TechnipFMC has reported first-quarter 2018 profit of $95 million or 20 cents per diluted share.
The services major has bounced back in black compared to net loss of close to $19 million same time last year.
Adjusted earnings per share for the quarter were 28 cents, excluding charges and credits.
Revenues for the quarter were down close to 8 percent at $3.1 billion, form $3.4 billion in the prior-year comparable period.
Quarterly order intake was $3.5 billion, up from $1.6 billion – of which subsea division generated $1.2 billion, up some 84 percent against Q1 2017.
“Subsea orders have now exceeded revenues in three of the last four quarters. Market penetration of our integrated business model continues to gain momentum as evidenced by the award of three integrated (iEPCI) projects in the quarter. ” said Doug Pferdehirt, CEO of TechnipFMC.
Subsea reported first quarter revenue of $1.2 billion, down 14 percent from the corresponding period in 2017, primarily because projects in Africa progressed towards completion. Subsea adjusted EBITDA margin fell close to 28 percent and 276 basis points from the prior-year results, respectively – on revenue decline and lower vessel utilization.
“During the quarter, we further strengthened our subsea services growth platform through the formation of TechnipFMC Island Offshore Subsea (TIOS) – a new company focused on vessel-based well intervention services. In addition, we introduced our next generation Control and Automation System to the Subsea 2.0 product platform. We also announced a strategic collaboration with Magma Global to further develop composite technologies and accelerate delivery of Hybrid Flexible Pipe. This new product will complete our Subsea 2.0 offering, providing a flexible pipe solution with reduced weight, lower cost, and higher corrosion tolerance.” added Pferdehirt.
The company said it expects its subsea division to generate 2018 revenue between $5 – 5.3 billion.
At the end of the first quarter 2018, TechnipFMC backlog was $14 billion, including subsea backlog of $6.1 billion.
Subsea World News Staff