TechnipFMC profit dips but orders grow
Oilfield services provider TechnipFMC recorded a decrease in quarterly profit and revenues but saw an increase in orders.
Total company revenue in 1Q 2019 was $2.9 billion compared to $3.1 billion in the corresponding quarter of 2018.
Net income dropped to $20.9 million in the first quarter 2019 from $95.1 million in the same period last year. This year’s results included after-tax charges and credits totaling $6.4 million of expense.
However, TechnipFMC said that its quarterly orders of $6.2 billion were its highest since the fourth quarter of 2014 – including $2.7 billion for Subsea, and $3.1 billion for Onshore/Offshore part of the business.
Doug Pferdehirt, CEO of TechnipFMC, stated, “This reflects the strength of our integrated subsea model, our demonstrated capabilities in downstream and gas monetization, and continued growth in international surface markets. With total company book-to-bill of 2.1 in the quarter, backlog grew 22 percent sequentially to $17.8 billion.”
“In Onshore/Offshore, we continue to execute well and achieved notable project milestones during the period. Orders of $3.1 billion were more than double our revenues in the quarter, driven by major downstream and offshore projects.”
Pferdehirt concluded, “Our company has returned to growth, and we are well-positioned to benefit from the recovery underway in many of our key end-markets.”
The company’s vessel utilization rate for the first quarter was 55 percent, down from 62 percent in the fourth quarter and 60 percent in the prior-year quarter.
Offshore Energy Today Staff
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