Sunday, February 5, 2023

TechnipFMC warns of impairment impact

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(Market Watch) TechnipFMC PLC (FTI.FR) said late Monday in its preliminary results that revenue for the full year is expected to meet guidance and that it expects impairment charges to impact the fourth quarter.

The London-based oil-and-gas company said revenues are expected to reach its guidance midpoint of $13.5 billion in 2019. The adjusted earnings before interest, tax, depreciation and amortization margin for all of the company’s segments is expected to meet or exceed guidance, reaching at least 11.5% for subsea, 16.5% for onshore and offshore and 10% for surface technologies.

TechnipFMC said it expects around $2.4 billion of noncash asset-impairment charges to affect fourth-quarter results. It said impairments in the subsea and surface technologies segments are partly due to a decline in the company’s market capitalization and a challenging environment in North America, respectively.

For the full year, the company expects corporate expense in line with guidance excluding the impact of currency fluctuations.

TechnipFMC is scheduled to release its official results on Feb. 26.

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 offshore the South American country of Guyana.

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