TECHNIPFMC (FTI) Q1 2020 Earnings Call Transcript

TECHNIPFMC (FTI) Q1 2020 Earnings Call Transcript

Today I want to share with you some of the specific actions we are taking in direct response to the market environment and how these actions will further reshape TechnipFMC as we transition to the new energy landscape.. Over the short term, we are taking immediate actions to protect our people, reduce cost and preserve liquidity.. On April 1st, we announced a series of cost reduction initiatives that will result in an annualized savings of at least $130 million from our Surface Technologies segment and Corporate.. But whether the ultimate project count stays at three or grows to four, TechnipFMC remains a partner of choice with project selectivity foremost in our mind, as we consider future opportunities.. Moving to Surface Technologies; in North America, the quick and significant cuts to industry capital expenditures have impacted the services across the board.. We anticipate that international revenues in 2020 will prove to be far more resilient than North America.. In the near term, we continue to assess the likely impacts of lower capital spending on major project FIDs.. When we think about the next 12 months, we believe as much as 20% of the project value is likely to reach FID and