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The Growth of Subsea Projects with the Company Resulted in Large Numbers in the Company’s Financial Data in 2022. TechnipFMC Announced a 20% Increase in Its Order Book Compared to 2021.
TechnipFMC’s data shows positive results for 2022, despite all the hurdles in the global oil and gas sector. Driven by new subsea projects, the company reached US$ 8.1 billion in its order book last year. The total revenue of US$ 6.7 billion recorded in 2022 was heavily influenced by the growth of projects in the subsea segment of the company.
TechnipFMC Achieves Strong Results in Its Order Book in 2022, Driven by the Growth of Subsea Projects in the International Offshore Market
Throughout 2022, the demand for offshore service supply companies was significantly driven. The standout for the segments was the subsea sector, which represented a considerable share of the financial gains of major players in the field.
TechnipFMC managed to expand its order book by 20% over the year 2022, reaching the figure of US$ 8.1 billion due to the growth of subsea projects.
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During the fourth quarter of 2022, it achieved a total revenue of US$ 1.69 billion, as well as US$ 120.9 million in adjusted EBITDA during that period.
The numbers were also boosted by other results from the company, which achieved a total revenue of US$ 6.7 billion in the entire year of 2022, in addition to adjusted EBITDA of US$ 646.5 million.
TechnipFMC is optimistic about future results in the coming months of 2023, expecting to finish the year with an order book of US$ 8 billion. The subsea projects throughout the year could significantly contribute to the projected results.
The President and CEO of TechnipFMC, Doug Pferdehirt, commented on the results and expectations for 2023.
“We are in the midst of a multi-year growth cycle. The order intake for the entire year grew by 20% compared to 2021, to US$ 8.1 billion, driven by the subsea intake of US$ 6.7 billion. This strong intake resulted in a 24% growth in the subsea order book, helping to drive the company’s total order book to US$ 9.4 billion at the end of the year,” he said.
Subsea Projects Registered US$ 1.3 Billion Throughout the Fourth Quarter of 2022, Boosting the Company’s Results
The subsea sector was responsible for a large part of the projects signed by TechnipFMC in 2022. Even with a 5.14% drop compared to the previous quarter, the segment secured an order book of US$ 1.3 billion in the fourth quarter of 2022.
It was highlighted that the seasonal factors of subsea activities in the South America, Asia-Pacific, and North Sea regions were the main drivers of the decline in results.
On the other hand, adjusted EBITDA was US$ 140.1 million, a decrease of 23.8% compared to the third quarter of 2022.
Despite this, subsea projects continue to be the major drivers of the company’s growth in the global market.
“Our pipeline of subsea opportunities, which highlights larger projects with potential awards in the next 24 months, continues to represent a record level,” concluded the company’s CEO.
For 2023, TechnipFMC will continue working to expand its business portfolio, focusing on subsea projects in the coming months.
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