TechnipFMC Sees Profits Slide

TechnipFMC has reported second-quarter 2018 profit of $106 million or 23 cents per diluted share.

The services major has seen a 36 percent decrease compared to net profit of $165 million same time last year.

Adjusted earnings per share for the quarter were 28 cents, excluding charges and credits.

Revenues for the quarter were down 23 percent at $2.96 billion, form $3.84 billion in the prior-year comparable period.

Quarterly order intake was $4.2 billion, up from $3.1 billion – of which subsea division generated $1.5 billion.

Subsea reported second quarter revenue of $1.2 billion, down 30 percent from the corresponding period in 2017, primarily because projects in Asia Pacific, Africa, and North America progressed towards completion.

At the end of the second quarter 2018, TechnipFMC backlog was $14.9 billion, including subsea backlog of $6.2 billion.

Subsea World News Staff

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