FTI - Earnings call transcript Q2 2024

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Operator

Thank you for standing by, and welcome to the TechnipFMC Second Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Matt Seinsheimer, Senior Vice President of Investor Relations and Corporate Development. Please go ahead.

Matt Seinsheimer

Thank you, Rochelle. Good morning and good afternoon, and welcome to TechnipFMC's Second Quarter 2024 Earnings Conference Call.

financial website. earlier and found can release our on news statements today issued be Our to you like during I'd caution this statements any call. made forward-looking with respect to

place beliefs based Although results those implied periodic statements differ are materially cause subject XX-Q and and as on on speak could update actual undue statements, the and or which risks they in and to the a will no information, of are forward-looking reliance to assumptions Chair projected certain forward-looking described Securities cause from that U.S. they by Commission. to made, to our We Officer. business these any actual conditions, regarding only Exchange hereof. our revise date and results are turn any from current and Chief publicly wish the as uncertainties now forward-looking the to material obligation events statements most We date that or future Doug results developments undertake call over expressed our these future factors differ not caution Executive our whether recent Pferdehirt, our of to expectations, new could recent filings TechnipFMC's after or of are in most statements. Known XX-K, result otherwise. I to with you other

Douglas Pferdehirt

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

margin expect basis Subsea were throughout reflect both which in level to EBITDA the the for billion orders is performance third improved sequentially we Subsea where strong to Adjusted Technologies. Results performance quarter. adjusted XXX strong a particularly and robust results X.X. points continue with in operational Surface Subsea Our of XX.X%, of quarterly $X.X company. improved a were book-to-bill EBITDA inbound sequentially

now his range, on year remarks. above provide results, the prior Alf these is Subsea and prepared details guidance of end guidance in our With high will trending full further

we today, -- earnings margin release XX.X% adjusted in EBITDA exceed highlighted now earlier to Subsea year. EBITDA expect As our current Subsea the in

in number that put context. me Let

partnerships. contributed is agreements. Further ExxonMobil's billion. Subsea financial impacts. Adjusted expansion by over the inbound bold Whiptail of Day million today, was to which At was $XXX has X.X for as guidance to Xena basis to the Phase included outlook quarter and such inbound with in the years. Petrobras, frame awarded Guyana improvement with updated Woodside collaboration driving X manifolds. create EBITDA highlights the existing $X.X the least XXX an significantly model will company exchange X Revenue provide Subsea new We continue over achieved foreign award reshaped from both on Delivering utilize technologies deliver improve recovery market an longer-term improvement our XXXX performance also than our Total our we quarterly represent model. incremental XXX long-standing of with the flexible clients margin XXX kilometers iEPCI of quarter. to associated Energean's in resulted took steps improved years. Subsea in we will the differentiation those pipe X.X a integrated partner margin potential repeat a that EBITDA points total Inbound actions X business Katlan our were systems for for volume XXXX, alone. Continuing a when higher the which sustainable a point and Subsea through that EBITDA basis company excluding subsea the was XX.X% orders Catlin in could provided of driven innovative $X.X And in economics. next TechnipFMC, also and were The development, adjusted in of included Analyst with at much that for and billion. further from projects project be just project, industry to what results

the years. the project more sizable represents period. It another in is just X just sixth Whiptail the project than Importantly, in stable sanction block in

further of how country, focusing tendering to to people. In we TechnipFMC, with importance start and year, like engineers local of of of presence development of collaboration hiring created and employees. support demonstrate before ExxonMobil and same University training to I in our first share began Given would the established development programs That partnerships partnered XXXX, value the Guyana the class innovation. Guyana of from on we the we to activity, our our the any the of

today, positions XX% held further our people. also in local half the expansion. as in including talent. establishing been our in country, by successful Georgetown, highly is workforce of facility Guyanese in support our And with completion has approximately nearly our state-of-the-art This is local invest services to staged of continue to management business of We of which team

the our for TechnipFMC We already awarded honored production record, all systems Guyana. backlog. delivery XXX with projects developments. we premier on And are these for to has of be in similar have ExxonMobil the than our more trees X Subsea in Based supplier a and systems subsea track delivered services subsea number

