TechnipFMC sees ‘unprecedented level’ of inbound orders in 2019, books $2.4 billion loss in 4Q

Oilfield services provider TechnipFMC saw an “unprecedented level” of inbound orders in 2019, which pushed its backlog to over $24 billion. TechnipFMC booked a loss of $2.4 billion due to after-tax charges and credits. 

TechnipFMC on Thursday posted revenues of $3.7 billion for 4Q 2019, a 12.2% increase compared to the same period in 2018 and revenues of $3.3 billion.

The company booked a net loss of $2.4 billion in 4Q 2019 compared to a net loss of $2.26 billion in the fourth quarter of 2018. These results included after-tax charges and credits totaling $2.43 billion of expense. Adjusted net income was $15.1 million.

Total company backlog in 2019 was $24.3 billion, an increase of 67% versus 2018.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “We achieved an unprecedented level of inbound in 2019, including over 50 percent order growth in Subsea. With this success, our backlog now stands at $24 billion, an increase of 67 percent versus 2018. Backlog grew across all segments, with Onshore/Offshore increasing almost 90 percent when compared to the prior year.”

Pferdehirt continued, “Turning to the subsea market, we anticipate ongoing momentum in activity for small- to mid-sized brownfield projects and a continued healthy outlook for greenfield projects.”

Pferdehirt added: “For our Onshore/Offshore business, we remain confident that additional LNG projects will be sanctioned in the near-to-intermediate-term despite current weakness in the commodity price. The growth outlook for long-term demand requires this additional capacity. Beyond LNG, we continue to selectively pursue refining, petrochemical, and biofuel project opportunities.”

“In Surface Technologies, we anticipate double-digit revenue growth outside North America in 2020, following growth of more than 15 percent in 2019. We expect North American activity to decline 10 percent versus 2019, which assumes improvement in drilling and completions activity in the second half of the year.”

Offshore Energy Today Staff

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