TechnipFMC plc is a subsea and surface technology company registered in England and Wales, with its registered office in Newcastle upon Tyne and a large operational base in Houston. Its shares are listed on the New York Stock Exchange under the ticker FTI, it employs about 22,000 people and it reports in two segments, Subsea and Surface Technologies. Doug Pferdehirt is chair and chief executive, and the company describes itself as a technology provider to both traditional and new energy industries.

Subsea: integrated projects and systems

Subsea is by far the larger business and covers concept and front-end engineering, subsea production systems, flexible pipe, subsea processing and controls, and life-of-field services. Its commercial model is built around iEPCI, under which TechnipFMC takes an integrated scope covering engineering, procurement, construction and installation rather than supplying equipment alone; iFEED packages the front-end work in the same way. Standardised, configurable hardware under the Subsea 2.0 label and the Subsea Studio digital suite are used to shorten schedules, while the life-of-field side covers inspection, maintenance and repair, asset management and riserless intervention from the company's own vessel fleet.

Surface Technologies

The smaller segment serves onshore and shallow-water customers from the wellhead to the export pipeline. It supplies drilling and completion pressure control equipment, wellheads and trees, fracturing and production equipment, and integrated systems marketed as DrillNow for unconventional drilling, iComplete for completions and iProduction for production. Surface Technologies generated second-quarter 2026 revenue of USD 276.2 million, 13.3 per cent below the prior-year quarter, with operating profit of USD 39 million at a 14.1 per cent margin and adjusted EBITDA of USD 50 million at 18.1 per cent. Inbound orders were USD 219.5 million and backlog USD 606.8 million, down 27 per cent year on year, with the company citing conflict-related weakness in the Middle East and lower North American activity.

Second-quarter 2026 results

In results released on 30 July 2026, TechnipFMC reported total revenue of USD 2,763.1 million, up 10.8 per cent sequentially and nine per cent year on year. Net income attributable to the company was USD 362.7 million, a 13.1 per cent margin, or USD 0.90 per diluted share, and adjusted EBITDA was USD 581.9 million at 21.1 per cent; excluding a USD 19.3 million foreign exchange loss, adjusted EBITDA would have been USD 601.2 million. Subsea revenue reached USD 2,486.9 million with operating profit of USD 486.5 million and adjusted EBITDA of USD 577.2 million, a 23.2 per cent margin, helped by iEPCI activity in the North Sea and the Mediterranean. Group inbound orders were USD 2,726.6 million and total backlog USD 16,440 million, of which USD 15,833 million sat in Subsea and was scheduled as USD 3,779 million for the second half of 2026, USD 5,249 million for 2027 and USD 6,806 million for 2028 and beyond. Cash from operations was USD 548 million and free cash flow USD 487.9 million; the company bought back 5.9 million shares for USD 420.1 million, paid USD 19.8 million of dividends and ended June with USD 991.8 million of cash and USD 589.9 million of net cash.

Subsea awards booked in the second quarter

  • Azule Energy awarded a significant contract, defined as USD 75 million to USD 250 million, for flexible flowlines and risers on the Greater PAJ development offshore Angola, connecting wells in water depths approaching 2,000 metres to a new floating production unit.
  • Vår Energi awarded a large iEPCI contract, worth USD 500 million to USD 1 billion, for the Ofelia and Gjøa Nord projects in the Gjøa area of the North Sea, following the five-year collaboration agreement signed in 2025.
  • Eni awarded a significant contract for Baleine Phase 3 offshore Côte d'Ivoire, covering flexible flowlines and risers in about 1,200 metres of water for a fast-track expansion of the field.
  • Equinor awarded contracts worth USD 250 million to USD 500 million in total for subsea production systems and controls at the Omega Sør, Brime and Tyrihans Nord brownfield projects offshore Norway, plus rigid pipe installation on the TWIN development.

Guidance and outlook

At the start of 2026 the company guided to full-year Subsea revenue of USD 9.2 billion to USD 9.6 billion at a 21 to 22 per cent adjusted EBITDA margin, Surface Technologies revenue of USD 1.15 billion to USD 1.3 billion at 16.5 to 18 per cent, capital expenditure of about USD 340 million and free cash flow of USD 1.3 billion to USD 1.45 billion; those ranges were unchanged at the second-quarter update. Management said it expected USD 10 billion of Subsea inbound orders in 2026 followed by a step-up in 2027, and it shares its distributable cash with shareholders: the USD 439.9 million distributed in the second quarter equalled about 90 per cent of free cash flow.

New energy and reporting

Beyond oil and gas, TechnipFMC applies its subsea and floating technology to greenhouse gas removal, offshore floating wind and dynamic inter-array cables for floating projects. The company publishes a UK annual report and accounts, with the edition for the year ended 31 December 2025 released during 2026, and it files with the US Securities and Exchange Commission. Results are announced from Newcastle and Houston, and the group maintains a dedicated fleet of subsea construction and intervention vessels.