TechnipFMC posts smaller profit, revenues
- Business & Finance
Oilfield services provider TechnipFMC recorded a decrease in both profit and revenues during the second quarter of 2018 compared to the last year’s quarter while at the same time recording the largest quarterly inbound to date for the company.
TechnipFMC informed on Wednesday that the total company net income was $105.7 million in 2Q 2018, a decrease of 35.9% compared to the same period last year and net income of $164.9 million. These results included after-tax charges and credits of $26.1 million.
Total company revenue for the second quarter 2018 was $2.96 billion, a 23% decrease when compared to the corresponding period last year and revenue of $3.8 billion.
Doug Pferdehirt, CEO of TechnipFMC, stated, “Total company inbound orders in the quarter improved to $4.2 billion – the largest quarterly inbound to date for our company. This was the second consecutive quarter in which inbound orders exceeded revenues.
“Total company backlog increased sequentially to $14.9 billion. Onshore/Offshore delivered the strongest growth, with backlog increasing 30 percent since year-end to $8.3 billion.”
The company increased its Onshore/Offshore guidance for 2018. Namely, Onshore/Offshore revenue has been increased from the previous guidance range of $5.3 – 5.7 billion to a range of $5.6 – 5.9 billion.
As reported earlier on Thursday, TechnipFMC announced the award of a contract with Chevron in Australia for the Gorgon Stage Two development.
Offshore Energy Today Staff