – Rystad Energy

The South American country of Guyana is on course to receive the highest estimated total income from...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

TechnipFMC plc (NYSE: FTI) (Paris: FTI) said Wednesday it remains focused on taking all necessary steps to ensure the health and well-being of its employees, contractors and partners, and it is taking decisive actions in response to the current market environment.

The company said actions include the following:

  • 30% reduction in 2020 capital expenditures to $300 million – a reduction of $150 million when compared to the Company’s previous full-year guidance.
  • $100+ million in annualized cost reductions for Surface Technologies – primarily to address the sudden and sharp decline in North American activity.
  • $30 million in annualized cost reductions to Corporate expenses – exit run-rate savings to be achieved by year-end, with full recognition in 2021.

TechnipFMC said it continues to exhibit solid financial strength and liquidity. Cash and cash equivalents totaled $5.2 billion at the end of 2019, of which $2.2 billion was available for Company use outside joint ventures.

The Company’s liquidity is further supported by a revolving credit facility of $2.5 billion.

TechnipFMC has been awarded contracts by ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. for the engineering of the subsea systems for the Liza Phase 1 and 2 Development projects in the South American country of Guyana.

- Advertisement -

Latest News

Preparing Guyanese women for opportunities in oil and gas a top priority for local NGO

Guyanese Non-Governmental Organization (NGO), Women in Oil and Gas, is seeking to change age-old stereotypes about the...

Local content requirements must be flexible, realistic – Angele Ramsaransing-Karg

Countries which lack the necessary skills and experience in the oil and gas industry run the risk of slowing down development of...

Venezuela buying fuel from Iran with plane loads of gold

Venezuela has reportedly obtained fuel from Iran in return for plane loads of gold, according to comments which have been attributed to...

Keppel reviewing offshore business, plans to sell between S$3-5 billion of assets

Keppel Corporation Limited (Keppel) said Tuesday it plans to unlock value from S$3-5 billion of assets over the next 3 years as...

Oil falls as virus count mounts, U.S. debate looms

(Reuters) - Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and...

More Articles Like This