Earnings call transcript Q3 2022

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Operator

Thank you for holding, and welcome everyone to the TechnipFMC Third Quarter Earnings Conference Call. [Operator Instructions] Thank you.

I would now like to turn the call over to Matt Seinsheimer, Senior Vice President of Investor Relations and Corporate Development. Mr. Seinsheimer, please go ahead.

Matt Seinsheimer

Jack. you, Thank good XXXX and welcome TechnipFMC's to Good conference afternoon, call. quarter earnings third morning and

Our and on our news be website. can release financial statements yesterday issued found

made respect I'd any you to call. with like forward-looking caution statements during this to

that factors described materially our or that could our Although by recent and expectations, results these U.S. could business they material cause assumptions implied Exchange these certain to our differ other are and beliefs are Known to developments actual Securities current subject based from future risks forward-looking results results in XX-K, are and Commission. from the in cause differ filings conditions, statements XX-Q statements. actual those most on with periodic and most expressed regarding projected recent and to uncertainties our

We of forward-looking to events not caution statements, undertake as speak place or only on hereof. information, made, are reliance update of otherwise. publicly a the you or no which result whether future undue our We any of the statements any date after forward-looking as date they obligation wish to to revise

I will call over and Chief to the Executive Officer. now Pferdehirt, TechnipFMC's Doug turn Chair

Doug Pferdehirt

quarter Thank Thank morning Good and our good call. for you, participating in afternoon. third Matt. earnings you

XX.X%, headwind period during company and margin with the and adjusted exchange in in excludes the company EBITDA given Surface the Revenue our achievement was second period. improvement million outlook, in Total experienced sequential revenue was of foreign which achieved the foreign the quarter billion. Total $X.X in line adjusted exchange a solid quarter. $XXX a with Both Technologies EBITDA a loss. Subsea was margin

of included in $X.X level Energy's billion. year-to-date Lapa $X.X were new work award in development further $X.X now of flexible awards diversity the where year. customer opportunity with orders in field. billion highlights configuration Project achieved last billion scope of period in the This orders exceeding inbound inbound Subsea inbound Total install totaling Brazil, a company we umbilicals was production Northeast pipe the the offshore region. the all Total the to will and and secure

from existing a use contract the Shell's the received platform much-needed our Jackdaw gas Water to for the supplying Jackdaw new Hub also region. tieback development. We project Share for from Shell pipe-in-pipe will to The technology the

received offshore we ExxonMobil Additionally, its receives Gas Energy inbound once included for project power future fields. which an in sourced will Guyana cleaner to award gas portion FID This Guyana, approvals. the and to nearby of natural in Project generation from a will shift government enable the project be to

quarter Africa. our inbound announced activity in North awards, Sea the the orders of and the Beyond in West reflected Gulf strong tieback Mexico,

the quarter, During alliance collaboration with strong and that and accelerates new also in we technologies the XXXX. the TechnipFMC development our The demonstrated where Subsurface alliance of of solutions we applications. creation commercialization integrated deliver since Subsea production technology span Halliburton, renewed have that

technologies that An developments. technology, Subsea example storage. used been innovative continues Subsea field and of key electric development, can The already Solution, in all we be and alliance to and Optic well disruptive in capture deployed has this intervention introduced is first digital which and Odassea Subsea XXXX develop carbon Fiber Subsea in a

by compelling attractive Project estimated oil, XXXX continued expenditures approximately offshore Subsea solid XX% gas of confident driven barrel. economics This time providing support a based on in than and $XX of fact Now through cost to that development supported and to accelerated breakevens activity. the amongst looking returns are available oil customers. capital will by is first are of that for lower less opportunities the most have are significant cases ahead, improved, provide we with many volumes that our

us And we continued outlook large the XXXX. Our project be much This billion $X pipeline versus orders dialogue our base, orders at in our orders as billion. the prior the year XX% and that with quarters and strong level. record confidence active next with least into give a extend full up list year, $X Subsea over opportunity will expanded remains Subsea at XXXX, be will the approaching if five as we believe customer

