Company Overview - TechnipFMC is focused on transforming the offshore oil and gas industry to restore customer confidence and attract capital back to offshore projects [2][3] - The company identified the need for a material change in business practices between 2012 and 2014 to address challenges in delivering large and complex offshore projects [2] Industry Context - The offshore oil and gas sector faced significant competition from U.S. unconventionals, which were capturing a growing share of total capital expenditure [2] - The primary challenge for the industry has been ensuring certainty in the delivery of offshore developments, which TechnipFMC aims to address [3]

Summary of TechnipFMC Conference Call Company Overview - **Company**: TechnipFMC - **Industry**: Offshore Oilfield Services - **Key Executive**: Doug Fertihardt, Chairman and CEO Core Points and Arguments 1. **Industry Transformation**: TechnipFMC recognized the need for a material change in offshore business practices to regain customer confidence and capital flow from US unconventionals back to offshore projects [2][4] 2. **Configurable Technology**: The company developed a configurable architecture similar to the auto industry, which reduces engineering time by 9 to 12 months and enhances project delivery certainty [3][4] 3. **Integrated Model**: The merger of FMC Technologies and Technip in 2017 led to an integrated engineering procurement construction installation (iEPCI) model, allowing for a single contract with a single company, improving project economics and delivery certainty [4][5] 4. **Customer Relationships**: TechnipFMC has established long-term relationships with clients, with 80% of business being direct awards, indicating strong customer trust and satisfaction [5][23] 5. **Market Positioning**: The company believes that offshore projects will attract the majority of capital due to deteriorating economics in US unconventional sources and limited access to Middle Eastern oil [9][10] 6. **Project Economics**: Offshore reservoirs have lower decline rates (4% to 6% per annum) compared to US unconventional sources (30%+ in the first couple of years), making them more economically favorable [12][13] 7. **Competitive Advantage**: TechnipFMC's focus on integration rather than consolidation differentiates it from competitors, allowing for a unique approach to project delivery and customer engagement [18][19] 8. **Lean Operations**: The company has adopted lean methodologies across all functions, aiming to reduce cycle times and improve project returns for clients, which in turn benefits TechnipFMC [34][36] Financial Performance and Outlook 1. **Revenue Consistency**: TechnipFMC has consistently targeted $10 billion in subsea orders annually, achieving $9.7 billion to $10.3 billion in recent years, indicating strong market demand [47][50] 2. **Future Growth**: The company expects continued growth in the offshore market due to increased exploration and capital flows, with a backlog that supports revenue and margin growth [51][52] 3. **Margin Improvement**: The focus on iEPCI and Subsea 2.0 projects is expected to enhance margins as more high-value projects are executed [29][38] Market Opportunities 1. **Emerging Markets**: Significant growth opportunities are identified in regions such as Guyana, Suriname, Namibia, Mozambique, and the Equatorial Margin in Brazil, which are expected to drive offshore activity well into the next decade [55][56][60] 2. **Geographical Expansion**: Potential opportunities in East Africa and the Eastern Mediterranean are also highlighted, indicating a broadening of TechnipFMC's market reach [58][59] Shareholder Returns 1. **Stock Buyback Program**: TechnipFMC announced a $2 billion stock buyback, reflecting confidence in the company's financial health and a preference for returning cash to shareholders over increasing dividends [63][64] 2. **Investment Value**: The company believes its stock should trade at a higher multiple based on its fundamental metrics, indicating strong underlying value [65] Additional Insights - The company emphasizes the importance of aligning its success with client success, focusing on improving project returns and reducing cycle times as a core strategy [20][21][39] - TechnipFMC's cultural transformation towards a leaner, more efficient operation is seen as a key driver for future success [34][36]

