Investor Relations Overview
March 2020
Disclaimer
Forward-looking statements
We would like to caution you with respect to any "Forward-looking statements" made in this presentation as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Words such as "expect," "plan," "intend," "would," "will," and similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, and include any statements with respect to the potential separation of the Company into RemainCo and SpinCo, the expected financial and operational results of RemainCo and SpinCo after the potential separation and expectations regarding RemainCo's and SpinCo's respective businesses or organizations after the potential separation.
Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including the following known material factors: risks associated with the impact or terms of the potential separation; risks associated with the benefits and costs of the potential separation, including the risk that the expected benefits of the potential separation will not be realized within the expected time frame, in full or at all; risks that the conditions to the potential separation, including regulatory approvals and consultation of employee representatives, will not be satisfied and/or that the potential separation will not be completed within the expected time frame, on the expected terms or at all; the expected tax treatment of the potential separation, including as to shareholders in the United States or other countries; changes in the shareholder bases of the Company, RemainCo and SpinCo, and volatility in the market prices of their respective shares; risks associated with any financing transactions undertaken in connection with the potential separation; the impact of the potential separation on our businesses and the risk that the potential separation may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management's attention and the impact on relationships with customers, governmental authorities, suppliers, employees and other business counterparties; unanticipated changes relating to competitive factors in our industry; our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers; our ability to hire and retain key personnel; U.S. and international laws and regulations, including existing or future environmental or trade/tariff regulations, that may increase our costs, limit the demand for our products and services or restrict our operations; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; downgrade in the ratings of our debt could restrict our ability to access the debt capital markets; and such other risk factors as set forth in our filings with the U.S. Securities and Exchange Commission and in our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority.
We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Investor Relations Overview | 2
Contents
- Q4 2019 Financial and operational highlights
- Reshaping Our Future
- Company overview
Section 1:
Q4 2019 Financial and operational highlights
Investor Relations Overview | 4
2019
Growth
- Total Company inbound orders of $22.7 billion, backlog of $24.3 billion
- Significant order growth, driven by LNG and acceleration of integrated Subsea awards
- Improved visibility, with $12.7 billion in backlog scheduled for execution beyond 2020
12019 growth versus 2018
59% | 67% | |
Inbound growth1 | Backlog growth1 | |
>2x | 37% |
Value1 of scope | Subsea |
in iEPCI™ awards | backlog growth1 |
>$8B | 89% |
LNG | Onshore/Offshore |
awards | backlog growth1 |
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Higher activity across all segments drives revenue growth
Total Company revenue
$15 | $13.4B | ||
$12.6B | |||
billions)(in | |||
+7% | |||
Revenue | $10 | ||
$5 | |||
$0 | |||
2018 | 2019 |
Subsea Onshore/Offshore Surface Technologies
- Total Company revenue of $13.4 billion, representing 7% growth versus 2018
- Book-to-billof 1.7x for the full year
Higher mix of integrated project (iEPCI™) activity | |
Subsea | 15% revenue growth in Subsea Services |
14% revenue growth in Subsea | |
Onshore/ | Segment revenue inflected from 2018 trough | |
Three quarters of sequential revenue growth | ||
Offshore | ||
Non-Yamal revenue growth exceeded 25% | ||
Surface | International revenues 50%+ of segment total | |
15%+ revenue growth outside North America | ||
Technologies | ||
2% revenue growth despite North America decline | ||
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2020 outlook and segment guidance1
Subsea | Onshore/Offshore | |
Surface Technologies
- Continued strength in brownfield activity for small/mid-sized project FIDs; healthy outlook for greenfield project FIDs next 24 months (timing impacts 2020 order growth)
- Expect double-digit growth in services driven by digital monitoring, well intervention, and asset refurbishment
- Following normal seasonal impact in the first quarter, margin to improve due to project timing and increased asset utilization over remainder of year
- Natural gas a critical enabling fuel in the energy transition; additional LNG capacity required to meet growing demand
- Expect additional LNG projects to be sanctioned near-to-intermediate term
- Opportunity-richdownstream environment; leverage early engagement and process technologies in selective pursuit of refining, petrochemical, and biofuel projects
- Guidance includes the impacts that we can estimate at this time for the Coronavirus
- Anticipate double-digit growth in international markets driven by market activity; notable strength in the Middle East, Asia Pacific, and the North Sea
- Anticipate North America activity to decline 10% versus 2019; drilling and completions activity to improve in second half of 2020
2020 segment guidance is reflective of the new business perimeters related to the Company's announced separation.
Businesses with ~$120 million of revenue in 2019, most of which was in Surface Technologies, are now included in Onshore/Offshore guidance for 2020.
Revenue in a range of $6.2-6.5 billion | Revenue in a range of $7.5-7.8 billion | Revenue in a range of $1.4-1.6 billion | ||
Adjusted EBITDA margin at least 11% | Adjusted EBITDA margin at least 10% | Adjusted EBITDA margin at least 12% | ||
1Our guidance measures adjusted EBITDA margin (a non-GAAP financial measure) which excludes amortization related impact of purchase price accounting, and other charges and credits. We are unable to provide a reconciliation to a comparable GAAP measure on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.