Surface to was representing at strong $XXX X.X. of Moving million, inbound a Technologies, book-to-bill

Importantly, result growth visibility in XXXX. revenue inbound backlog our in from provides the international a in us the periods. revenue activity in future in significant which resulting of from growth The orders with for increased Aramco, benefited continued period acceleration of also in portion will

enablers in Subsea and oil offshore and the wave in gas will confident including are Opportunities be renewables, energy hydrogen resources critical for transition. energy gas floating wind, removal, and and will greenhouse continue, that accelerating. offshore Investment title we are and

announcements several we agreements have We notable commercial already and partnerships, achieved strategic regarding made have and wins.

lease the we agreement two and capable area ScottWind through Power. positioning partnership, United have secured delivering the contracts enough for scope XX provide Wind. to in title Marine more in power energy installation include multi-turbine turbines, the will be of partnership project XXX,XXX our Magnora the through combined, leader to We title floating option Kingdom. floating our megawatts homes can in than would projects in of the have wind as the Orbital energy U.K. The energy, The three Offshore which when of predictable energy, with us signed title X.X

markets list are presence expanding commercial an wins in opportunities partners potential creating these offshore of across and new growing renewable Our particular in geographies.

as opportunity that our energy accelerates, the too confident set the company. will are We for transition so

and EBITDA, objective meeting looking remain focused continue evidenced Subsea for cash billion $X XXXX. achieve as more And to in year, current on commitments In we to summary, than we flow our growth of potential XXXX. by the see stated the returns beyond our EBITDA by strong in

a our the new $XXX of which into our of we July, shares repurchase demonstrating million $XX this announced quickly the outlook, in confidence buyback in with action in program share Further quarter. put we million

of also commitment we intend a We second in to XXXX. our reaffirmed the have to which dividend, initiate half

the The next in changes by made growth and continued of create fueled is fundamental by the steps pure-play enabled of offshore markets is have the strength ago company serve. to uniquely we in our The oil be and markets. to levered outlook we have leg five-years gas will that TechnipFMC This to in resulted took East. company a in these both Middle bold technology we the

disruptive ahead. has full solutions of Our our we the further products, portfolio market taking commercial leadership of strengthened and now lies advantage models innovative position, growth and that are

I will Alf. now to turn the call over

Alf Melin

Thanks, Doug.

in and company quarter X% company were Technologies sequentially to billion Subsea inbound inbound $X.X to Total orders of billion backlog Total the billion $XXX Surface of million. due $X.X $X.X with decreased $XXX when exchange excluding period. $XXX $X.X $XX.X loss EBITDA million. million a exchange the Adjusted over was foreign impact quarter of Revenue was foreign just of million in a in billion. the

to per income which operations $X When an impact $X.XX Third operations from from million credits continuing of $XX expense and credits, charges million, and of continuing was excluding or after-tax charges our million. income $X quarter share. the that was adjusted netted included

Now of which Adjusted turning was the Subsea, XX the offset was sequentially. increased $XXX X%, installation second million, In activity. EBITDA negative up to impact activity of points segment by Adjusted margin $X.X margins results. Brazil exchange. from backlog an quarter. and improved foreign increase versus benefited Results XX%, in from of and billion EBITDA Guyana, revenue basis benefited installation higher was in project

from primarily was increase was East. in $XX activity, Technologies, particular strength progressive second Middle We of the was costs. and increase $XXX was Adjusted a up in the versus Adjusted ramp-up XX% higher East points Surface to sequentially. due timing quarter. quarter. margin international the basis XX.X% associated second EBITDA volume EBITDA X% growth with million, up million, experienced including revenue Middle In The the globally revenue XXX