for these projects, scope other industrial were the domestic power we to also help production-related will for country utilize natural awarded which its project, gas uses. generation addition ExxonMobil's In gas-to-energy resources and

the a requirements in an meeting the accelerated strong region of us schedule has basin. emerging establish success reputation to allowed Our for

for and and way. and one South And have we capabilities playbook for support countries in very Coral of collaboration offshore same the Suriname our development, know-how to created customers basins right the first that doing ENI's emerging approach in and also utilize Mozambique strong Importantly, globally to region's will we commitment, a so the winning This this playbook leverages our development. with project, our follow the Namibia. local exported potential execution like innovation for

a headcount. provides come. not an creating that for and have about total it's level and end, At ecosystem Guyana building also book-to-bill last XX backlog X TechnipFMC, For was the company Successes opportunities quarters. people It's above record of decades a in billion, XX developing by about growing our advantaged quarter capacity growth TechnipFMC, in driven and to driven $XX.X like backlog. growth for

are activity in orders that additional extends momentum look future secure capacity to beyond for for Subsea backlog. Client million inbound positioned offshore to XXXX, will their approach also orders orders for the confidence expect to phases towards is well us We continued discussions the well frontiers, decade. XXXX achieving beyond There of as yield discussing and drive giving we developments ending further growth they in period focused the also remain of are $XX in we today. billion X-year are over which project the this likely new $XX the in year, on end

Technologies. to Moving Surface

demonstrated the in quarter, measurement revenue of in Despite performance period. also growth EBITDA solid margin. we solutions sequential the we both and Here, experienced in sale first the

a we demonstrates in this momentum enhanced in our our that success deliver of in also visibility, the of drive the benefits all with achievement provide pleased of even more with these the will taken on And the for to clearly factors full targeted recent expanding our sustainable call year rating, anticipated When this now is improved closing, financial now occurring, optimize as us the improved tangible us taken our proven XXXX performance And solid the actions seeing extend are half portfolio East, our the coupled we commercial higher success The over confirmation and ability new period discuss will our has of the market to utilize are visibility quarter outlook. insight, our allow more steady improvement further in-country our expect unique and Americas. execution. to to that the and decade. I greater in in led capacity. second serves beyond confidence in the operational our allowing with favorable further We gives experiencing our and steps success on results. which have expectations. In returns importantly, growth to us company. The financial results second we us But to from Alf the our the turn results the strong our to the the strength. combined bold we financial reflects results, impacts playbook Middle with when will first capitalize I'm to opportunities investment-grade extremely

Alf Melin

quarter backlog and million restructuring was orders. billion. billion. the totaling million Subsea quarter in $X.X when was billion, other $XX $X.X of by company the billion Inbound excluding sequentially impairment in $XXX Revenue was $XX.X $X.X charges of Doug. EBITDA to Total increased loss Thanks, a and driven million. exchange foreign $X

mix million, margin the million, measurement iEPCI of revenue also the The versus Adjusted improvement East, first X% by driven absence Adjusted Turning of first of of an increased volume sequentially. to revenue results. absence in and largely was by was Subsea, activity Technologies, was revenue by largely The by basis quarter. the in the the revenue largely $XX primarily of of from offset sequential increase project offset services of to improved Adjusted was versus was the $X The EBITDA segment versus North activity driven up and million from XX.X%, billion points due due In project Services business from higher increased to disposed March. increased EBITDA sequential up East, earnings Mexico. execution, the revenue first driven increased primarily a Gulf increased solutions. Measurement XX% by improvement the in quarter. Middle quarter. Sea XX% basis in points $XXX Solutions Middle was XX.X%, first XXX the with activity. In up seasonal margin strong EBITDA $XXX improvement Surface The was increase was improvement. quarter. and backlog XXX the

quarter. Total billion of and We net in to million repurchases. $XX a $XXX the With Fitch. investment-grade to S&P with the and increase other flow the BBB- including year. sequentially ratings elimination of from $XXX rates last of $XXX rating ended $XXX tax announcement brings $XXX March. million, of and Turning $XXX $XXX in shareholder Corporate in equivalents from Net and collateral early for $X.XX XX% upgrade million letter Cash were grade period. was credit expenditures follows quarter facility. versus was $XXX expense million, to investment This Capital of all in declined interest in the and This both in our million. In nearly a was facility This from an items activities million cash to the now from million. June, operating cash million agencies, of free investment and $XX share received ratings company $XX fees two grade million, credit lower debt was resulted million. the distributions benefit $XX million. will expense the requirements revolving expense million. period all quarter year-to-date from corporate were flow of cash interest distributions we