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2020& Beyond | |||||
TechnipFMC | Technip Energies | ||||
Subsea | Surface Technologies | Onshore/Offshore | |||
Leading | Transforming | Transitioning | |||
• | Maintaining market leadership | • | Leveraging strong international | • | New growth cycle underpinned |
position in Subsea | franchise for further growth | by strength in backlog | |||
• | Maximizing flexibility to deliver | • Customer focus on efficiency, | • | Maintaining intense focus on | |
integrated solutions (iEPCI™) | footprint and emissions | execution | |||
• Aligning our assets with the | • | Optimizing North American | • | Selecting projects that provide | |
right strategic partners and | services and operating | the best opportunity for success | |||
geographies | geographies | for customer and TechnipFMC | |||
Proactively taking actions to better position ourselves for 2020 and beyond | |||||
Investor Relations Overview | 8 |
Technip
Energies
- A leading E&C player, poised to capitalize on the global energy transition
- Transaction remains on-track for completion in second quarter of 2020
- Technip Energies to host Capital Markets Day ahead of transaction
Reshaping
our | TechnipFMC |
A fully-integrated technology and services |
provider, continuing to drive energy development
Further optimization to strengthen our leadership position in Subsea
Leverage leading Surface Technologies position
future | to capitalize on international market growth as we |
transform our North American business | |
Investor Relations Overview | 9
Q4 2019 Company results
Revenue of $3.7 billion
Adjusted EBITDA of $404 million
Q4 2019
Company results
Backlog of $24.3 billion
Operating cash flow of $559 million
Q4 2019 EPS walk | ||||||||||
$ millions | $ / Share | |||||||||
GAAP Net income, | ||||||||||
$ | (2,414.0) | $ | (5.40) | |||||||
as reported | ||||||||||
Charges and credits, | $ | 2,429.1 | $ | 5.43 | ||||||
after-tax | ||||||||||
Adjusted Net Income, | $ | 15.1 | $ | 0.03 | ||||||
as reported | ||||||||||
Other items impacting results: | ||||||||||
Foreign exchange (F/X) losses, | $ | 56.5 | $ | 0.13 | ||||||
after-tax | ||||||||||
Increased liability payable to | $ | 99.1 | $ | 0.22 | ||||||
joint venture partners (MRL 1 ) | ||||||||||
Items of note | ||||||||||
Company does not provide guidance for F/X or MRL; if | these | |||||||||
expenses were excluded, adjusted net income would have | ||||||||||
been $0.38 per diluted share | ||||||||||
F/X impact largely driven by the significant devaluation of the | ||||||||||
Angolan Kwanza | ||||||||||
Company fully remediated all previously disclosed | ||||||||||
material weaknesses | ||||||||||
1MRL = Mandatorily redeemable financial liability | ||||||||||
Investor Relations Overview | 10 |
Q4 2019 Segment results
Subsea | Onshore/Offshore | Surface Technologies | ||
USD, in millions | USD, in millions | USD, in millions |
+21% | +40 bps | +10% | +120 bps | -2% | -190 bps | ||
1,487 | 12.0% | 12.4% | 1,832 | 14.2% | 417 | 408 | 15.6% |
1,672 | |||||||
1,233 | 13.0% | 13.7% | |||||
Revenue | Adjusted EBITDA margin | Revenue | Adjusted EBITDA margin | Revenue | Adjusted EBITDA margin | ||||||||||||
4Q18 | 4Q19 | 4Q18 | 4Q19 | 4Q18 | 4Q19 | ||||||||||||
Operational highlights
- Revenue increased 21%: double-digit growth in both project and service activities
- Adjusted EBITDA margin increased 40 bps to 12.4%: cost reduction activities and project completions offset the impact of more competitively priced backlog
- Inbound orders of $1.2 billion; book-to-bill of 0.8; period-end backlog at $8.5 billion
Operational highlights
- Revenue increased 10%: higher activity in Europe, Asia and North America as well as our Process Technology group, partially offset by lower activity on the Yamal LNG project
- Adjusted EBITDA margin increased 120 bps to 14.2%: benefited from strength in execution across the portfolio, particularly Yamal LNG
- Inbound orders of $1.1 billion; book-to-bill of 0.6; period-end backlog at $15.3 billion
Operational highlights
- Revenue decreased 2%: lower completions related activity in North America, largely offset by revenue growth in international markets
- Adjusted EBITDA margin decreased 190 bps to 13.7%: further declines in volume and pricing in North America, partially offset by cost reduction activities
- Inbound orders of $432 million; book-to-bill of 1.1; period-end backlog at $473 million
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Strong Q4 operating cash flow drives solid full year result
Operating cash flow
(in $ millions)
559
121 | 74 | 94 | ||||||
1Q19 | 2Q19 | 3Q19 | 4Q19 |
Items of note
Q4 2019
- Operating cash flow of $559 million
- Benefited from timing differences between project milestone and vendor payments
- Yamal JV partner payments of $119 million
FY 2019
- Operating cash flow of $849 million
- Shareholder distributions of $326 million
- $233 million dividends, $93 million share repurchase
Q4 2019 Cash flow walk
(in $ millions)
5,190
4,504
Cash & cash | Cash flow | Capital | Shareholder | Mandatorily | Increased | All other | Cash & cash |
equivalents at | from operating | equivalents at | |||||
expenditures | distributions | redeemable | borrowings | (incl. FX) | |||
Sep 30, 2019 | activities | Dec 31, 2019 | |||||
liability | |||||||
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2020 Financial guidance
2020 Revenue coverage from backlog
Subsea | Onshore/Offshore | ||
(at midpoint of guidance range) | (at midpoint of guidance range) | ||
Subsea Services / | Book & Turn | ||
Book & Turn | |||
$6.35B | $7.65B |
midpoint | midpoint |
2020 | 2020 |
Backlog | Backlog |
86% | |
71% | |
coverage | coverage |
- Subsea revenue coverage driven by:
- Backlog scheduled for 2020 execution is ~71% at revenue midpoint
- Services revenue >$1 billion expected; minimal amount in backlog
- Onshore/Offshore revenue coverage driven by:
- Backlog scheduled for 2020 execution is ~86% at revenue midpoint
- Anticipate $400-500 million in revenue from Yamal LNG
2020 Corporate guidance
- Corporate expense, net $180 - 190 million for the full year (excluding the impact of foreign currency fluctuations)
- Net interest expense $80 - 90 million for the full year