of free flow of the items million. $XXX in expense cash was ended million, Capital was quarter. resulted debt and expense $XX expense from quarter in million of This expenditures other $XXX was the quarter. was million, cash and $XXX net million, Turning which million continuing to $XX was $XXX period. million. was were the and $XX reduction $XXX corporate in Net the flow with Corporate Cash $XX tax second operations cash million. million. a third from interest We equivalents

million. of repurchase with company's to to authorization shares to believe $XXX an at $XX July, common of up our XX% shareholder announced stock, to million value. In repurchased our represented shareholders, we we that outstanding million the to quarter, our committed and shares. returning to X.X attractive cash represent which we In the shares the third time intention remain distributions We begin amounting

Moving guidance. our to

revenue For full EBITDA the and at year Subsea revenue the to expect margin the of range midpoint In year low we of end Surface continue adjusted XXXX, range. to margin now to with at midpoint the guidance be full adjusted expect be range. guidance Technologies, the at we the of EBITDA

expense. corporate to Moving

We year the expense be of full midpoint at expect the to range.

want to not impact that exchange. EBITDA between guidance year full $XXX and be EBITDA million $XXX foreign I expected together, include Taken to million. XXXX does adjusted the of is reiterate

respective our the with expense, capital segments guidance all ranges exception corporate their other of operating expenditures. Beyond and remain items within

We our primarily for have million to of full $XX by guidance expenditures capital million year, approximately driven by the recertifications. for vessel $XXX reduced timing

of we Now give EBITDA to million, are $XXX February. view increasing looking will guidance year our full total company we to complete XXXX, and around our XXXX in

we XXXX, a expectation with foresee flow. flow free to cash approximately that XX% we material in current will Additionally, cash EBITDA free our of in improvement convert

you In the closing, takeaways my with I share quarter. key from will

generation totaling First, the in as expected improved flow period, free million. cash $XXX

XX% valuation. authorization of million provided our potential on the see to the we buyback at updated Based compared today, in shares on when the stock, a our remain attractive we EBITDA our year. midpoint $XX of third, increase And improving of the current for XXXX we for outlook repurchased financial Second, we advantage taking returns. focused to an repurchase guidance have the recent in

the now may you open Operator, questions. for line

Operator

Anderson Dave with Instructions] [Operator Barclays. Certainly.

open. line Your is

David Anderson

good Doug. Hi, morning,

medium-term year. laid last Analyst lot the for has out at number margins So of year, changed including in your last Day a A XXXX. you targets,

in I if those around changed XXXX? this the XX% Subsea of, by also than Maybe is, So is thinking margins in the higher say, already my but in volumes I'm question maybe wondering be price? we EBITDA just something those terms and guess targets, have targets now assumptions should expected

Doug Pferdehirt

energy for what term. but energy Obviously, price, on Day that our really a Dave. seeing commodity the now all the sources, of marketplace to we're there development in also is Good evolved were almost need point, way the the what but accelerate morning, XXXX. the the Thank At of have in ago the sources, Indeed, favorable And very in security things. Analyst immediate since November focus at very one that's a and you much question. year the few today. energy assumptions in

With a of there a that. evolves result element pricing that is indeed, as then that,

Subsea our to growing revenues in So $X XX% were margin at the we coming at billion. for we going We We XX.X% billion. to guidance at inbound had -- margin. the time, when gave $X XX% had

has inbound certainly Inbound the As then remarks, into in accelerated. you heard into translates which translates EBITDA. my prepared revenue,

way So XX% assume of XXXX to it guidance that assume achieved I also XX% it indication that upper that reasonable earlier. reasonable margin is the is emphasize for the no the business. an And end Subsea for could to potential our it's that, our is be

David Anderson

Right.

