TechnipFMC’s Subsea division states it has received inbound orders of USD 1.5bn in the first quarter of 2021. This means more than double compared to the fourth quarter of 2020.
Subsea reported first-quarter revenue of USD 1.3bn, an increase of 10.6% from the same period in 2020, said to be largely driven by higher project and services activity. In Q1 2021, the division’s operating profit was USD 37M, which the company attributes to a significant reduction in non-cash impairment charges as well as cost reduction and increased installation activity.
“Our first quarter as a leading pure-play, technology and services provider to both traditional and new energy industries was an exceptional start. We delivered solid financial results in both Subsea and Surface Technologies, largely driven by strong operational execution,” said Doug Pferdehirt, Chairman and CEO of TechnipFMC.
“In Subsea, inbound orders more than doubled sequentially to USD 1.5bn, with increased adoption of Subsea 2.0™ technologies. Integrated projects comprised nearly 40% of segment orders and included an award for Petronas’ first deepwater project, Limbayong, which will benefit from the seamless integration of both iEPCI™ and Subsea 2.0™.” According to Pferdehirt, TechnipFMC anticipates a Subsea outlook of more than USD 4bn in inbound orders in 2021.
Total company revenue in the first quarter was USD 1.6bn, a 3.1% rise compared to Q4 2020. The Adjusted EBITDA was USD 165.2M, a 107.3% boost from the USD 79.9M in the fourth quarter of the previous year.