continues Matt. the also Energies. our our different impact globe, from Chief morning Financial Technip and have we’ve you first Thank Officer; across me COVID-XX of Thank you, are lives. that of in Good I Mannen, Maryann another and MacGregor, dialed the quarter participating locations daily With on for afternoon. good the today earnings call. note Catherine side in to President
in in of as transition direct Over the markets. initial real months, Most these how others our provided will the actions world about environment, will the energy market policy sharp in response with share new two taking and effects to of we those reshape the OPEC spread shifting we you has to I selloff these Today, for the we much changed, and ago, lasting view TechnipFMC normalize, specific to of equity lead the months some XXXX. of including are the COVID-XX, will change. landscape. actions want to further Two
we're costs, liquidity. protect actions to short-term, and the taking preserve reduce people, our Over immediate
responsibility First protect have as that have amongst of these screening actions for is such serve, recommended measures, safety prevention we social and all procedures safer are health and These employees, and ensure work employees effort. and on-site who shifts, of been to in taking customers number may to the contractors environment, isolation to a staggered we guidelines. and the exposed our the this we health specific strict self virus beyond distancing, include extend
by our that possible, remotely We're manufacturing for inspection employees protocols also of to by lessons maintaining remote providing business establishing appropriate with learned. transferring services our when work and and processes, leveraging equipment continuity footprint the allow global
Collectively, and these of our ability a requirements, reduced manufacturing many meet the actions period, operate us customer albeit to productivity. advance to with locations this vessels throughout and service have projects providing at most allowed
initiatives reduction cost we across will million identified extend actions now $XXX in of additional annualized our have of least the result segment, of $XXX series savings than that savings Technologies at a will And entire announced from that that Corporate. in we Xst, Surface April and result on will Second, an more million company.
anticipate are by savings rate targeted and million we the the to year. annualized now achieving The exceed end this of run total $XXX estimated
a my Additionally, of salary a XX% revision we and the reduction to team to the which year. announced compensation, Executive Leadership to end reduction executive through XX% includes have the
taking $X.XX third liquidity. per previous the year's to to chosen by is cash $XXX annual when has we to outflow further The Board it earlier Directors by cash that retainer week share, are XX%. cash the measure the million the by Our of and this company's preserve announced reducing Directors distribution. are also XX% to reducing dividend intended their And lower compared our annual
into Back very decision particularly we two the pure-plays. difficult diversified separation in postpone also separation to latent decision, This March, the was a company's given announced activities. stage our of
However, we Technip fully the two markets segment the sufficiently for transaction ready work medium to recover. rationale we and strategic separation all ensure of the completed emphasize Energies that companies And the over to are committed the completing remains the have when and renamed unchanged term. point, further to nearly have Onshore/Offshore are the required this to
will will we agenda to investing play to a for our environment, key protecting competencies, our change technologies will Looking own longer continue and TechnipFMC face evolve. agent term, our energy different The been and the Things not by current the has is companies expanding it in clear challenges platforms themselves. from in And look new to adapt. an in and of that be industry we beginning. continue accelerate resolve we digital change transition. the energy must the core must will role
Importantly, and and be success. additional profound demonstrate We're we will more cycle for The in that us actions Subsea. to support technologies the times. organization commercial our and further align willingness embrace towards with models simplification, our taking vision change most clients of our reduced in those standardization, that further relationships closely streamline will new new critical are strengthen to partner a to
We strengths. our are to playing
XX% frontend adoption our order tender on anticipate concept, into orders FEED customers ultrafast digital X.X X.X conventional equipment and engineering will system strong Subsea the our and choice half by come will our of their transforming as system growth of studies, now of phases iEPCI. much and XXXX Studio evident as development. clear Subsea new with nearly as the in from model is focused and our integrated XX% host platform of success We digital of Our
will cost needs energy not risk customers and Subsea X.X, the the stay much too Subsea Meeting conventional and those a adapt requires creates solutions. organizational individual ahead iEPCI, fashion much Studio, many in too resources, project complexity. that introduces new bespoke these landscape. of are in Only too
change creation and pioneering the the will remain of our TechnipFMC an of in that leader. recognition culture industry ensure resulted we need Our for
that align those of clients possible with and we forward. accelerate shared we way ahead, and Looking partners see our will change the will benefits where
to is billion, our the the unprecedented immune not one the of positioned uncertainty and $XX backlog the backlog spending. strong impacts TechnipFMC capital balance foundation, due sheet. today. of on of total strength built We're well amount manage that's hand to our in company to reduced
has However, extends revenue changes largely near it have the not the project in term to been This effects from our backlog, cancellations. project also but scheduling, duration. reduced backlog limited
for $XX execution backlog have $X and We in over with billion of remainder XXXX beyond. billion scheduled for scheduled XXXX the the over remaining
of aggressive net to cover $X.X position the of better which bold and that duration will our backlog for provide future. to The take in billion, detail, addition in our with company actions flexibility and size more us liquidity will Maryan the
