TechnipFMC’s net income has reached at US$105.7mn from projects across the globe, said the company announcing the second quarter 2018 results
Revenue was down 29.6 per cent from the prior year as oil and gas projects in Africa, Asia Pacific and North America progressed towards completion. Subsea revenue continues to be negatively impacted by prior-period declines in inbound orders related to the market downturn.
These results included after-tax charges and credits of US$26.1mn as detailed in the financial schedules. Adjusted diluted earnings per share were US$0.28.
The company has a significant presence in Africa’s oil and gas sector. Providing the Q2 2018 subsea highlights, TechnipFMC said that in Libya its Mellitah Bahr Essalam Deep Arctic vessel continues to complete tie-in of spools and testing scopes on Phase 1, allowing commissioning to commence. In Angola, Skandi Africa completed hookup campaign on Kaombo FPSO North in the quarter.
TechnipFMC’s subsea orders for the quarter were US$1,516.2mn and, in that, Angola received a good hold. In Angola, TechnipFMC wins contract for the EPC of subsea equipment including nine subsea trees as well as wellheads, subsea control systems, connection systems and associated equipment.
Providing more highlights on the Q2 onshore and offshore projects, TechnipFMC said that in Mauritania and Senegal, it wins FEED contract for the floating production storage and offloading (FPSO) unit for the Tortue/Ahmeyim Field Development. TechnipFMC will work on defining the technology and equipment scope. The agreement provides a mechanism to allow a transition of the contract to an engineering, procurement, construction and installation contract at a later stage.
In Q2 2018, total Company revenue was $2,960.9mn. Adjusted EBITDA, which excludes charges and credits, was US$377.2mn. Adjusted EBITDA margin was 12.7 per cent.
Apart from Africa’s oil and gas industry, TechnipFMC has a significant presence in the US Gulf of Mexico, China, Australia, Russia, Malaysia, Norway, India and other parts of the world.