TechnipFMC's 2022 Backlog Hits $9.4B, Driven by Subsea Orders

Copyright: TechnipFMC
Copyright: TechnipFMC

Oilfield services company TechnipFMC saw 2022 inbound orders grow to $8.1 billion, a 20% growth versus 2021, and its CEO expects more to come in the future.

"We are in the midst of a multi-year growth cycle," said Doug Pferdehirt, the Chair and CEO of TechnipFMC.

He said that of the $8.1 billion total, majority of orders were driven by Subsea segment's orders of $6.7 billion.

"This strong inbound resulted in 24% growth in Subsea backlog, helping drive total company backlog to $9.4 billion at year-end,“ he said.

Pferdehirt added, "Looking beyond 2022, we remain confident in the strength of this upcycle and continue to believe that international markets will lead the next leg of expansion, driven by offshore and the Middle East. More than 90% of our revenue is generated outside of North America land, and we have leading positions that are geographically levered to these important growth markets.”

In the fourth quarter subsea inbound orders were $1,5 billion for the quarter, with contracts secured with Petrobras, Wintershall Dea, and TotalEnergies.

Pferdehirt said that the company's Subsea Opportunities list, which highlights larger projects with the potential for award over the next 24 months, continued to represent „a record level.“

„This is a result of increased capital spending and an expanding customer base in all major offshore basins. We expect to see a material increase in the value of iEPCI awards in our 2023 inbound, leading to a record year for integrated project awards. We also forecast an increase in Subsea Services activity. Taken together, we expect our orders to exceed $8 billion in the year, of which 70% of inbound will come from direct awards, iEPCI and Subsea Services,“ he said.

iEPCI stands for an integrated engineering, procurement, construction and installation projects.

TechnipFMC’s revenue for the full year 2022 was $6,7 billion. Loss from continuing operations attributable to TechnipFMC was $61.9 million. TechnipFMC said these results included a loss on early extinguishment of debt of $29.8 million.

For the fourth quarter, TechnipFMC’s revenue was was around $1,69 billion, with loss from continuing operations attributable to TechnipFMC at $26.7 million. The fourth quarter results included after-tax restructuring and other charges of $6 million, the company said.

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