TechnipFMC announces Q4 results
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25 February 2021TechnipFMC have today published their Q4 results, as well as an update on the company's separation progress as it splits into two independent entities.
- Cash flow from operations of $657 million; free cash flow of $365 million
- Total inbound orders of $4.2 billion for Q4 2020 (increase of 54% vs Q4 2019)
- Total Company backlog of $21.4 billion (end of 2020); Subsea backlog of $6.9 billion
- Total Company revenue for the full year was $13.6 billion
- All segments achieved financial guidance
The following new awards were announced over the past week:
- Energean North El Amriya and North Idku iEPCI™ Project (Egypt)
- PETRONAS Carigali Limbayong Deepwater Development Project (Malaysia)
- Energean Karish North Letter of Award (LOA) iEPCI™ Development Project (Israel)
- Achieved targeted cost savings of more than $350 million well ahead of schedule.
- High level of front end activity, which should support a more sustainable deepwater recovery and our expectation for continued order growth in 2022.
- ESG efforts: TechnipFMC made a bold commitment to reduce greenhouse gas emissions 50% by 2030 (50% reduction versus 2017 baseline in Scope 1 and 2 equivalent emissions by 2030).
- TechnipFMC's fully integrated iComplete™ system offers more service capability, greater reliability and fewer emissions, getting to first oil faster with 30 percent lower costs.
- Separation of Technip Energies successfully completed on Feb 16, 2020.
Pictured: TechnipFMC CEO and Chairman, Doug Pferdehirt