(excluding the impact of revaluation of partners' mandatorily redeemable financial liability) - Tax rate 28 - 32% for the full year
- Capital expenditures approximately $450 million for the full year
- Cash flow from operating activities to exceed $1 billion for the full year
Additional items of note
- 2020 segment guidance is reflective of the new business perimeters related to the Company's announced separation
- Businesses with ~$120 million of revenue in 2019, most of which was in Surface Technologies, are now included in Onshore/Offshore guidance for 2020
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Highlights
- Subsea revenue benefited from increased activity; accelerated adoption of new technologies and iEPCI™
- Onshore/Offshore delivered third quarter of sequential
revenue growth; clear inflection from 2018 trough | Strong revenue coverage for both Onshore/Offshore and |
Generated $559 million in operating cash flow; $849 | Subsea with more than $24 billion of secured backlog |
Taking action in support of our focus on market | |
million in 2019, positive in all four quarters | |
leadership and continued business transformation | |
Expect operating cash flow to improve versus 2019; | |
anticipate exceeding $1 billion in 2020 |
Key takeaways
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Section 2:
Reshaping Our Future
Investor Relations Overview | 15
Successful merger and outstanding performance
Merger extended subsea leadership with integrated model
- Redefined subsea economics resulting in a transformation of the industry
- iEPCI™ model has become the industry standard
- Advanced technology development and innovation across a broader scope
Onshore/Offshore positioned for independent success
- Industry-leadingperformance through the successful delivery of landmark projects
- Order inbound provides unprecedented backlog to support future growth
- Well-positionedto capitalize on growth in natural gas consumption (LNG, ethylene)
Transaction to drive additional value of the two businesses
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Investor Relations Overview | 16
Creating two diversified pure-play market leaders
RemainCo
- Proven winning strategy for Subsea
- Greater opportunity for integration in surface production
SpinCo
- Will capitalize on operational performance and strength in backlog
- Leadership in LNG; opportunities in biofuels, green chemistry and other energy alternatives
Each business will be
Strategic Rationale
- Diverging customer bases
- Distinct and compelling market opportunities
- Strong balance sheets and tailored capital structures
- Distinct business profiles with differentiated investment appeal
- Increased management focus
- Enhanced ability to attract, retain and develop talent
uniquely positioned to achieve even greater success
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Transaction summary
Creating two diversified pure‐play market leaders:
- SpinCo, a leading E&C player, poised to capitalize on the global energy transition
- RemainCo, a fully-integrated technology and services provider, continuing to drive energy development
Pursuing tax free spin of SpinCo for certain shareholders where permissible, including the United States
Anticipating investment grade credit metrics for both entities
Expect transaction to be completed in first half of 2020, subject to customary conditions and final Board approval
Investor Relations Overview | 18
Investor Relations Overview | 18
TechnipFMC - Creating two undisputed industry leaders
RemainCo
Unlocking value, realizing potential
SpinCo
Capitalizing on structural growth trends
Revenue: $8 billion1,2
Backlog: $10 billion1,3
Listings: NYSE, Euronext Paris
HQ: Houston; Domicile: United Kingdom
Management: Chairman and CEO Doug Pferdehirt CFO Maryann Mannen
Employees: ~22,000
Revenue: $8 billion1,2
Backlog: $18 billion1,3
Listing: Euronext Paris
HQ: Paris; Domicile: Netherlands
Management: CEO-elect Catherine MacGregor CFO-elect Bruno Vibert COO-elect Marco Villa
Employees: ~15,000
- In accordance with U.S. generally accepted accounting principles (GAAP). Following separation, RemainCo and SpinCo will be subject to immaterial carve-out adjustments.
- As of February 26, 2020. For RemainCo, midpoint of TechnipFMC 2020e revenue guidance for Subsea ($6.35B) and Surface Technologies ($1.5B). For SpinCo, midpoint of TechnipFMC revenue guidance for Onshore/Offshore ($7.65B).
- As of December 31, 2019. For RemainCo, backlog includes Subsea ($8.5B consolidated, $0.8B non-consolidated) and Surface Technologies ($0.5B). For SpinCo, backlog
includes Onshore/Offshore ($15.3B consolidated, $3B non-consolidated). | Investor Relations Overview | | 19 |
Investor Relations Overview | | 19 |
Distinct business profiles
RemainCo | SpinCo | |||
Upstream focus | Midstream/Downstream leverage | |||
Customers | ||||
Medium | Low | |||
Capital intensity | ||||
Investment horizon (cycle) | Medium | Long | ||
Services opportunity | Very High | Medium | ||
ROIC potential | High | Very High | ||
Each company will have distinct investment appeal
Investor Relations Overview | 20
Investor Relations Overview | 20
Creating two industry leaders
Distinct and compelling | Unique business profiles |
market opportunities | with differentiated |
investment appeal |
Strong balance sheets | Focus, agility and |
and tailored capital | strategic flexibility |
structures |
Continuing to reshape the energy industry and create value for all stakeholders
Investor Relations Overview | 21
SpinCo
Investor Relations Overview | 22 Investor Relations Overview | 22
A differentiated E&C leader
Company overview
World-class execution supported by highly experienced engineers
Leading market positions
Unrivaled product and technology portfolios
Demonstrated ability to manage the most complex projects
Proven record of success
$18B | >20% | >25 | ||
Backlog | Of operating | Leading proprietary | ||
LNG capacity1 | technologies | |||
$8B | #1 | ~15K | ||
Revenue | In Ethylene and | Employees; | ||
Hydrogen (installed base) | HSE is top priority | |||
1. Percentage is based on 89 / 406 Mtpa of TechnipFMC delivered and operating / industry operating capacity as of July 2019; source: IHS.
