Subsea Setback for TechnipFMC

TechnipFMC has reported fourth-quarter 2018 loss of $2.26 billion or $5 per diluted share.

The UK-based energy services giant booked total quarterly after-tax charges and credits of $2,22 billion, or $4.91 per diluted share.

Major part of these charges included asset impairments (of close to $1.7 billion) for goodwill and other fixed assets.

Adjusted net loss was $39 million, or 9 cents per diluted share. The net loss recorded same time last year was $154 million.

Charges also included a probable estimate of the aggregate settlement on potential violations of anti-corruption laws relating past projects.

During the quarter, we progressed on outstanding investigations of historical projects and took a $280 million provision as a probable estimate for the aggregate settlement. We continue to cooperate with all authorities in order to conclude this matter,” said Doug Pferdehirt, CEO of TechnipFMC.

Revenues for the quarter were down close to 10 percent at $3.3 billion, form $3.7 billion in the prior-year comparable period.

Quarterly order intake was $2.92 billion, down from $2.99 billion – of which subsea division generated $880 million.

Subsea reported fourth quarter revenue of $1.23 billion, down 5 percent from the corresponding period in 2017. Subsea reported an operating loss of $1,73 billion with pre-tax charges of $1,8 billion.

For the full-year 2018 TechnipFMC booked net loss of $1.92 billion on revenue of $12.5 billion, against profit of $113 million on revenue of $15 billion.

At the end of the fourth quarter 2018, TechnipFMC backlog was $14.5 billion, including subsea backlog of $6 billion.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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