Turning to outlook. the market
Coral XX% whose years and delivery, XXXX X, currently current with projects For than accounts in successfully provides more LNG, XX% largest of is that is our good LNG Floating through Technip and results: revenue financial that which phase; Today over to backlog us complete; and our are and years. largely well for extend more extends visibility three underway, progressing than the two LNG, project very our which Arctic several have and contributing beyond. LNG into will Yamal project now contribution over LNG Energies, we is grow complete warranty
a reach investment and given fuel. near has long-term of because prospects transition term the outlook backdrop, LNG the natural for as the fundamentals challenging While final decision particular critical changed role for to LNG its strong and new in macro COVID-XX gas remain
proceed. which to the continue range be We additional continue engage be optimize ExxonMobil's These project with the in we project's sanctioned the FID, delay are our Costa customers development, scope we indicating are under will recent an projects. continuing important Energies. engaged near in to Rovuma project further customer LNG the Sempra’s a Technip And to Azul, notice term. despite limited of with and for the include decision to remains to
the of to in future count addition have a the three consider in project secured TechnipFMC LNG mind, we to involved the close we at projects, selectivity foremost partner choice new remains with Middle prospects. Whether prospect major on in opportunities. ultimate In and our these rules East process projects stays commercial FEED four, a we several recently as were or for
to downstream, during resilient to this typically be more downturn. Turning sector proves
the XXXX course nearly executing $X remain focused laser be projects. of of awarded XXXX, we could And we $X inbound. and secured billion. see XXXX exceed on petrochemical Over potential to during billion one We prospects refining which these to and of us additional for
future LNG covers in the with foothold markets to strong In services the our our energy provide loading which execution beyond an during quarter, NEXBTL front alliance phase. we to continues projects, announced first transition end And Neste also participation for increase.
diesel projects. renewable of are to be partner proud Neste’s choice for We
to We recent alliance for in recycling, an waste. have including our difficult-to-recycle also held circularity Infinia had area enables the with to notable include BP the long plastic technology success of that extension
events year-end. XX% to in in due Moving the count rig of quick be services has to North been additional the to and mainly move quarter to the industry continues from Outside logistics, board. expenditures impacted Surface constrained Market for North capital recent down are approximately investment have the to the forward, cuts light now Technologies, for by across significant hold expectations it America, America, second deferrals likely. but
differentiated to also from We benefit our expect capabilities.
chains. product challenged. prove us our has more North XXXX less with resilient Our will deliveries, We disruptions and over on dependency supply been vertical helped revenues that anticipate far industry supply afforded provides than integration international This where differentiation high opportunities new has be level us of more delivery mitigate and America. to therefore control in external and manufacturing
on our term, believe prevalent Moving we the these we the become XX of we positioned FID developments. spending this likely total likely over much to near for active we still Based and piece plans When to projects. still FIDs. XX many well remain mix and but lower the to even approximately capital of move nearly project remain their $XX likely month of timeframe. currently Many forward energy information on believe In months. believe that reviewing attractive, other All are next brownfield on the continue of the billion reflected will extending for opportunities Subsea, as particularly to our of list months, as next projects prioritizing economics think Subsea we are of as we clients project XX% reach more is that beyond value potentially project major of XX the the value their opportunities. project an about XX% assess impacts deepwater available is
our We will list over from coming clients the gain we the provide clarity greater as updates months. to
we opportunities. generate from FEED integrated unique activity, project our direct capabilities we In of TechnipFMC which to revenue where of from Subsea largest demonstrated, in These addition, lead as of a from iEPCI industry's additional alliance has in access the services operation our And equipment proprietary often or we as result shift to to intervention. have today. come greenfield beyond set awards. Subsea partners Services some installed activity resiliency base from benefit by expected clients developments a from activity anticipate project the brownfield We
we on an release provided updated In yesterday earnings view XXXX. for our guidance
Although time. ongoing, and in want market offer remains thoughts capital clarification updates support expenditures of additional I is this around some these uncertainty to at
items further provided the portfolio. guidance we execute of on material ability degradation the impacts of All current our from our COVID-XX no assume project to on have
record through our Services have to In term. benefiting near strong Subsea, we of where backlog levels and foundation the we business, a navigate near inbound, solid from a Subsea resilient are
to alliance partners align capital our engage customers and We order on project with new expenditures. scheduling in continue and to
we situation, provided Subsea that dynamic lieu and for this continue major influence our expectations margin. guidance, for inputs of revenue the outlook have our traditional Given in to
be many remainder the Turning some this converted rescheduled backlog and our there into to billion. is be could revenue year still of first, risk backlog our over $X.X still of for that project current in discussion remains with We're for customers execution to estimate revenue periods. in the future scheduling of for
very with generated If different inbound strong for not the year, the provides booked us. inbound business would through scenario we period. XXXX in the record challenging planning greater flexibility our us much However, look last had this to manage