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Leadership team
Catherine MacGregor
CEO-elect
23 years of international experience with Schlumberger
Currently serves as President Onshore/Offshore business unit
Previous responsibilities with Schlumberger have included leadership of global divisions representing up to $9 billion in annual revenues:
- President, Drilling Group
- President, Reservoir Characterization Group
- President, Europe and Africa
- President, Wireline
- Vice-President,Human Resources
Bruno Vibert
CFO-elect
5 years with TechnipFMC and more than 20 years of international experience in finance, public accounting and consultancy for the oil and gas industry
Currently serves as Vice-President Finance for the Onshore/Offshore segment and Joint Venture CFO for the Yamal project
Previous responsibilities have included:
- Chief Accounting and Treasury Officer (North America), Technip
- Partner, Fair Links
- Auditor/Senior Manager, Arthur Andersen and EY
Marco Villa
COO-elect
25 years with TechnipFMC and more than 30 years of international experience in operations and finance
Currently serves as President of Europe, Middle East, India and Africa (EMIA) and as deputy to the President of Onshore/Offshore
Previous responsibilities have included:
- Regional President and CFO, Technip
- Chief Financial Officer (Italy), Technip
- Head of Finance and Risk Management, Telespazio SpA (Telecom Italia Group)
- Group Treasury and Financial Planning, Finmeccanica
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Investor Relations Overview | 24
Market outlook
Gas
Total gas demand:
Bcm
4,468
3,92216%
3,65211%
LNG 11%
2017 | 2022e | 2035e |
- Gas is the only fossil fuel gaining share
- Unprecedented demand in LNG to drive future growth
- Significant greenfield and brownfield opportunities - selectivity is key
Liquids
Total liquids demand:
Crude, condensate and natural gas liquids; MMb/d
108
104
98
19%
15%
Chemicals 14%
Other
Sectors
2017 | 2022e | 2035e |
- Economics favorable for petrochemicals
- Significant refinery and petrochemical activity foreseen
- Increasing adoption of green chemistry
SpinCo is positioned at each major step of hydrocarbon transformation chain
Source: TechnipFMC, McKinsey & Company Energy Insights: Global Energy Perspective, January 2019
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Growth potential driven by LNG market leadership
Market leadership
105Mtpa | >20% | 7.8Mtpa |
Global production | Of operating LNG | World's largest |
delivered | capacity | LNG trains |
delivered | ||
50 year track record in LNG
- World's first LNG Algeria (1964)
- World's largest LNG trains Qatar
- Largest Arctic project Yamal
Pioneer in floating LNG (FLNG)
- World's first FLNG delivered Petronas Satu in Malaysia
- World's largest floating vessel Shell Prelude in Australia
- New frontier Eni Coral in Mozambique
Diversity in projects and technologies
Pioneer in modularization
- Onshore LNG trains on an unprecedented scale
- Greater cost and schedule certainty in extreme locations
Next generation mid-scale LNG
- Economic solutions for smaller reserves (1-3 Mtpa)
- Standardized, modularized design enables repeatability
Pioneer in next generation FLNG
- Liquefaction engineered for minimal footprint
- Split construction to minimize module integration
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Investor Relations Overview | 26
A diversified pure-play with extensive capabilities
Projects | Services | ||||
• | LNG | • | Gas monetization | • | Feasibility studies |
• | Floating LNG | • | Refining | • | Consulting |
• | Fixed and | • | Ethylene, | • | Project management consultancy |
floating platforms | petrochemicals |
Process Technology | Products | ||||
• | Ethylene | • | Petrochemicals, polymers | • | Cryogenic loading arms |
• | Hydrogen | • | Gas monetization | • | Reformers, heat exchangers |
• | Oil refining | • | Renewables | • | Furnaces |
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Investor Relations Overview | 27
Proven disciplined operating model
Risk and safety management
Early engagement
Project selectivity
Technology and innovation
Project execution
Consistency in financial performance
Best-in-class profitability though the cycle
Investor Relations Overview | 28
Well-positioned for the energy transition
Gas and green chemistry - a platform for sustainable growth
Gas
A fundamental role to play in the transition
Gas Processing | Top 3 |
LNG Leader
FLNG Leader
Petrochemicals | Top 3 |
Gas-enabled transition requires
significant infrastructure
Green Chemistry
A structural growth opportunity
Biological | Biofuels |
Components | Biopolymers |
Circular | Plastics |
Chemistry | Waste to Fuel |
Brown to Green | Hydrogens to |
Chemistry | Chemicals |
Market to triple over the next 10 Years1
1. Source: TechnipFMC, McKinsey & Company Energy Insights: Global Energy Perspective, January 2019
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Investor Relations Overview | 29
Building blocks for incremental growth
Installed base | Digital twin | Services maintenance | Revamp project |
opportunities | opportunities |
Service and project opportunities driven by digital capabilities
Investor Relations Overview | 30
Investor Relations Overview | 30
SpinCo - a compelling investment opportunity
A global leader in E&C
- Diversified pure-playwith undisputed leadership positions in major end markets
- Positioned to play a key role in the energy transition
- Broadening service capability and growing green portfolio
Proven, differentiated project execution
- Early engagement and strong risk management drive operational excellence
- Commercial discipline and selectivity
- Trusted partner executing the world's largest, most challenging projects
Attractive financial attributes
- Sector leading and consistent financial performance with high return on invested capital
- Order inbound provides unprecedented backlog to support future growth
- Well-capitalizedto support growth initiatives and shareholder returns
Capitalizing on unique attributes to capture market opportunity and drive sustainable value creation
Investor Relations Overview | 31
Investor Relations Overview | 31
RemainCo
Investor Relations Overview | 32 Investor Relations Overview | 32
An integrated production-focused leader
Company overview
Pioneered proven fully-integrated Subsea model delivering sustainable improvements in project economics
Implementing Subsea model in surface production to drive similar success
Uniquely positioned for growth in deepwater, conventional and unconventionals
$10B | #1 | #1 | ||
Backlog | iEPCI™ | Precision robotics | ||
$8B | >50% | ~22K | ||
Revenue | Of offshore production | Employees; | ||
flows through our | HSE is top priority | |||
technology | ||||
Investor Relations Overview | 33
Positioned to meet growing demand