of and different obviously two a so falling cycle kind seems a even I is Subsea imagine days. sort a into years You're than you life maybe simplification, like but of are Doug, of should these to ago, but projects be higher above it buckets just get would of well subject able here, this XX% couple that. kind definitely

we larger dollar have projects, one hand, the with integrated majors. kind of projects multibillion On these

what's an hand, one smaller project? independent. we have you with large for often other FTI. you integrated better jobs [indiscernible] you What rather expect Would that two. you was if is the have these the On wondering And maybe My would Or same ones question tree I smaller compare prefer? could contrast smaller you projects? that higher up size? that rather several margins have the in just would would make and are

Doug Pferdehirt

the at size and going very projects of is we a scale matter, we from we're to that larger, as smaller, have two for does with shorter pursue. where supporting -- matter benefiting and We pursue some the looking but balance you of obviously do Dave, that's have often or and projects, a one the cycle contemplate longer-term not astute what opportunities kind opportunities want we're question the what to you always well. those

as for which underlying those large. matter. not grow robust. that two portion market you really which but say billion awards, really they neither as were saw -- continues it almost be I doubled can And we of Subsea to this projects a historical our that that, becoming very look significant were If not We it had large what's projects that And over are very were tells for you well you those only our smaller rates posted large. would historically, the see at transpired of They quarter. And again business XXXX, $X.X you inbound, of inbound. services announced smaller very and

we partners working making needs. Now in our working world that emerging operators market for. making capacity always we're have a that the of to be the at first operators that are and able We the you the when partner. XX-plus is, look we and their kind of orders all, the that significant largest number in the sure smaller of prioritization through with partners of not we we're many group new treat today opportunities that know, with up to as IOCs And serve from the have different

economics. our is our integrated Clearly, best iEPCI. accelerate shorter to year, use or it project improving first is the by nine we months can oil the economics. a or The typically can implication one through or way iEPCI to -- is subsea approximately way model, believe time to to project obviously that do customers save which an to one XX for the second and material that project The their oil, we - that generate value greatest by do is

X.X, quickly is industry us for the for the for is matter standard. X.X and next The that becoming

majority X.X So generation the everyone call, for to doing into of terms all - is that X.X, certainly X.X. I I the company we but and know when in next orders. moving of the early our market ago. It's in It's almost introduced you what we're our the on of a few the what studies that's years that say of architecture marketplace is rapidly engineering direction the now of subsea unique know, is our

leverage of representative a for create economic capturing terms to order important very we're fair This model ensuring of us in and move create. ETO we to model. value into versus allows CTO a, the that or That an and configure is us - portion that value a

So it's combination. really that

you see this a X.X when it iEPCI put us for announce well, an So let's partner, way.

announcing of us very hear us You iEPCI to opportunity surprised partners a shouldn't rich our is that for for be right lot because now. pipeline X.X

David Anderson

if here. one more Doug, just sneak could in I Sorry,

about backfilling when I'm earlier XX that's ordering is this it year. is and look is repeat I kind of You done concern - you need one - over customers Are with a smaller talked a just XX guess guess this customers guess those there's those the out I again? or do about it to just the are keep quarters. to that's one what question next those you going guess wondering be customers I is, I question?

Doug Pferdehirt

Look, they leases, of or opportunity set. multi-project have either existing developing leases on taken these and multiyear, have all new most

David Anderson

Okay, thanks Doug

Operator

Arun Jayaram with JPMorgan.

line Your open. is

Arun Jayaram

means be the thoughts FTI? your for to I thoughts to of Yes, some and this was looks if in start. taking wanted place could wondering what perhaps Doug, space the on implications you give us of near-term and longer-term around subsea consolidation I the that much-needed

