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TechnipFMC plc provides technology, project execution, products, and services for traditional and new energy markets. News about TechnipFMC centers on its Subsea and Surface Technologies segments, including integrated offshore project awards, subsea equipment and construction activity, and proprietary ecosystems such as iEPCI™, iFEED™, and iComplete®.
Recurring updates also cover quarterly financial results, inbound orders, backlog, cash flow, margin trends, dividends, share repurchases, and shareholder distributions. Company announcements frequently discuss offshore oil and gas development activity, direct customer awards, guidance for Subsea revenue and profitability, and investor conference participation.
TechnipFMC (NYSE: FTI) has secured a major engineering, procurement, construction, and installation contract from Equinor for the subsea tiebacks of the Halten East development in Norway. This project includes the manufacturing and installation of flowlines, umbilicals, and subsea structures, tied to existing infrastructure on the Åsgard field. The contract, valued between $75 million and $250 million, enhances project economics for Equinor. The award follows their ongoing subsea umbilicals, risers, and flowlines framework agreement, pending government approval.
TechnipFMC (NYSE: FTI) announced that CEO Doug Pferdehirt will speak at the Citi 2022 Global Energy, Utilities, and Climate Technology Conference on May 10, 2022, at 11:00 a.m. EDT. The conference will take place in Boston, MA. A live webcast will be available during the event on the company's Investor Relations website. TechnipFMC is a leader in technology for traditional and new energy sectors, focused on integrated projects and innovative solutions that help clients reduce carbon intensity and transition to sustainable energy.
TechnipFMC plc (NYSE: FTI) announced an increase in the maximum aggregate principal amount of its 6.500% Senior Notes due 2026 tender offer from $320 million to $430.187 million. As of the Early Tender Time on May 3, 2022, the total amount of Notes tendered reached the maximum amount, prompting acceptance of all valid tenders. Holders will receive a Total Consideration of $1,050 per $1,000 principal amount, including a $30 Early Tender Premium. The company successfully received the necessary consents for proposed amendments to eliminate covenants governing the Notes.
TechnipFMC (NYSE: FTI) has secured a significant contract from ExxonMobil's Esso Exploration for the Yellowtail development in Guyana's Stabroek Block. The contract encompasses six high-pressure and high-temperature risers. Additionally, it has received approval to proceed with a previously announced subsea production system contract, which includes 51 enhanced vertical deepwater trees and 12 manifolds. The majority of these contracts will contribute to TechnipFMC's second-quarter orders. The company currently employs 70 Guyanese and aims to expand its local workforce.
TechnipFMC plc (NYSE: FTI) reported first-quarter 2022 results, achieving total revenue of $1.56 billion with a year-over-year decline of 4.7%. The company reported a loss of $42.3 million. Subsea inbound orders surged to $1.9 billion, resulting in a book-to-bill ratio of 1.5. Cash and equivalents stood at $1.2 billion, as the company aims to reduce gross debt by up to $400 million in Q2. Adjusted EBITDA was $153.5 million, representing a 7.1% decrease year-over-year. The backlog increased to $8.9 billion, reflecting growth across multiple sectors and international markets.
TechnipFMC (NYSE: FTI) has launched a $320 million tender offer for its 6.500% Senior Notes due 2026, along with a Consent Solicitation for amendments to the notes' indenture. The offer aims to eliminate most restrictive covenants and events of default. It will expire at 11:59 PM on May 17, 2022. Holders who tender by 5:00 PM on May 3, 2022, will receive $1,050 per $1,000 of notes, including a $30 early tender premium. The company plans to use cash on hand for the offer.
TechnipFMC (NYSE: FTI) has secured a major integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract from Wintershall Dea Norge AS for the Maria revitalization project in Norway. This project aims to enhance production at the Maria field, which has been operational since 2017. The contract, valued between $75 million and $250 million, entails the installation of new subsea infrastructure. Notably, the project will reduce its carbon footprint by optimizing existing infrastructure, which eliminates the need for an additional 4,000 meters of piping.
TechnipFMC (NYSE:FTI) will release its Q1 2022 earnings after the market close on April 27, 2022. A conference call is scheduled for April 28, 2022, at 1 p.m. London time (8 a.m. New York time). The call will be accessible via the company's website. TechnipFMC focuses on technology and integrated solutions in energy sectors, aiming to enhance project economics and support energy transition goals through innovative ecosystems and digital technologies.
TechnipFMC plc (NYSE: FTI) reported Q4 2021 results with total revenue of $1.5 billion, a 4.8% decline year-over-year. The company reported a net loss of $127.2 million, or $0.28 per diluted share, impacted by restructuring and impairment charges. Full-year revenue reached $6.4 billion, down 1.9%, while adjusted EBITDA increased 46.1% to $580.4 million. Inbound orders surged to $6.8 billion, reflecting a 33% increase from the prior year, bolstering a backlog of $7.7 billion. Cash flow from operations was $483.5 million, with free cash flow of $423 million, reducing net debt by 70% to $678 million.
TechnipFMC (NYSE: FTI) announced the completion of its share delisting from Euronext Paris on February 18, 2022. All shares tendered to the voluntary sales facility were successfully sold on the New York Stock Exchange prior to this delisting. The company remains listed on the NYSE under the symbol 'FTI'. This decision is part of TechnipFMC's strategy to streamline its operations and enhance shareholder value.