TechnipFMC has reported first-quarter 2017 net income of $190.8 million and diluted earnings per share of $0.41.
Excluding charges and credits of $193.5 million, or $0.30 per diluted share, adjusted diluted earnings per share were $0.71.
Total company operating profit was $379.7 million, with adjusted EBITDA at $684.4 million.
Revenues for the quarter were $3.4 billion. Order intake was $1.6 billion, of which subsea division order intake was $666 million.
Subsea generated first quarter revenues of $1.4 billion. Major projects include Total Kaombo and Moho Nord, and ENI Jangkrik.
Subsea delivered operating profit of $54.2 million. Adjusted EBITDA was $238.6 million. Subsea improved adjusted EBITDA margins to 17.3 percent, despite a 42 percent revenue decline from the prior-year quarter.
“In subsea, market acceptance of our combined offering has been demonstrated by an acceleration of front-end studies. These studies are being converted to iEPCI™ awards including the Shell Kaikias project. Other recent project awards, including our award of ExxonMobil Liza, further illustrate returning confidence in the subsea market,” said Doug Pferdehirt , CEO of TechnipFMC
At the end of the first quarter 2017, the company’s backlog was $16.1 billion, including subsea backlog of $6.6 billion.
The company added it plans a quarterly dividend following third quarter 2017 results.
Subsea World News Staff