TechnipFMC has reported fourth-quarter 2018 loss of $2.26 billion or $5 per diluted share.
The UK-based energy services giant booked total quarterly after-tax charges and credits of $2,22 billion, or $4.91 per diluted share.
Major part of these charges included asset impairments (of close to $1.7 billion) for goodwill and other fixed assets.
Adjusted net loss was $39 million, or 9 cents per diluted share. The net loss recorded same time last year was $154 million.
Charges also included a probable estimate of the aggregate settlement on potential violations of anti-corruption laws relating past projects.
“ During the quarter, we progressed on outstanding investigations of historical projects and took a $280 million provision as a probable estimate for the aggregate settlement. We continue to cooperate with all authorities in order to conclude this matter ,” said Doug Pferdehirt , CEO of TechnipFMC.
Revenues for the quarter were down close to 10 percent at $3.3 billion, form $3.7 billion in the prior-year comparable period.
Quarterly order intake was $2.92 billion, down from $2.99 billion – of which subsea division generated $880 million.
Subsea reported fourth quarter revenue of $1.23 billion, down 5 percent from the corresponding period in 2017. Subsea reported an operating loss of $1,73 billion with pre-tax charges of $1,8 billion.
For the full-year 2018 TechnipFMC booked net loss of $1.92 billion on revenue of $12.5 billion, against profit of $113 million on revenue of $15 billion.
At the end of the fourth quarter 2018, TechnipFMC backlog was $14.5 billion, including subsea backlog of $6 billion.
Subsea World News Staff