TechnipFMC books smaller profit, but sees record inbound orders

Oilfield services provider TechnipFMC booked a smaller profit in the second quarter of the year despite a 16% increase in revenues when compared to the same period last year. In addition, the company achieved record inbound orders and increased backlog by more than 73%. 

The Deep Energy, TechnipFMC's pipelay vessel.
The Deep Energy, TechnipFMC’s pipelay vessel. Source: TechnipFMC

TechnipFMC said on Thursday that total company revenue for the second quarter of 2019 was $3.43 billion, up 16% from $2.96 billion in the same period last year.

Net income for 2Q 2019 was $97 million – these results included after-tax charges and credits totaling $78.6 million of expense – down 8.2% from $105.7 million in 2Q 2018.

Inbound orders were $11.18 billion compared to $4.23 billion in the same period last year.

The company’s backlog increased by 73.4% from $14.87 billion in second quarter last year to $25.78 billion in 2Q 2019.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “We achieved record inbound orders in the quarter, with total company orders reaching $11.2 billion – a book-to-bill of 3.3.

“Onshore/Offshore inbound of $8.1 billion was also a new record for the business segment, driven by the award of Arctic LNG 2.”

Pferdehirt concluded, “This was a very strong quarter for TechnipFMC. The unprecedented level of order activity demonstrates that we are winning, with an intense focus on project selectivity and commercial differentiation. We reported solid improvements in total Company revenue and adjusted EBITDA. The strength of these results and significant growth in backlog give us even greater confidence that we will achieve our increased full year guidance and provide us with improved visibility as we look to 2020 and beyond.”

Offshore Energy Today Staff

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