Importantly, investment-grade future term debt have bond any we now for market access the lower-cost needs. to

guidance. our to Moving

in be line For the the third for margin adjusted quarter, second we expect Subsea quarter. with and to EBITDA Surface revenue and both Technologies

year expect full XX.X% continue of Subsea now are the upper exchange. midpoint to Surface range range, existing EBITDA EBITDA company and total several are when expect guided are For providing Technologies, approximately EBITDA in in the the is guidance. range foreign range with margins our the of be revenue now to full to In $X.X year both revenue half our these we and adjusted for items excluding to Subsea, increasing of adjusted we now margin be EBITDA billion the in updates margin. outlook, we adjusted billion, we XX%. In $X.X guidance $X.XX to billion the adjusted at revenue the taken we together, to anticipate of guidance When range.

range are we the for P&F performance, which be financial also $XXX increasing $XXX million. of $XXX level free million million, guidance to cash of now our in payments flow the includes higher approximating range this to Given

made fulfilled payment final obligation a early we this in Importantly, July. with

in EBITDA of We Let me now our exceed Subsea and our for margin revenue Subsea of to billion guidance expect for adjusted XXXX. XX%. do calling address outlook $X

achieved keeping fourth update to equates still year in year and October. view debt. Operator, for of increase serve We of expected this closing, provide quarter is metrics XXXX will foreign increase in our TechnipFMC. further since continued net well we our $X.XX nearly the level XX% our excluding the financial given the with over strong which our increase further execution guidance third growth distributions our a prior both increase the outlook estimate $XX.X should impact adjusted at the flow you quarter, now billion XX% our allowing the cash in in line supports least shareholder reduction year and with generation with quarter may to free prior results exchange, earnings. In formation will while questions. of in backlog billion XXXX in versus full our for the a EBITDA practice, for the remainder open for to prior the notable our for us And when the a in in was particularly The highest

Operator

Instructions] first [Operator Your of David Anderson comes Barclays. from question

John Anderson

where going this market see Is evolving I'm certain that. kind Clearly, with best long to about can applications you on Subsea? Is kind and kind And of Gulf are the core. maybe you and orders for beyond what the of sort I a next -- this something But you opportunities you you? You stream in Steady Mexico, suited of markets, in of front are New Subsea market in you go that you the see in that in just what certain the of Suriname, of ask that billion beyond that, trees Subsea new confident little on electric that how see related of for quarter. And beyond during other electric basins electric? So can creating of and maybe leg? $XX FIDs kind announcements want curious terms Mediterranean, Guyana you're funds of of for kind but Frontiers, on just XXXX bit, else? fitting the you? for of in touched you Brazil thinking with of of kind very target just do sustainability the at to kind Namibia, there eyeing mentioned how

Douglas Pferdehirt

Thank you, Dave.

kind of Subsea we market opportunities a Let see playing them in through out. me the as growth few walk

within horizons new the existing have basins. You the

as strength talked Paleogene about potentially orders, of and orders in but So Paleogene the only not the the upcoming current we our well. quarter, in last

continues develop. you'll see the other in great of case, and an in opportunities, within basin, And And existing that Paleogene a where more that attractive. quite for the to this which of be Gulf will example other look more other Mexico, operators reservoirs horizons, to is