Doug Pferdehirt

into We the Sure, studied needed really integrated what economics a put customers' we've through the joint on then creating had end. seven to it five attractive Arun ago, vision achieved we we initially of good a consummated subsea front that venture company. only the the where worked years relationship believe today. our the We morning. we which market subsea And the most - question. projects, Thank years ago make portfolios, you in for

we're that's important. as are and concerned, we're from, that's So that as from our from is and the were benefiting as benefiting far and is what's benefiting far what us, we most - market and as behind customers

something of that's we've don't what in. need space, we'll terms not already subsea be But participating because consolidation really that's further of to In created. not we in - the

we do again and to a invested to buy Subsea us allowed double double same. allows the optimize through that. the us And that to us our we and to need technology and the about to There's ago if capacity. Instead, double no facilities. also that technology our X.X minute development really And talked throughput order, through the configure or consolidate the more just facilities, there's our for capacity no capacity advantage of to in able we're the of

know, And companies with projects, in ecosystem very can participating we're to Saipem then, and as that vessel developing like important and vessels. we benefit can where they benefit our the companies side, vessel you on Allseas we built relationships like from integrated from access having a their

far durable. a as both as strong I it that So other - is very think consolidation, the Subsea is market clearly and validation

reality. around integrated realignment what are potential the it's again, model, we finally, And five that things driving these acknowledgment pioneered think ago. new this market of is I and commercial then introduced years

Arun Jayaram

blessed Great. to Midpoint to Street, give I'm is for little if want $XXX just terms if wondering essentially the on a you could XXXX streets us And - around around my be just impacts even bang more looks bit maybe think, XXXX street, did in quarter. number XQ, at I I fourth follow-up, you EBITDA million of the number. few street could us on thoughts color a the give the slightly that the any where some below just - see that at? seasonality.

Alf Melin

Sure. do I'll that.

we year at lighter that guidance the on little are of midpoint, all, indicate be did you and first reiterated guidance surface So full that the for for bit right Subsea would a we the EBITDA.

of it an first, several you on If in for completion took advantage projects activity, little us a of for a and we We us. some had look kind installation quarter. had strong was Subsea at bit key quarter also high that the

as of we business. what activity. timing well in consideration, normal services completions That's and is of see the project impacting of installation kind Subsea as kind both that, is slowdown a seasonal for slowdown Subsea that take this you of when as the some And more the into

but little shift full a see is still why of that's guidance intact, summary, in and QX. bit - year you QX between that So a

margin have timing but is in now have to going landing certain We where similar some good we quarter third land a we had quarter. some quarter, dynamics we that strong of fourth that and Surface with do expected in the on in performance, the expense

why full out. between year QX, guidance, correctly dislocations lot that's again, change, are as a So some of QX and point you not there but

Arun Jayaram

lot. All right, a thanks

Operator

Mulvehill Chase America. with of Bank

open. is line Your

Chase Mulvehill

last was quarter. guess are unannounced Hi some billion pre-COVID good pretty you kind the kind of afternoon I it couple kind quick discussion you was was $X XXXX. range. the that strong you hit of of guess of or questions? And did the half this Obviously, time on I of kind the that Europe. the of of of kind around in But a like in maybe kind follow-up it morning if of a It looks orders. and back in

you you talk mix billion between of of know stuff. could other $X that stuff. first, the orders SPS of some year kind title I guess, I smaller vessel-based kind announced about that and energy and this the

So was? I'm material not sure that how

to just we could like the billion XX not, of and of level that's kind next think And if sustainable unannounced it's then of the rate. then you months? talk how new to how is $X about if should And run orders of kind run over unannounced XX rate this orders the

Doug Pferdehirt

awards they a and tender more process short through a have bit more - because the versus forecast these Thanks difficult are going smaller a very they direct are awarded visibility. Chase. us the and unannounced you our obviously Many, to sometimes larger many Always awards of timeframe little company. to order come that awards at are

some actually we have are have customers that to X.X And standard. Subsea our moved of that those

that type time benefit very XX historically if available on the in is it to basically, the they period work, tiebacks they get trees that That huge XX to can have of those that will, so cycle are taken do and specs of so months, has a they which benefit. half from you short building

back would I a but QX. would future say expect in I quarters, So a probably was this quarter what is we similar stronger bit than had quarter in

but moving remember, it And Subsea services underlying direction. that in our is smaller also definitely of awards, combination strength it's So a of business. the these

and the past, a would forward maybe be certainly, I than basis. that would a elevated So on but to what going say average stronger bit to in I this more going model it's level