Liquids production
Crude, condensate and natural gas liquids; MMb/d
16 | 108 | ||||
100 | |||||
41 | 13 | ||||
20 | |||||
2018 | Net Decline | Offshore | Shale oil | Conventional | 2035e |
and other |
- 49MMb/d of new liquids
production is required to meet expected demand - 20MMb/d is expected to come from offshore
- 13MMb/d is expected to come from Shale oil
Source: TechnipFMC, McKinsey & Company Energy Insights: Global Energy Perspective, January 2019
Investor Relations Overview | 34
Positioned to meet growing demand | 49MMb/d of new liquids production is |
required to meet expected demand |
Liquids production
Crude, condensate and natural gas liquids; MMb/d
Offshore
16 | 108 | ||||
100 | |||||
41 | 13 | ||||
20 | |||||
2018 | Net Decline | Offshore | Shale oil | Conventional | 2035e |
and other |
- Subsea industry leader
- Proven success with integrated subsea commercial model
- Differentiated by proprietary technologies
Shale oil and conventional
- Leader in conventionals
- Leverage learnings from integrated commercial model
RemainCo uniquely positioned across all 3 resource classes | • Capitalize on Subsea |
Source: TechnipFMC, McKinsey & Company Energy Insights: Global Energy Perspective, January 2019 | technology innovation |
Investor Relations Overview | 35 |
Supporting the supply of gas for LNG
Gas production
Bcm
943 | ||||
881 | 683 | |||
4,460 | ||||
3,715 | ||||
2018 | Net decline | Offshore | Onshore | 2035e |
Source: TechnipFMC, McKinsey & Company Energy Insights: Global Energy Perspective, January 2019
-
45% of new gas production is
expected to come from offshore sources - Onshore gas will primarily supply pipeline flows or be consumed near source
- Offshore gas will primarily supply LNG flows
Investor Relations Overview | 36
iEPCI™ - The industry standard
iEPCI™ is a structural transformation
Integrated awards to TechnipFMC are growing in both value and as a percentage of Subsea orders
$4 | 60% | |||||||
$3 | 40% | |||||||
$2 | ||||||||
$1 | 20% | |||||||
$0 | 0% | |||||||
2016 | 2017 | 2018 | 2019 | |||||
iEPCI™ award value ($B) | iEPCI™ % of FTI Subsea orders | |||||||
- Widespread adoption of integrated model across regions and clients
- Integrated awards a growing proportion of Subsea order inbound
- iEPCI™ provides a differentiated growth engine for TechnipFMC
iEPCI™ acceleration
$3B+ iEPCI™ awards as of December 31, 2019
13 | 5 | 5 |
New | Repeat | New |
iEPCI™ projects | iEPCI™ | iEPCI™ |
in 2019 | customers | alliances |
- iFEED™ conversion drives iEPCI™ momentum
- iEPCI™ >40% of TechnipFMC Subsea orders in 2019
- Expanding the iEPCI™ reach with new customers and alliances
Investor Relations Overview | 37
Investor Relations Overview | 37
Unique drivers of revenue growth
Services | |
CAGR = 12+% | |
2018 | 2020e |
- Diversified, growing revenue base that exceeds $1billion
- Resilient, margin-accretive aftermarket services
- Service potential on ~50% of subsea installed base
Alliance partners
- Long-term,mutually beneficial relationships
- iEPCI™ alliances utilize full integrated offering
- Exclusive alliances result in direct awards
Investor Relations Overview | 38
Investor Relations Overview | 38
iProduction™ leadership
Subsea | Surface Technologies | ||||||||||||||
Proven playbook | Significant opportunity | ||||||||||||||
• | iEPCI™ | • | Integrated commercial model | ||||||||||||
• | Subsea 2.0™ | • | Technology transfer from Subsea | ||||||||||||
• | Alliances | • | Alliances | ||||||||||||
Commercial model | |||||||||||||||
50% | Technology | ||||||||||||||
Market capital expenditures for surface >2x that of subsea | |||||||||||||||
40% | Client intimacy | ||||||||||||||
>40% | |||||||||||||||
30% | |||||||||||||||
20% | Market | ||||||||||||||
Pilot | Introduction | Market | |||||||||||||
Penetration | |||||||||||||||
10% | |||||||||||||||
0% | iEPCI % of FTI Subsea orders | ||||||||||||||
2016 | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||
Applying proven integrated approach from Subsea to capture the significant opportunities in surface production
Source: TechnipFMC, McKinsey & Company Energy Insights: Global Energy Perspective, January 2019
Investor Relations Overview | 39
Technology leadership
Integration technologies
Subsea 2.0™
iProduction™
Using differentiated technologies to bring significant additional value as part of an integrated system
Digital and automation | Robotics | |
NextGen | Precision |
subsea controls | robotics for ROV |
Surface production | Subsea |
automation | mechatronics |
Applying Subsea digital and | Utilizing mechatronics to transform | |
automation technologies to transform | subsea production system via robotic | |
Surface Technologies | and mechanical systems integration | |
Investor Relations Overview | 40
Investor Relations Overview | 40
RemainCo - applying integrated model to drive further value
A global leader | A differentiated strategy |
Attractive financial attributes
- Diversified pure-playuniquely positioned to capitalize on growth in deepwater, conventional and unconventional production
- Undisputed leader in subsea with pioneering iEPCI™ commercial model
- Leading provider of technologies and services for surface markets
- Extending market adoption of integrated model through iFEED™, iEPCI™ and iLoF™
- Continued growth through strengthening of long-term alliances and new partnerships
- Leveraging proven subsea integrated model to shale and conventional market
- Growth opportunity for both integrated model and services
- Well-capitalizedbalance sheet supports future growth initiatives
- Returns-focusedgrowth with commitment to shareholder distributions
Reshaping our future, again
Investor Relations Overview | 41
Investor Relations Overview | 41
Creating two industry leaders
Distinct and compelling | Unique business profiles |
market opportunities | with differentiated |
investment appeal |
Strong balance sheets | Focus, agility and |
and tailored capital | strategic flexibility |
structures |
Continuing to reshape the energy industry and create value for all stakeholders
Investor Relations Overview | 42
Section 3:
Company overview
Investor Relations Overview | 43
TechnipFMC snapshot
1 | 2 | $7B | ||
Integrated solutions | Stock exchange | Total company market | ||
provider for the oil and | listings - NYSE | capitalization1 | ||
gas industry | and Euronext Paris | |||
$13B | $24B | $5B | ||
Total company | Total company | Total company cash | ||
revenue2 | backlog3 | balance4 | ||
- Public market quote from Bloomberg, LLP; TechnipFMC market capitalization as of February 26, 2020.
- Trailing four quarters revenue as of December 31, 2019. Source: Form 8-K filed on February 26, 2020.
- Backlog as of December 31, 2019; Source: Form 8-K filed on February 26, 2020.
- Cash and cash equivalents as of December 31, 2019; Source: Form 8-K filed on February 26, 2020.
