USA: FMC Technologies 1Q Revenue Hits 1.4 bln

•   First quarter Subsea Technologies orders of $1.4 billion
•   Record Subsea Technologies backlog of $4.7 billion

FMC Technologies, Inc., global provider of technology solutions for the energy industry, yesterday reported first quarter 2012 revenue of $1.4 billion, up 29 percent from the prior-year quarter. Diluted earnings per share were $0.41 compared to $0.35 in the prior-year quarter.

Total inbound orders of $2.0 billion were up 50 percent from the prior-year quarter and included $1.4 billion in Subsea Technologies orders. Backlog for the Company was $5.6 billion including Subsea Technologies backlog of $4.7 billion.

The company in March signed a major four-year agreement with Petrobras, Brazil’s national oil company, for the supply of 78 subsea trees.

“With the award of the Petrobras pre-salt subsea trees, we are well-positioned to exceed our 2011 subsea orders,” said John Gremp, Chairman, President and CEO of FMC Technologies. “We continue to see the subsea market expanding in 2012 and beyond.”

The company’s Surface Technologies’ first quarter revenue of $377.8 million was 30 percent higher than the prior-year quarter.  The increase came from strong results in both surface wellhead and fluid control.

“We are pleased with our Surface Technologies quarterly results and are confident that we can effectively manage through the anticipated capital spending reduction in the North American pressure pumping market,” Gremp concluded.

[mappress]
Offshore Energy Today Staff, April 25, 2012