Chase Mulvehill

it the to Okay, cash. the balance not as of just perfect. looks Unrelated impacts talk of sheet cost the follow-up, There's, backlog it, some of you the there's, few was just there mean, impacts. of a negative kind translation? FX a I $XX.X of translation just is obviously point also translation obviously, I components to other FX here, that here. kind to want understand some I couple FX through in million Backlog, want but I some like But ask.

the translation. And got which is function then obviously, revenue you've of cost EBITDA, a and

quarter. just focused EBITDA then should what you kind could cost of have about and And we ultimately was cost revenue kind and revenue the maybe what and to in and if look be of we as impact talk So you on forward translation that FX rates the think translation?

Alf Melin

positions No, $XX.X thank you or million, denominated for so this on unhedged hedge. in cash the correctly first you that which that all, cannot asset currency positions of are topic, the characterized a really we question on is that mostly

So we're the also rate of market is. it's fluctuation. cost environment creating of There element and an hedging and volatility that's higher some the some in, impacting that interest the increase the some where in majority of that as in of is

quarter non-U.S. this have point line dollar does as for you well But as about is true earnings, backlog. topic then in clearly And think for the impact out. and that's going When one large as another, to a biggest currencies. backlog, the dollar that as revenue your of denominated we you portion second impact our both in direction do and of revenue top moves or the our our Subsea,

$XXX little million was that. bit impact north a of So the backlog

QX. that's on more say but that and at X% in numbers for to - level. I X% you Subsea earnings, EBITDA, impact it's balanced current be QX the look quantify But the you at we to And are basically. that looking forward, so might and - if the around maybe would obviously, revenue And revenue going

Chase Mulvehill

Okay.

should that translation knows? be the as close maybe we the FX over look and we who but hopefully we when just think on currency you what positive months, on XX could forward, about focused loop Just next

Alf Melin

Well, this. I'll say

of don't where view take going. is First all, we currency a the on

it's So important.

So rates based basically, the with land on the end, where forecast basically. at our we we recalibrate quarter

jump-off So for the what can at the of this forward, that's that's looking - are rates end point you kind the say that of quarter.

Chase Mulvehill

was I were to to currencies trying mostly Okay. just exposed we so which track figure out could those? you

Alf Melin

we're Okay. me then in little real Norwegian Well, kroner a let so of to currencies mostly that pounds, major and back a again. exposed euro, go The portfolio and Subsea as large in is as to Brazil well bit because we have and Norwegian pounds. some Brazil kroner but

Chase Mulvehill

I'll thanks turn thanks Alf, perfect, Okay back over. Doug,

Operator

Generale. Instructions] Societe [Operator Delaby Guillaume with

is line Your open.

Guillaume Delaby

morning Yes Alf. good good Doug, morning

Just this the you a quarters this intensification do over clients. quick positive Inflation your consequence activities U.S. move what as question in a your legislation? see Act given legislation, some And maybe regarding the next on Reduction should of to piece new with COX we a the new expect of extent

Doug Pferdehirt

it the second capture sequestration look, real our company is which you portion, what carbon has the Guill, is on afternoon opportunities. Good mentioned, the impact which on is

we've ago. It transportation system. has Day highlighted fully that know, Analyst a you at integrated As qualified. developed carbon storage and our back been We year an

and, and flow" oil we traditional many in a emphasize just want in require designed gas we to carbon believe development. to storage, different cases, the, transportation not And the standard the use "reverse going case. again, I to of It's simply equipment can for than a much and specific very is set that

So we're there.

it. have We

As you the know, we've developed technology.