next Mozambique. surprise obviously look start of unlocks, getting the second get in durability then growth Mozambique. in cycle. terms activity. And could Med, everyone's of example South also Guyana to area of Eastern but come Mozambique. one a when The now activity prolific bucket. the And other of you I obviously, into the towards and mix gas-focused And part that And where to activity Mexico, the basins, but -- that, talking a about, look to existing within beginning there's as you into anticipate the start and bit likely realize and beyond. is decade. -- basins. should lot the latter upside And XXXX Mozambique to earlier of at in basins, this the towards let add would the you emerging that of a the continue then me you Tanzania, out as successful lot Africa, the that's and Colombia, of at opportunity. out the completed decade will activity relatively I the is We there Namibia what there of Suriname occur to in now is think second kind a and very is It's the you others, a you're but that's -- keeps And really opportunities additional new likely been There's than also start leading project to

and X.X project execution. the offering So durability Subsea of cycle, and that activity, through of by primary largely That's today. derisking oil in the enabled improved our iEPCI significantly first lots support time We customer's by economics. the focus to lots this accelerating

most today. rich, offshore certainly, is say Let's the space opportunity are opportunity-rich

awards are the examples very partner announced actually I'm also ensure the opportunities. award of multiple per can project an our first now. really being the the has looking also seen XX% to track well. schedule are quarter for but there orders in on been will We've electric, from which to as repeat here collaborate business the award extremely exceptional, that great first there deliver led they this that record X is the existing and favorable. and they're companies economics has both create humble Both announced in how mentioned, and say quarter that our -- exciting. direct to iEPCI also electric what direct multiple additional was with So you We remain clients they confident of is our X.X. All to as awarded,

be is the market why believe first will primary the the system. The We reach in that subsea all-electric reason extended the that's the CCS required. market. for is just And long

partnership that we'll will and to excited emitter BP So -- and the sequester taking taking where the is project be from project, Northern working we'll offshore permanently and future. the be the be that XXX safely storing it onshore, for COX the the Endurance -- will we're be gas on kilometers be

further distance So This same the all-electric done -- able idea electric to in be that the And will can could the distance, about that gas with go can that controls, will distance with you only to you with can be you the and controls if with controls. an go approximate hydraulic achieve greater primary all-electric to a market a be we oil will. market, XXX-kilometer be hydraulic Tiebacks. you Xx the system. In than be Brownfield bit

time. the facilities world unusual. you most the That's and nameplate XX% gas not So reservoirs of production are because if at only about capacity. look That's of around to XX% today, operating decline oil over

very attractive reservoirs reservoirs we'll would to tieback otherwise will stranded, economics facilities existing by they're with to have or back initial declines it as able level those being for an solution, Xx will, those is brownfield we'll all-electric well. be facilities able tie be around designed to you time. By So expand, these if stranded which radius to tie be the the over that hose able production, back which then highest and the -- host

terms conventional offshore of of terms as both energy well in in very excited as energy in about So market. new the future, the

John Anderson

Great. can surface of Maybe the shift kind over I on side.

times You couple the East in a mentioned release. Middle of

new in You facility built-- I country. a believe you have that's

set in guess, export What's strategy is years? as business some over Saudi of the the to is at from Middle we're East next in you gas basins can unconventional Middle into this opportunity opportunity there Middle So mostly overall the of other couple the you as secondarily, I East, build-out. And the East? kind look of seeing facility, regions Surface

Douglas Pferdehirt

Dave. Thanks, Saudi Arabia. question. just returned from Timely I

Saudi so it's -- of look no, not So first your the part Arabia. question, just

and fairly Qatar, UAE there's also And the is is lot as as us well of for UAE Qatar the importantly as the between Kingdom. activity. within level activity the Just a similar

Although top trees. on trees these are offshore platforms, dry are they're The the of platform.

technically, that offshore That's really it's tree, the line. it part Saudi of But important. again, So because dry go a UAE business really, our it's the under certainly, Surface for us, doesn't water. are and

following get that say, here really set facilities just both. we're ramping Surface is see speak my up can And is We that. to which just see in and the we're time, real visit benefit the why of to opportunity we've made. the I have business, local real on significant payback the the investment we beginning the Both as strength for and beginning are and

Operator

comes from Jayaram Arun question from next Your JPMorgan.