Investor Relations Overview | 44
Broadest portfolio of solutions for the oil & gas industry
SUBSEA
- Products and systems used in deepwater exploration and production of crude oil and natural gas
- Systems used to control the flow of crude oil and natural gas from the reservoir to a host processing facility
- Integrated design, engineering, manufacturing and installation services for infrastructure and subsea pipe systems
ONSHORE/OFFSHORE
- Onshore facilities related to the production, treatment and transportation of crude oil and natural gas, as well as transformation of petrochemicals such as ethylene, polymers and fertilizers
- Combines engineering, procurement, construction and project management within the entire range of fixed and floating offshore crude oil and natural gas facilities
SURFACE
▪ Products and systems used in offshore exploration and production of crude oil and natural gas
▪ Wellhead systems and high pressure valves and pumps used in stimulation activities for oilfield service companies
▪ Full range of drilling, completion and production wellhead systems
Investor Relations Overview | 45
Portfolio leverage to major energy growth platforms
Subsea
iEPCI™
Transforming subsea
project economics
Subsea 2.0™
Revolutionary product
platform - simpler,
leaner, smarter
iLoF™
A growth engine
LNG
>105Mtpa
Global production
delivered
7.8Mtpa
World's largest LNG
trains delivered
>20%
Of operating LNG
capacity1
Unconventional
Product
reliability
Leading positions in
several products
Technology
Extending asset life
and improving returns
Integrated
offering
$1m savings per well; unique growth platform
1 Percentage is based on 88.0 / 382.2 Mtpa (million metric tons per annum) of TechnipFMC / industry operating capacity as of December 31, 2018; source: IHS, TechnipFMC.
Investor Relations Overview | 46
Subsea competitive strengths
Market leading positions built | Differentiated offering of | Technology advancements to |
upon innovation and deep | integrated products, services: | drive greater efficiency and |
industry knowledge | iFEED™, iEPCI™ and iLoF™ | simplification |
FEED Studies | Subsea Production | Flexibles | Umbilicals | Installation | iEPCITM | Field Services | ||||||
Systems | ||||||||||||
Investor Relations Overview | 47
SPS / SURF - critical components of offshore development
Oil & gas industry has strong history | SPS / SURF is one of the largest | |
of subsea tree orders | components of project costs | |
Subsea tree orders by region 2006-2019 (trees)
600 | Drilling / Well | SPS / SURF | ||||||
551 | ||||||||
Construction | ||||||||
500 | ||||||||
462 | 452 | 432 | ||||||
413 | ||||||||
400 | ||||||||
319 | 375 | 325 | 34% | |||||
314 | ||||||||
300 | 39% | |||||||
232 | 211 | |||||||
200 | 205 | |||||||
153 | ||||||||
100 | 83 | 27% | ||||||
0
FPSO / Platform
- Brazil
- All other regions
Source: Wood Mackenzie, November 2019 | Source: Morgan Stanley Research, TechnipFMC Internal Analysis |
Investor Relations Overview | 48
Improving project economics for deepwater projects
- More than 400 deepwater discoveries have yet to be developed
- Good progress on deepwater cost reductions with potential for additional savings
-
Standardization, technology
and strong project execution can deliver sustainable savings - Integrated business model
can reduce costs of SPS/SURF scope
500
410 Projects
400
300
+40% to 60%
200
100
0
Historical costs | Costs (-20%) | |||||||
$20-40 | $40-60 | $60-80 | $80-100 | > $100 | ||||
Source: Wood Mackenzie, Rystad
Investor Relations Overview | 49
Subsea offers a full suite of capabilities
Conceptual Design | Project Execution | |||||||
& FEED1 | ||||||||
Engineering | Procurement | Equipment | Construction | Installation | ||||
supply | ||||||||
Rationalized subsea | ||||||||
architecture | Joint SPS+SURF R&D | Shortened time to first | ||||||
and design | for improved technology | oil and offshore | ||||||
Optimized technology | application and | installation through | ||||||
combination | better planning | |||||||
applications | ||||||||
Improved field performance | Reduced project | Strengthen leverage | ||||||
interfaces and | on procurement | |||||||
contingencies | ||||||||
iFEED™ is an enabler | iEPCI™ is a differentiator |
1 Genesis Oil & Gas Consultants TechnipFMC
Life-of-Field
and Maintenance
Maximized | Unique asset |
reliability | |
and | |
and uptime | |
technological | |
Increased | capabilities |
aftermarket | |
capabilities | Best possible |
Improved | line-up to |
performance over | undertake client |
challenges | |
the life of field | |
iLoF™ is a growth | |
engine |
Investor Relations Overview | 50
Subsea - integrated approach redefining subsea project economics
Traditional approach
Subsea 2.0™ an enabler to iEPCI™
Enhancements
One global contractor
- Integrated procurement
Optimized subsea architecture
Fewer subsea production system interfaces
Reduced flowline and riser lengths
Less complexity through reduced part counts
Key benefits
Reduced material costs
- Simplified equipment set-up
Optimized flow assurance
Reduced installation phase
Accelerated time to first oil
A field design incorporating Subsea 2.0™ and iEPCI™ can remove over half of the subsea structures while maintaining the same field operability
Investor Relations Overview | 51
Subsea - making subsea short-cycle with Subsea 2.0™ + iEPCI™
Shell Kaikias | Subsea | iEPCI™ |
2.0™ | ||
6 month | Break-even |
schedule | price |
reduction | <$30/bbl |
TechnipFMC is changing the subsea paradigm from a long-cycle to a short-cycle business,
using Subsea 2.0™ and a truly integrated approach (iEPCI™) to field development
Investor Relations Overview | 52
Onshore/Offshore competitive strengths
A market leader, notably in the | Balanced portfolio of projects, | Mega-project capability, |
areas of gas and downstream | clients, geographies, and contracts | world class execution |
Offshore | Onshore | ||||||
Fixed Platforms | Floating | FLNG | LNG | Ethylene | Refining | Petrochemicals | |
Platforms | |||||||
Investor Relations Overview | 53
Onshore/Offshore - differentiated growth opportunities
Process Technologies / PMC
- Rising demand for petrochemicals
- Favorable feedstock to product differentials
- Technology definition and selection activity
- 2nd wave of ethylene crackers emerging
- Process Technologies
- Ethylene
- Hydrogen
- Fluid catalytic cracking (FCC)
- Portfolio expansion
- Epicerol
- KEM ONE alliance on vinyls
- Project management consultancy (PMC)
- Reimbursable opportunities
LNG
- Improving market dynamics
- Rising FEED activity
- Increasing tendering opportunities
- Greenfield and brownfield projects
- FEED awards
- Sempra Energia Costa Azul
- Execution
- Yamal
- Coral FLNG
- Novatek-ledArctic LNG
- Adjacent opportunities
- Gas FPSO
Investor Relations Overview | 54
Onshore/Offshore - industry leading financial performance
Differentiated operating model
delivering outperformance
- Early engagement
- Project selectivity
- Technology and innovation
- Risk management
- Project execution
2011-2019 Adjusted EBITDA Margin1
18%
15%
12%
9%
6%
3%
0%
2011 2012 2013 2014 2015 2016 2017 2018 2019
1 Adjusted EBITDA Margins for 2011 through 2016 were calculated from legacy Technip S.A.'s publicly available financial information. Adjusted EBITDA Margin is a non-GAAP measure. Adjusted EBITDA Margin as presented excludes the impact of restructuring charges as identified in the reconciliation of GAAP to non-GAAP financial schedule included in this presentation. Adjusted EBITDA Margin for 2017, 2018 and 2019 was provided in the Company's Forms 10-K filed with the Securities and Exchange Commission. We are unable to provide reconciliation to a comparable GAAP measure on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP measure and the variability of items excluded from such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.
