Technip FMC improves full-year expectations following ‘strong’ quarter

SourceEnergy Voice

TechnipFMC has increased its full-year expectations on the back of a strong start to 2021, as well as “continued improvement” in the broader market outlook.

The energy services giant has bagged ten subsea awards this year to date, half of which will be executed as integrated projects.

Meanwhile, surface technology orders have increased throughout 2021, driven by the Middle East, the North Sea and China.

And TechnipFMC’s chief executive and chairman, Doug Pferdehirt said the company continues to see a “healthy list of prospects”.

In its second quarter results released on Thursday, the New York-listed company posted pre-tax profits for the first half of the year of $318 million.

Year on year that’s a substantial improvement for TechnipFMC, which slumped to losses of $3.4 billion in the corresponding period of 2020.

Revenue for the period was $3.3bn, a slight increase on last year’s figure of $3.2bn.

Total company inbound orders are up more than 120% compared to Q2 2020, while TechnipFMC’s order backlog is $7.3bn, as more...