-- Oilfield services firm TechnipFMC (FTI) reported Q1 earnings Thursday, showing inbound orders dropped to $2.15 billion, down from $3.09 billion for the same period a year earlier.
The company's backlog remained broadly stable at $16.47 billion despite the drop in new orders, compared with $15.82 billion in the corresponding period last year. The backlog rose 4.1% year-over-year.
TechnipFMC's Subsea segment's inbound orders stood at $1.90 billion in the quarter, down from $2.79 billion a year earlier. However, despite weaker order intake, the Subsea backlog increased by 5.7% to $15.80 billion, up from $14.95 billion a year earlier.
Subsea backlog points to steady future revenue streams, with $5.22 billion scheduled for execution over the remainder of 2026, $4.68 billion in 2027, and $5.90 billion extending into 2028 and beyond.
TechnipFMC's Surface Technologies segment's inbound orders stood at $248.7 million in Q1, down 18.1% from $303.6 million a year ago, while backlog fell by 23.3% to $667.6 million, down from $870.4 million.
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