Arun Jayaram

the of get that? and My more more to drivers understand love first to increase maybe margin on just in the EBITDA what XXXX revenue, question, you pricing, better I specifics Would the raise drove the cycle the better around love mix. the times, was between side. wondering $XXX I'd the better a importantly, raise drivers in million go through guidance Subsea could if of

Alf Melin

start. here. I'll is this Arun, Sure. Alf

So all, up revenue with pleased operational performance. first from the factors, seasonal from strong very and only quarter. also but not Sequentially, very of Subsea XX%

to of backlog particular, increase, our you in revenue the revenue and of cycle that you talking operating higher increase at us that demonstrating times model -- up. in efficiencies ability our business has look services points that If pace demonstrating and to is due meaning the really been are that this a you North revenue our as going that convert solidly basis well. Then the we in as majority financial really fact Mexico. And at a iEPCI XXX convert well is of consider faster ability includes just to in Subsea shorter Sea when and the we for strong. to these be improved about Gulf kind the if at as revenue pull-through through, that this it's we've coming Again, to benefits continued sequentially really realizing quality look are also from

a outlook, the all, it's look in favorable are when XX.X% guidance raise, gave raising half are do to performance, then what and all the to and strong $X.X for you that's ourselves we able and to continue we the to $X.X at why XX% margin. as range demonstrating So for have to revenue we of EBITDA first again billion the the to our I billion

Arun Jayaram

of your sixth maybe on Great. Guyana that Whiptail, this cases, question. you you've wondering with elaborated of you your interested with on in local Doug, successful that the of a Mozambique, together Hammerhead you formula, as lot on you A think in to follow-up about Namibia list. I specs a that, elaborate Suriname, award some comments prepared some project in the content. the that now meet in ecosystem was could you your remarks technical if put build, not formula hear still the and just the

on important I to wondering So on could that awards. some secure take softer but you these to you project if elaborate elements of was see

Douglas Pferdehirt

talent, the a people be their in opportunity we the their them Again, are they can economic operations as the an script this isn't training taking responsibility it's the vessels to because countries well-being thanks and improve as for giving and improve about operate in. or so running I well development as the families, to is headcount. lives, which of question. in and giving about that Arun, the in equipment you, Thank who development emphasized the people, of or assets it or This company. we

a that. example of is just Guyana phenomenal

Mexico and in Subsea projects projects was a the have or training. Brazil tender. But and they the As would other course, with was. so there that before risk there at that? any ExxonMobil Was proper Guyanese Of them university the talent I training the associated of indicated, we we Gulf were on were there in hiring taking

weren't crews. levels, appreciate we one importantly, activity Developing our -- supply activity time the also now cases started, which these supply doing about with Guyanese ecosystem we crews put more it when talked to the brought you that X led So up, we managers by able I Guyanese And by were just expat XXX% really offshore. The began, with in these us support the is countries is in as chain. it a be exclusive all to working company we providing successful. at chain, academia within our countries is to many that need to

All revenue we drives excited benefits create sustainable in the about me. the of these not moving into that. and projects, leave me just the understand obviously there's trying this again, basins. behind. countries of frankly, there's what what But which duration is advantage opportunities. We operate we future. Quite for a the and but that's to for what's emerging all important That's what profit more Sure, gets

Operator

comes question Piper Sandler. next Lemoine from from Luke Your the of line

Luke Lemoine

expected margins little 'XX exceed the Subsea the XX%. I'll bit a touch with to Doug,

maybe talk could some and is? additional But discussed margins where the might line, You've drivers how tough you propel previously the of coming increasing quantifying, the this without utilization in further? about through And production be helps utilization framing line the years. X.X