Core Viewpoint - TechnipFMC has secured a significant integrated Engineering, Procurement, Construction, and Installation (iEPCITM) contract from Eni SpA for the deepwater Maha project in Indonesia, marking a notable deployment of TechnipFMC's Subsea 2.0® technology in the region [1] Company Summary - The contract awarded to TechnipFMC is substantial and highlights the company's expertise in executing integrated projects [1] - This project represents Eni's first use of TechnipFMC's Subsea 2.0® configure-to-order technology in Indonesia, indicating a strategic partnership and technological advancement [1] Industry Summary - The Maha project is part of the deepwater sector, which is increasingly relying on advanced technologies like Subsea 2.0® to enhance operational efficiency and project execution [1] - The award reflects the growing trend of collaboration between major oil and gas companies and specialized engineering firms to leverage technological innovations in offshore projects [1]

Core Insights - TechnipFMC's CEO Doug Pferdehirt will present at the TD Cowen 2 Annual Energy Conference on November 18, 2025 [1] - The company is a leading technology provider in the energy sector, focusing on integrated projects and services [3][4] - TechnipFMC emphasizes its commitment to reducing carbon intensity and supporting energy transition [3] Company Overview - TechnipFMC operates in two business segments: Subsea and Surface Technologies, and is known for its integrated ecosystems and digital innovation [4] - The company employs approximately 21,000 individuals dedicated to client success and innovation [4] Recent Financial Announcements - TechnipFMC announced a quarterly cash dividend of $0.05 per share, payable on December 3, 2025, with an ex-dividend date of November 18, 2025 [8] - The Board has authorized an additional $2 billion for share repurchases [8] Recent Contracts - TechnipFMC has secured a substantial contract from ExxonMobil Guyana Limited for subsea production systems for the Hammerhead development in Guyana's Stabroek Block [9]

Core Insights - FTI Consulting has enhanced its Tax Advisory team in the EMEA region by adding two senior experts, Marcus Rea and Thomas Lassey [1][3] Group 1: New Appointments - Marcus Rea joins as Senior Managing Director with over 25 years of experience in tax aspects of complex restructurings and financial transactions [2][4] - Thomas Lassey has been appointed as Managing Director, bringing 13 years of experience in indirect and direct tax compliance and advisory [2][5] Group 2: Expertise and Roles - Mr. Rea's expertise includes lending reviews, distressed M&A, and strategic capital decisions for underperforming businesses, and he will lead the expansion of the pan-European restructuring tax advisory team [3][4] - Mr. Lassey will lead the VAT service offering for family groups, multinational organizations, and sovereign wealth funds in Abu Dhabi [5][6] Group 3: Company Strategy and Vision - The addition of Rea and Lassey is aimed at enhancing FTI Consulting's ability to support clients on tax implications of corporate and transactional matters in a challenging market [3][6] - The company emphasizes the importance of high-quality tax advisory expertise as a vital part of its corporate finance offering [6] Group 4: Company Overview - FTI Consulting is a leading global expert firm with over 8,100 employees in 32 countries, generating $3.70 billion in revenues during fiscal year 2024 [7]

Core Viewpoint - TechnipFMC (FTI) is a leading manufacturer and supplier in the energy industry, currently valued at $16.9 billion, with strong technical momentum and significant stock performance [1][5]. Company Overview - TechnipFMC designs, produces, and services systems and products for subsea, onshore, offshore, and surface projects [1]. - The company has a market capitalization of $16.9 billion and a trailing price-earnings ratio of 18.3 [6]. Stock Performance - FTI shares have reached a new 10-year high of $42.65 in intraday trading on October 30 [3]. - The stock has gained nearly 59% over the past year and 45% year-to-date [5]. - Since the Trend Seeker "Buy" signal on October 27, the stock has increased by 4.38% [2]. Technical Indicators - TechnipFMC has a Weighted Alpha of +55.42 and a Relative Strength Index (RSI) of 67.08 [6]. - The stock has made 5 new highs and gained 10.96% in the last month [6]. - A technical support level is identified around $41.29 [6]. Analyst Opinions - FTI maintains an 88% "Buy" opinion from Barchart, with a 100% "Buy" rating [5][6]. - The stock's technical indicators suggest strong momentum and consistent price appreciation [2][3]. Financial Projections - Revenue is projected to grow by 9.47% this year and an additional 6.82% next year [7]. - Earnings are estimated to increase by 23.41% this year and 21.53% next year [7]. - The company offers a dividend yield of 0.47% [7].

