TechnicFMC has successfully completed the vessel campaign for FPSO North at Total Kaombo project in Angola and announced the first steel cut for hull in September 2018 for ENI Coral South FLNG project in Mozambique
The announcement came while announcing Q3 2018 results.
Globally total Company revenue reached at US$3,143.8mn and net income was US$136.9mn. These results included after-tax charges and credits of US$2.9mn and the adjusted diluted earnings per share were US$0.31.
Subsea reported Q3 2018 revenue of US$1,209.1mn. Revenue was down 18.2 per cent from the prior year as projects in Africa, Europe and Asia Pacific progressed towards completion, partially offset by increased activity in South America. Subsea revenue continues to be negatively impacted by prior-period declines in inbound orders related to the market downturn.
Commenting on the result, Doug Pferdehirt, CEO of TechnipFMC, stated, “Our third quarter results illustrate the benefit of structural cost savings and strong project delivery. This was most notable within Onshore/Offshore, where execution on key projects such as Yamal LNG has remained robust, leading to further improvement in adjusted EBITDA margin. Subsea continued to display strong operational performance. Surface Technologies results increased modestly versus the prior year despite softening completions activity in North America.”
With a significant presence in Africa’s oil and gas sector, TechnipFMC was awarded a contract by Total E&P Angola for the Zinia Phase 2 field development, located offshore Angola in July 2018 and a FEED contract for the Tortue/Ahmeyim liquefied natural gas (LNG) project, located offshore on the border between Mauritania and Senegal in April 2018.
