TechnipFMC plc (FTI)

TechnipFMC reported third-quarter 2026 revenue of $2,895.8 million on 29 October, up 9.4 percent from a year earlier 1. Net income was $418.4 million, or $1.05 per diluted share, against $309.7 million in the same quarter a year earlier 1.

Inbound orders, the value of new contracts signed, were $2,319.5 million, down 12.4 percent from a year earlier 1. Backlog, the work signed but not yet delivered, stood at $16,065.8 million 1. Subsea book-to-bill, orders divided by revenue, was 0.8x 1.

The company raised its 2026 Subsea revenue guidance to a range of $9.6 billion to $9.8 billion, from $9.2 billion to $9.6 billion 1. It also set 2027 Subsea revenue guidance of $10.0 billion to $10.4 billion 1.

Chief executive Doug Pferdehirt said the company expects Subsea orders of at least $14.5 billion over the next five quarters, counting 2027 1. The open question is whether new awards lift orders back above revenue after the 0.8x quarter 1.

TechnipFMC began on 17 January 2017, when FMC Technologies, Inc. and Technip S.A. combined in a merger of equals 3. The aim was to join subsea equipment with the pipes, risers and installation vessels that connect it, and sell the whole as one project called iEPCI 3.

The company says iEPCI has since grown to represent nearly one-third of the addressable subsea market 3.

On 16 February 2021 it completed the separation of Technip Energies, which offered design, project management and construction services for the downstream value chain 3. That left two independent listed companies 3.

It then delisted from Euronext Paris in February 2022, keeping a single listing on the New York Stock Exchange 3.

Revenue was $7,824.2 million in 2023, $9,083.3 million in 2024 and $9,932.6 million in 2025 3. The 2025 rise of $849.3 million came mostly from Subsea 3.

Subsea turned a backlog 11.1 percent higher at the end of 2024 into revenue, especially in Brazil, Norway, Nigeria and Israel 3.

Gross profit, revenue minus the cost of making it, rose to $2,181.4 million in 2025 from $1,723.1 million in 2024 3. Of the Subsea gain of $437.3 million, $267.5 million came from a favorable mix of activity and $169.8 million from higher volume 3.

Net income attributable to the company was $963.9 million in 2025, against $842.9 million in 2024 3. The effective tax rate was 23.9 percent in 2025 and 9.0 percent in 2024, mainly from changes in valuation allowances and the mix of profits by country 3.

In 2024 it sold its Measurement Solutions business and booked a gain of $71.3 million 3. In 2025 it returned $1.0 billion through share repurchases and dividends, authorized up to $2 billion more in repurchases and cut debt by $455.2 million 3.

Subsea

The Subsea segment provides design, engineering, procurement, manufacturing, installation and life of field services for subsea systems and pipelines used in oil and natural gas production 3. Its revenue was $8,665.9 million in 2025, up from $7,819.9 million 3.

In the third quarter Subsea revenue was $2,600.0 million, operating profit $522.6 million and adjusted EBITDA margin 23.5 percent 1. Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization with one-off items removed 1.

Subsea 2.0 is its configure-to-order product suite 3. The company delivered the first Subsea 2.0 tree for Chevron’s Gorgon Stage 3 project, the first under a 20-year frame agreement 1. It also delivered the 200th subsea tree for ExxonMobil in Guyana 1.

Third-quarter awards included flexible pipe for Azule Energy in Angola and for Petrobras in Brazil, and an iEPCI contract from PETRONAS Carigali for the Limbayong project offshore Malaysia 1. The company calls each a significant contract, between $75 million and $250 million 1.

Ocean News reported on 15 September 2026 that a TechnipFMC subsidiary won the Limbayong contract, a greenfield development, from PETRONAS Carigali 4.

The annual report names Baker Hughes, OneSubsea, Saipem and Subsea 7 as Subsea competitors 3.

Surface Technologies

Surface Technologies makes drilling, completion and production equipment for oil and gas wells on land and in shallow water 3. Its revenue was $1,266.7 million in 2025 against $1,263.4 million in 2024 3.

Third-quarter revenue was $295.8 million and backlog $578.8 million, down 25.4 percent from a year earlier 1. The annual report lists Baker Hughes, Cactus Wellhead, SLB and Halliburton among its rivals 3.

People, offices and rivals

The corporate headquarters is in Newcastle, England, with offices in Houston, Texas, where significant worldwide support activity occurs 3. The company has approximately 22,000 employees 3.

Doug Pferdehirt is chair and chief executive, and Alf Melin is executive vice president and chief financial officer 31.

The umbrella, in words

The annual report lists significant subsidiaries, not all: Lusotechnip in Portugal, Technip Brasil in Brazil, Technip UK, Technip Norge in Norway and FMC Technologies in the United States 5.

It has one class of ordinary shares, $1.00 par value, with 400,044,930 outstanding on 17 February 2026 3.

BlackRock reported holding 10.9 percent of the common stock 6. T. Rowe Price reported 6.5 percent 7. Vanguard Capital Management reported 5.25 percent 8.

For 2026 the company guides Subsea adjusted EBITDA margin of 21 to 22 percent and Surface Technologies revenue of $1.15 billion to $1.3 billion 1. It guides capital spending of about $340 million and free cash flow of $1.45 billion to $1.55 billion 1.

For 2027 it guides Subsea adjusted EBITDA margin of 22.5 to 24.0 percent, and says all other 2027 guidance comes with its fourth-quarter 2026 release 1.

Management said its Subsea Opportunities List rose for the ninth consecutive quarter, to $32 billion at the midpoint of project values 1. It expects further growth and a sustained wave of activity beyond the end of the decade 1.

Scheduled Subsea backlog is $1,922 million for the last three months of 2026, $6,057 million for 2027 and $7,508 million for 2028 and beyond 1.

Under a memorandum of understanding announced the week before the results, bp and TechnipFMC would cooperate on 20,000 psi subsea tree systems for bp’s Paleogene projects in the Gulf of America 1. The memorandum is a framework, not a firm order 1.

The company pledged to return at least 70 percent of free cash flow to shareholders in 2026 3.