clear also revenues only revenue backlog defer the It future in XXXX periods for will beyond. more that coverage and change is scheduling in providing
expectation base, a generating deferral, In Services, installed our prior we revenue This incorporates for Subsea resilient activity our provide of services for modest Subsea on $X some stream of full from XX% year. level approximately aftermarket over for growth. decrease expectation a the billion of the
revenue, could XXXX. turn which full lastly, inbound And is with the view serve to and XX% book that as respect basis our be as this for year much revenue current down as orders, versus source,
reductions. therefore and margin we cost offset to book fully for less our Subsea less XXXX, for will impacting expectation be factors the through Next revised include and inbound not turn which able revenue
Several at our utilization. both challenges COVID-XX of the chain high workflows. have real plants our presents been running and to manufacturing manufacturing supply
assumed we Our as fleet year. prior utilization the increased expectation also margin progress through
We to term. have several costs us risk with a at the refine/replacement of deferment travel flexibility and that to for impact the campaigns XXXX limited assets work increasingly installation near these are fixed mitigate to very leaving restrictions, over due
second when first EBITDA in quarter, margin the we sequential from to significant impact decline adjusted at quarter, Looking to the anticipate do largely compared due more COVID-XX. a
However, of order Subsea benefit second the to year. advancing in and we're begin headwinds, will restructuring navigate in to actions in recognize through these we of half the plans our the these
outlook the Subsea ability of for ultimate remainder In more summary, COVID-XX of clarity of backlog assess us year. will the our the fully on and duration the our provide to scheduling having greater the
Moving due resilience the long our of the we and in nature to Energies, are Technip projects current footprint. maturity in of to global for backlog the business, relatively insulated guidance cycle period diversified the the and
To-date, stoppage been to efficiencies we issues, portion the and not projects. mitigate the have of to COVID-XX operational where a impacts, timing of effects very operational more relate able but significant
of XXXX, XXXX. which backlog to for are a outlook revenue at above billion, the current FIDs where we these of we're scopes shifted work Due some And execution year XXXX into has of our impact effects, few the in the our in for guidance on been be the range the believe revenue inbound revised First, to remains much a projects slower the has our billion to shifted year. for $X.X planned $X.X impacted partly which revising by: of XXXX originally within However, results. second, of schedules key certain or still beyond simply delay and project
the resilience is margin, exceptional execution strength this some unchanged at with EBITDA benefit our even and environment mix. Guidance in reduction is by for continued view margin The in in prior revenue project least the of adjusted from XX%. driven project from in
anticipate been and recent by Surface Technologies, America, spending markets business has finally, reductions. events. expect most business And impacted much more less benefit are our Surface or resilient segment America will as to the is revenue our impacted from North tier the recent with typically International mix we XX% cycles. previous our our of products business quality as flight during during associated outside cycle in downturn in higher shortest we Outside global represent -- much as total have XXXX. of North by We experienced to of now a
taken to commodity by America, unprecedented. actions North sharp in response In our clients decline almost the are the in prices
responding more have to are of annualized cost America industry this will in reductions $XXX the prior where spending our announcement the by evidenced severe. aggressively of deliver in occur Most million as than been intent particularly We North savings.
full outlook. can for With our in charges the be these America when believe actions, we current we excluding on based that modestly North year profitable
were updates to also we have Moving press earnings several beyond included presentation provided release other our and operating deck. segments, in the items that
additional updates more over as gain and clarity segment months. guidance coming the will provide we We
challenging Without industry our question, this business the is environment has most ever that faced.
a simply can or such we responding We commodity or responding a on the three a same In are are we global crisis, crisis crisis stage control. all to an uncertainty, of at what face economic we're time. focusing the not extreme on to health
of with safe. our contractors the new all to road have our ones working clients priorities for that together and ensure issues, relationships remain to steps their ahead. them solve collective taking we before, spending better We're with to working more strengthening are and the understand time We employees ever and than building
and COVID-XX. swift are and innovatively arise business decisive from near better diligently to on the new response may in solve anticipate taking to challenges problems that also challenges. continuity, working unforeseen the we We're complexities of ensuring And focused actions term and
our preserving to decision are dividend the We Board's policy. revise with liquidity the
from extends total things these and in business sheet shown annualized faced, have men doing Through positioned all have increased And of We're is commitment company a of $XX backlog of balance these and we're and $XXX all support, short and $X.X inspiring in level our everything of our compensation. of cross reductions uniquely TechnipFMC. strength they difficult includes We and nearly strong our cash for dedication support liquidity backlog. years. includes several to Director significantly in that billion with billion out target the the exceptional of with million. savings functions we This and than our and additional have and more that resiliency segments, Executive women nothing This times. most
over update Maryann the and I to provide of an position. will you first call a and now liquidity our highlights to quarter few briefly cash discuss Maryann? turn the on with