partnerships, believe IRA, with Talos certainly and around in help we accelerate projects has our we're and will Gulf the is on where development it in so. time the which others Mexico on relationship reference favorable the this of We I'll the XXQ highlight with working various Talos built the in we places world. impact the that other regulation, to working the But of very the are and at

Guillaume Delaby

it turn Okay, over. I'll

Operator

Mark Cowen. with Bianchi

is line open. Your

Mark Bianchi

subsea much Hi thanks. quarters. I much ask us you five is the much first would and how of over tell unannounced billion Can be the about would how $X services? awards be How wanted large? next to

Doug Pferdehirt

don't appreciate break really down. I Thanks, Mark. the We question. that

two an the typically in that inbound have of comes want Subsea services grow idea indicated We subsea by We've XXXX. to range. that that billion to Services $X.X one, we

Going laid of at the to But achieved have earlier on question all may as time a that range services. that kind that mouse too original metrics Subsea the out or there objective, than XXXX. Dave's other [ph] way back you we or be

- of awards, as talked And between some and probably average, try I historically, been in kind a these think want midpoint of quarters And in we between have about where versus kind terms the we of QX, QX to unannounced to you two QX historical of yes, earlier, peak to and Mark. I'd find the those. midpoint go the the kind like of of

repeat. very look, we let But site. I'll me be clear the billion, $X have a line clear

be The to proud so us direct of is a This and makes our that is sight. clear what company. have of the will vast company. awarded majority of We this our magic, line

Mark Bianchi

to thanks is model. in in order I And about above consensus? to think that, what giving as related consensus rate that essentially for Doug. the I guess XXXX that be seems reflected for what is had It just was above however, guide that in we Great, our maybe line - with the you're

just Is there bias if conversion? Is - have got to is such would backlog conservatism that you've the there orders? terms there'd with Alf? that we that in thought strong were some upward in outlook be I there about the before FX of talking

Doug Pferdehirt

got and talking questioning. into make already revenue about we've to pretty But the inbound it XXXX. just year. That orders. to following doesn't I'm the for in the obviously, your EBITDA. sure want I'm for So I what current it is translate shows That really translate Mark, backlog takes much coverage time some

you when sets up So it beyond. about it, and really XXXX think

Mark Bianchi

any super. for on here, I more, XX% conversion if thinking how And Alf just And XXXX? CapEx that Got embedded for longer in then term? should it, we on thoughts one the CapEx could, be what's about

Alf Melin

Sure, lower year, experienced are rate we so - than - run little a it's have obviously, normal. first CapEx, bit this

that's important So an statement.

by around million. taking guidance prepared that $XX we million in You vessel plan in saw be $XXX certifications CapEx year fourth mentioned going million our But in are operations. the earlier the these activities down million. quarter from remarks around still the quarter is place rather to The to CapEx in my $XX as us take fourth $XXX I than

still really, of on But of which that managing you the low very our end is XXXX, when before, really really revenue. being remain capital into look to we X.X% looking we we at intensity. have focused ahead, the And are range expressed committed

have the in So simply we feel we it our capital been we business where - place a are intensity than lower reached historically. very comfortable is has that

Doug Pferdehirt

think we've so I We'd be we how we've our levels changed to developed end the CapEx with what's the vessel benefit And can range. operating stay we CTO, dramatically. do with of able low wouldn't the that that. the of at unique and where model But quite increasing really about ecosystem that that's see

Mark Bianchi

thanks great much turn Yes, so it back. I'll guys,

Operator

call turn for over now I will back Seinsheimer the to Matt closing remarks.

Matt Seinsheimer

Jack. website Time approximately you, concludes on be conference our quarter beginning Summer our the A of X:XX available Thank today. p.m. This call. will call at replay third British

call. us. Investor any contact to you Relations have further If joining free now for the questions, you can team. end Jack, the please Thanks feel

Operator

you thank for We your attendance.

now You disconnect. may

TechnipFMC (FTI) 27 Oct 222022 Q3 Earnings call transcript