Amid Oil Crisis, TechnipFMC Announces Thirty Percent Cut in Capital Expenditures

In response to an unprecedented drop in oil prices and the global economy due to the coronavirus pandemic, TechnipFMC announced a reduction of over 30% in its expenses. ATTENTION! Despite announcing a reduction in capital investments, the oil company did not outline any plans for job cuts in the update, check the job openings released YESTERDAY by the company to meet offshore contracts in Macaé and Rio de Janeiro.

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The company, which projected $450 million in capital expenses for 2020, reduced that amount to $300 million.

TechnipFMC stated in a press release that it has “financial strength and liquidity” with cash and cash equivalents of $5.2 billion.

The company declared that it is taking “the necessary measures to ensure the health and well-being of its workers, contractors, and partners.”

And added: “TechnipFMC continues to leverage its global footprint, information technology infrastructure, and diverse and talented workforce to ensure continuity of operations in the current environment. The company is also working closely with its clients to ensure the best possible project execution during this challenging period.”

Last month, the company noted that it delayed its plans to split its business operations into two separate entities. It had said that the current market environment led to its decision to suspend the separation.

The oil field service provider was to transfer to TechnipFMC (the remaining company) and Technip Energies (the spun-off company).