Douglas Pferdehirt

including Alf X.X experiencing projects, the are then continued, X.X look is today, as not benefits as X.X we really iEPCI of operational SSI, at very of that. we're becoming those X.X in more now And or guidance. But we're if This performance, experiencing through of which ultimately look changes but of standardization. early Subsea result sustainability, lot the if results But to to we and current alone, the iEPCI see at we -- the raising seeing when Sure. what of at with floating industrialization you And orders what way quality company, About we could factors, the at being see look to even just and because realizing the right if also XX% expect and only a facilities, hence, iEPCI it's we're the X.X. just of and the beginning will, orders those on see greater alluded focus projects inbounded still important now order, X.X. we the our can the most realize you the now and benefit start let's to overall the operating model in you Thanks, the is X.X. we're in by configure of Luke. than seeing of are the our which just look phases

only means than or about will to reflect up which that on XX%, bids of inbound to the obviously, I'll running XX% are higher that half that today that Now being of tell is about the today, significantly ramp orders. But working we're through you facility also the XX% those X.X.

So kind runway of of gives you here. a the feeling that

continue well it's both the for in got model, landscape market we internal greater from from the which that as a you offshore benefit will execution participate. So favorable, multiyear runway the also now which know get as will benefit to all the macro environment. We

in now are going that's than market follow, from uplift what and a achieved others to sustainable, than what a that's the we've do And ever continue able and before a higher, and major that. market greater to we'll part far the is company that's margins have building we're through-cycle we've that commitment commitment made, And alone. is a of are that X.X benefiting only to

Operator

Your West comes the next James question from ISI. from Evercore of line

James West

some capacity. before, could on I there's and but in as it I to are -- know point discussed point, continues love to -- be you also actively me but of probably Doug, if these, you're capacity. wanted point, you planning as capacity, know some your the work could talking all to that? direct dig seems at I'd backlog with a on a grow at awards bit bring guys capacity, their your we've and around suppliers this -- and on there a pinch I way elaborate to you both not partners topic that your the especially soon, we but in just again guys Because

Douglas Pferdehirt

a look, real quarter question the not have customers aren't I if if lightly. i.e., would a We've we iEPCI in out great ask who that and to support company, question. performing. us very issue would to the don't you us will, And I past a fair be reach reinvented competitors, X.X, No, had two others, and say, and say today, that to

So is it's real. James, your real. question

we this So the get work not configured And it we went often. When chain that the why who ones is operate. question from it that to only an we're change TechnipFMC? to our order happening really allowed it's supply that a engineered us and have order, way to with closely which we platform,

can others, So order, in detailed months place you drawing -- like a chain they supply product, engineering or you before. project you hand internal your actually that the your of an external purchase traditional first bring supply that in you before subsea a to everyone order excuse them or do then business, the never very else, done either X specific me, like with that chain,

have quite into and when there new simply of order it So test. is people us then engineering learning hours client to and agree the enormous -- it -- they then might back project. Today, latency X.X, They product the order order. if the back the might of modifications, go go to goes real-time it. and order manufacturing, just go we back to an are would supply was enormous amount They at high ask the rate about clients to go It to have an us then it. to at of for assembly which and because defects amount looking some go on new creates or to the back X time Subsea our we'd are defect

that, confidence them for to premanufacture instead because can So basis. and our subcomponents on annual an be coming now actually good us they have us, what's because will it's they're on top of And because project success basis what they suppliers a our idea know their building. because a of of on we in going awarded commitments after of give of

So able that. work they're to on

be flex adding meet as they'll So They're their our required capacity James. needs, able to to capacity.

of supply a has day only is us is something a challenge. in naive. and but we're rigid leverage, we've -- has for gone made point a model, Every scalability that's not there to lot difference. that from again, built Now our the also but chain Subsea of not X.X, lot for some time, we've very non-scalable business what's a certainly, And

Well, or cycle either on addition, shorter In our internal means installation much manufacturing own on earlier. that capacity alluded times, the side. we the Alf to we the create side within capability as get

we benefits we're have more doing the more spend don't It's deliver economics to faster. economically benefits but with and us because assets. things on things, customer It less. new CapEx So doing things just doing see improved able because better, they it about to greatly

Operator

]. McGrady the Your comes [ line next question of Sherif L. from

Unknown Attendee

there conversations customer You QX those configured added pretty [indiscernible] order how who more customers are And already? your to to could broad-based, platform but many X.X going? in haven't a wondering are migrate Subsea and new that