Investor Relations Overview | 55
Surface Technologies competitive strengths
Leading market positions in | Delivering technology that | Integrated offering delivers up | |
several niche product offerings | extends asset life, improves | to $1m in savings per well, | |
returns | creates unique growth platform | ||
Wellhead | Flowline | Frac, Flowback and Pumps | ||||||
Drilling | Completion | Production | Midstream/ | |||||
Transportation | ||||||||
Investor Relations Overview | 56 |
Comprehensive offering - from concept to project delivery and beyond
A unique global leader in oil and gas projects, technologies, systems and services
Subsea
Subsea products
- Trees, manifolds, control, templates, flowline systems, umbilicals & flexibles
- Subsea processing
- ROVs and manipulator systems
Subsea projects
- Field architecture, integrated design
- Engineering, procurement
Subsea services
- Drilling systems
- Installation using high-end fleet
- Asset management & production optimization
- Field IMR and well services
Onshore/Offshore
Project management, proprietary technology, equipment and early studies to detailed design
-
Offshore
Fixed platforms (jackets, self-elevating platforms, GBS, artificial islands) and floating facilities (FPSO, semi submersibles, Spar, TLP, FLNG) - Onshore
Gas monetization, refining, petrochemicals, onshore pipelines, furnaces, mining and metals - Services
Project management consultancy, process technologies
Investor Relations Overview | 57
Appendix
Glossary
Term | Definition | Term | Definition |
Bcm | Billion Cubic Meters per Annum | MMb/d | Million Barrels per Day |
CAGR | Compound Annual Growth Rate | MRL | Mandatorily redeemable financial liability |
E&C | Engineering and Construction | Mtpa | Million Metric Tonnes per Annum |
FID | Final Investment Decision | NAM | North America |
FLNG | Floating LNG | ROIC | Return on Invested Capital |
F/X | Foreign exchange | ROV | Remotely Operated Vehicles |
GOM | Gulf of Mexico | ROW | Rest of World |
HP/HT | High Pressure / High Temperature | ||
HSE | Health, Safety and Environment | ||
iEPCI™ | Integrated Engineering, Procurement, Construction and | ||
Installation | |||
iFEED™ | Integrated Front End Engineering and Design | ||
iLOF™ | Integrated Life of Field | ||
LNG | Liquefied Natural Gas |
Investor Relations Overview | 59
2020 Financial guidance1
Subsea | Onshore/Offshore | Surface Technologies | ||
Revenue in a range of $6.2-6.5 billion | Revenue in a range of 7.5-7.8 billion | Revenue in a range of $1.4-1.6 billion | ||
EBITDA margin at least 11% | EBITDA margin at least 10% | EBITDA margin at least 12% | ||
(excluding charges and credits) | (excluding charges and credits) | (excluding charges and credits) | ||
2020 segment guidance is reflective of the new business perimeters related to the Company's announced separation.
Businesses with ~$120 million of revenue in 2019, most of which was in Surface Technologies, are now included in Onshore/Offshore guidance for 2020.
TechnipFMC
- Corporate expense, net $180 - 190 million for the full year (excluding the impact of foreign currency fluctuations)
- Net interest expense $80 - 90 million for the full year (excluding the impact of revaluation of partners' mandatorily redeemable financial liability)
- Tax rate 28 - 32% for the full year
- Capital expenditures approximately $450 million for the full year
- Cash flow from operating activities to exceed $1 billion for the full year
1Our guidance measures EBITDA margin (excluding amortization related impact of purchase price accounting, and other charges and credits), corporate expense, net (excluding the impact of foreign currency fluctuations), net interest expense (excluding the impact of revaluation of partners' mandatorily redeemable financial liability), and tax rate are non-GAAP financial measures. We are unable to provide a reconciliation to a comparable GAAP measure on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.
Investor Relations Overview | 60
4Q19 Updates: Subsea opportunities in the next 24 months1
PROJECT UPDATES
Added | Removed | ||||
ENI | ENI | ||||
Agogo Full Field | Zabazaba | ||||
PETROBRAS | EQUINOR | ||||
Lula | Carcara | ||||
PETROBRAS | PETROBRAS | ||||
Mero 3 | Buzios V | ||||
$250M to $500M
$500M to $1,000M
above $1,000M
1February 2020 update; project value ranges reflect potential subsea scope
*Value of remaining scope is less than $250M following partial project award
Investor Relations Overview | 61
Financial disclosures - Yamal LNG
Project disclosure data
Source: Q4 2019 earnings release schedules (Exhibit 6)
