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TechnipFMC's Q2 Inbound Orders, Backlog Fall

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Oilfield services firm TechnipFMC (FTI) reported Q2 earnings Thursday, with inbound orders declining to $2.73 billion, down from $2.83 billion for the same period a year earlier.

The company's backlog dropped to $16.44 billion compared with $16.64 billion for the corresponding period last year.

TechnipFMC's Subsea segment's inbound orders stood at $2.51 billion in the quarter, down from $2.55 billion a year earlier. Subsea backlog remained broadly stable at $15.83 billion compared to $15.81 billion for the same period a year ago.

Subsea said that key contract awards include Angola's Azule Energy to supply flexible flowlines and risers for the Greater PAJ offshore development, and a large iEPCI contract from Norway's Var Energi for the Ofelia and Gjoa Nord developments in the North Sea.

The company also secured a contract from Eni (E) for the Baleine Phase 3 development offshore Cote d'Ivoire and from Norway's Equinor (EQNR) covering several subsea tie-back developments, including the Omega Sor, Brime and Tyrihans Nord brownfield projects.

TechnipFMC's Surface Technologies segment's inbound orders stood at $219.5 million in Q2, down 21% from $277.9 million a year ago, while backlog fell by 27.4% to $606.8 million, down from $835.9 million.

Price: $68.55, Change: $-3.18, Percent Change: -4.43%

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