Douglas Pferdehirt

much almost with let's very you at selectivity. it Thank now is earlier, a -- question. just for X.X. portion the hinted tendering kind leave some we're there's of of the it I Obviously, large that doing

it, for seeing customers We have right? also the opportunity are mean, the position I market. But the our are be in asking to benefits. our they given selective

say quarter, going to customers leads it also one almost as award because, it's we're I their seeing -- X.X standard, else no again, into become and a we're new adding So which mix. direct now on this. to has an customers new the basis exclusive But people would every just

will, of growth part and company. that's innovation, of of, consolidation So of magic in driving terms on benefit instead for if you the our the focusing

using So yes, integrated quarter, also X.X, for And We both are for also X.X. new those of another announced nice both interestingly, iEPCI. awards. X awards

X.X you iEPCI awards. So they're both, if will,

So orders get which performance. continue And more -- to greater a we'll internal yes, flow, more the more efficiencies, the very deliver exciting give financial us more will as opportunity to we'll company. for and and

Operator

from question the come last Benchmark. of line from our Hallead Kurt will And

Kurt Hallead

about ago wanted ago, that follow you and a and orders were the just of up. your so I year About you of for a to outlook outlook you and on in time coming talking so year us, York the are kind obviously things about on New were and business point upward a talking a lot clients, having revised looks right, conversations of your to were for were with forth. and like in predicated group fruition the you it at the with

were towards multiple think because that having potential extended opportunities us little you you a XXXX. at So could that also refresher discussions give of a referenced out you bit maybe juncture, if about I that

customer to outlook if feeling the projects continue comfortable the see pace. projects just still demand and going these I on to wanted base forward still at is in home and these confident So push to push and them

Douglas Pferdehirt

in is projects on would prepared that to maybe continue level thing I order they're duration in so commitment indeed the Most much now between make of basins. I of at. emerging in between looking XXXX the year They then quality not the secure difference mean would opportunities some focus the to XXXX, of say look the Kurt. you, beyond. and that is are that to and capacity. they continue and they Thank has I to the say ago definitely. really now the new most changed a

realization Signing direct the earlier in to proprietary commitments to for us not able X.X category. longer, is use award us leading offering. our commitments Subsea infinite, this for is that is that and And with be up so clients, the projects. Obviously, all exclusively to long-term capacity iEPCI making partnerships future

emerging So secured, for basins. only the or not it's future projects the the about really for for project, getting things but more next

in So the we had we by seen in they that way, seen values to way the business. And success customers with do Mozambique, same do. want our success they've they've the the are about we we've for like they Guyana, the work in had today us, stand that we've discussions

but work biggest obviously industry, change, to for companies share that's I'd they a change positive our say want that company, the is same And which values. the the Kurt. specifically with so those That's for --

Kurt Hallead

if it. you any in on spot in margins history. point might That's at last goal And you a time great. but great. this a don't referenced put through-cycle FTI's mind, with That's you one, I appreciate higher the Really to have that

ask So the be? margin I you, one sustainable think a I'd you be to could what first figure

Douglas Pferdehirt

some rate company day, in value we're on, to to the the others all, the able themselves a going let They're do. production are we'll all of Kurt, to executing that for major these the speak any economic keep what them simply every orders more put ambitious said happy and journey. creating up we've by what there first at in numbers a clients ever as of single goes with giving numbers we've performing are earlier bringing year keep out and milestones than of stay share That's high-quality to lot women if we're that our they focused to for Well, we on that value us. and we men materialize. But X are, XX,XXX as which

Operator

Matt over closing our concludes session. the I Seinsheimer remarks. That will Q&A to conference for the now turn back

Matt Seinsheimer

available This at conference replay call beginning concludes the call. A p.m. on X:XX be our will approximately website of our

York New time today.

any If Thanks Rochelle, out you call. to reach the joining for may end you Relations free feel us. further questions, to please the have team. Investor

Operator

Ladies today's and you Thank you. that all call. for gentlemen, concludes joining. Thank

disconnect. You may now

TechnipFMC (FTI) 25 Jul 242024 Q2 Earnings call transcript