Contract liabilities structure | ||
Reduction in contract liabilities: $169m | ||
September 30, 2019 to December 31, 2019 | ||
Payments to Vendors or JV partners | ||
Vendor | Joint Venture | |
(cost) | (profit) | |
Continued strong execution will | 50% | 50% |
reduce project cost, increasing | TechnipFMC | JV partners |
Joint Venture profit | (remains with FTI) | (included in MRL) |
Investor Relations Overview | 62
Backlog visibility
Subsea1 | 4Q 2019 Inbound orders: $1,172 million | ||||||
$8.5 billion | |||||||
$4.5 billion | $2.5 billion | $1.5 billion | |||||
2020 | 2021 | 2022 & beyond |
1 Backlog does not capture all revenue potential for subsea services.
Onshore/Offshore | 4Q 2019 Inbound orders: $1,115 million | |||||
$15.3 billion | ||||||
$6.6 billion | $5.1 billion | $3.6 billion | ||||
2020 | 2021 | 2022 & beyond | ||||
Surface Technologies | 4Q 2019 Inbound orders: $432 million | |||||
$473 million | ||||||
$473$418millillion | $20 million | |||||
2020 & 2021 | ||||||
Non-consolidated Backlog2
Subsea | |
20203 | $138 million |
2021 | $136 million |
2022+ | $525 million |
$799 million
Onshore/Offshore
20203 | $893 million |
2021 | $874 million |
2022+ | $1,209 million |
$2,976 million
- Non-consolidatedbacklog represents our proportional share of backlog relating to joint venture work where we do not have a majority interest in the joint venture.
- 12 months.
Investor Relations Overview | 63
Inbound orders reconciliation
TechnipFMC Inbound Orders | ||||||||||||||||||||||||||||
in $ millions, unaudited | ||||||||||||||||||||||||||||
Inbound Orders | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||
Exchange rate | 1.37 | 1.37 | 1.33 | 1.25 | 1.13 | 1.11 | 1.11 | 1.10 | 1.10 | 1.13 | 1.12 | 1.08 | ||||||||||||||||
1 | 2,818 | 3,070 | 1,686 | 1,587 | 1,163 | 987 | 590 | 713 | 493 | 852 | 542 | 505 | ||||||||||||||||
Technip Subsea | ||||||||||||||||||||||||||||
FMC Technologies Subsea | 2 | 1,919 | 850 | 1,072 | 1,706 | 552 | 1,012 | 1,049 | 490 | 346 | 334 | 401 | 570 | |||||||||||||||
Subsea | 3 | 4,737 | 3,920 | 2,759 | 3,293 | 1,715 | 1,999 | 1,639 | 1,203 | 839 | 1,186 | 943 | 1,074 | 666 | 1,773 | 980 | 1,725 | 1,228 | 1,516 | 1,554 | 881 | 2,678 | 2,633 | 1,510 | 1,172 | |||
Onshore/Offshore | 4 | 991 | 6,636 | 1,246 | 2,444 | 527 | 683 | 1,353 | 2,363 | 533 | 823 | 1,147 | 1,180 | 682 | 1,104 | 1,153 | 874 | 1,850 | 2,301 | 1,666 | 1,609 | 3,139 | 8,131 | 696 | 1,115 | |||
5 | 669 | 610 | 678 | 588 | 422 | 419 | 480 | 348 | 332 | 205 | 298 | 233 | 242 | 276 | 329 | 393 | 410 | 415 | 427 | 435 | 368 | 416 | 405 | 432 | ||||
Surface Technologies | ||||||||||||||||||||||||||||
Eliminations | (7) | (3) | 4 | (5) | (5) | (3) | (4) | (7) | (1) | (7) | (9) | |||||||||||||||||
6 | 6,397 | 11,159 | 4,680 | 6,328 | 2,660 | 3,096 | 3,469 | 3,910 | 1,697 | 2,213 | 2,381 | 2,478 | 1,590 | 3,153 | 2,462 | 2,992 | 3,487 | 4,232 | 3,647 | 2,925 | 6,185 | 11,180 | 2,611 | 2,718 | ||||
Total Company | ||||||||||||||||||||||||||||
1 | Order intake for Subsea business segment as reported by Technip S.A. Translated from Euros to U.S. dollars using a quarterly average exchange rate that is specified in the table above. | |||||||||||||||||||||||||||
2 | Inbound orders for Subsea Technologies business segment as reported by FMC Technologies, Inc. | |||||||||||||||||||||||||||
3 | Represents the combination of subsea order intake for the legacy companies for years 2014 through 2016; (Technip Subsea + FMC Technologies Subsea). | |||||||||||||||||||||||||||
4 | Order intake for Onshore/Offshore business segment as reported by Technip S.A. for years 2014 through 2016 Translated from Euros to U.S. dollars using a quarterly average exchange rate that is specified in the table above. | |||||||||||||||||||||||||||
5 | Combined inbound orders for Surface Technologies and Energy Infrastructure business segments as reported by FMC Technologies, Inc. for years 2014 through 2016. | |||||||||||||||||||||||||||
6 | Sum of "Subsea" + "Onshore/Offshore" + "Surface Technologies" for years 2014 through 2016. | |||||||||||||||||||||||||||
Investor Relations Overview | 64
Select financial data
Investor Relations Overview | 65
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Investor Relations Overview | 67
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Investor Relations contacts
Matthew Seinsheimer | James Davis | Phillip Lindsay |
Vice President, Investor Relations | Senior Manager, Investor Relations | Director, Investor Relations (Europe) |
Tel.: +1 281 260 3665 | Tel.: +1 281 260 3665 | Tel.: +44 (0) 20 3429 3929 |
Email: InvestorRelations@TechnipFMC.com | Email: InvestorRelations@TechnipFMC.com | Email: InvestorRelations@TechnipFMC.com |
Radostina Mims | Melanie Brown | |
Director, Investor Relations & Pension Investment | Investor Relations Officer (Europe) | |
Tel.: +1 281 260 3665 | Tel.: +44 (0) 20 3429 3906 | |
Email: InvestorRelations@TechnipFMC.com | Email: InvestorRelations@TechnipFMC.com | |
Alex Durkee | ||
Investor Relations Analyst | ||
Tel.: +1 281 260 3665 | ||
Email: InvestorRelations@TechnipFMC.com |
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TechnipFMC plc published this content on 05 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2020 20:12:05 UTC