Core Insights - FTI Consulting, Inc. (FCN) reported strong third-quarter 2025 results, with both earnings and revenues exceeding the Zacks Consensus Estimate [1][11] - Following the positive results and raised guidance for 2025 earnings, FCN's stock increased by 2.7% since the earnings release on October 23 [1] - FCN expects full-year EPS to be between $8.20 and $8.70, surpassing the Zacks Consensus Estimate of $7.96 [1][10] Financial Performance - Quarterly adjusted EPS was $2.60, beating the Zacks Consensus Estimate by 34.7% and increasing 40.5% year over year [2][9] - Total revenues reached $956.2 million, exceeding the consensus estimate by 1.4% but declining 3.3% year over year [2][9] Segment Performance - Technology revenues decreased by 14.8% year over year to $94.08 million, primarily due to lower demand for M&A-related services [3] - Economic Consulting revenues fell 22% year over year to $173.09 million, driven by reduced demand for M&A-related antitrust services [3] - Corporate Finance & Restructuring revenues increased by 18.6% year over year to $379.2 million, attributed to higher demand for restructuring services [4] - Strategic Communications revenues rose by 20.8% year over year to $405 million, driven by increased demand for corporate reputation services [4] - Forensic and Litigation Consulting revenues grew by 15.4% year over year to $195 million, supported by higher realized bill rates for risk and investigations services [5] Margin and Cash Flow - Adjusted EBITDA was $130.6 million, up 26.8% year over year, with an adjusted EBITDA margin of 13.7%, an increase of 260 basis points [6][9] - FCN ended the quarter with cash and cash equivalents of $145.97 million, down from $152.8 million in the previous quarter, and generated $201.9 million from operating activities [7] Guidance - FCN now estimates full-year 2025 revenues to be between $3.685 billion and $3.735 billion, aligning with the Zacks Consensus Estimate of $3.71 billion [8]

Core Insights - TechnipFMC plc (FTI) reported third-quarter 2025 adjusted earnings of 75 cents per share, exceeding the Zacks Consensus Estimate of 65 cents and the previous year's profit of 64 cents, driven by strong performance in the Subsea segment [1][10] - The company's revenues reached $2.6 billion, surpassing the Zacks Consensus Estimate by 1.2% and increasing from $2.3 billion in the same quarter last year [2][10] Financial Performance - Adjusted EBITDA for the Subsea unit was $505.6 million, beating the consensus estimate of $493 million, while the Surface Technologies unit reported adjusted EBITDA of $53.8 million, also exceeding expectations [2] - Total costs and expenses for the quarter were $2.2 billion, an increase of 8.8% from $2.1 billion in the previous year [9] Segment Analysis - Subsea segment revenues totaled $2.3 billion, up 14.4% year-over-year, driven by increased project activity, particularly in iEPCI™ projects across various regions [6][7] - Surface Technologies segment revenues were $328.1 million, a 2.4% increase year-over-year, supported by higher activity in the North Sea and Asia Pacific [8] Orders and Backlog - Inbound orders for the third quarter decreased by 4.9% year-over-year to $2.6 billion, while the total order backlog rose to $16.8 billion, reflecting a 14.4% increase from the previous year [3] Shareholder Returns - The board authorized additional share repurchases of up to $2 billion, bringing the total authorization to $2.3 billion, which is nearly 16% of outstanding shares [4] - The company repurchased 6.5 million common shares for $250 million during the quarter, with total shareholder returns amounting to $270.5 million, including a dividend payment of $20.5 million [5] 2025 Outlook - TechnipFMC expects Subsea revenues between $8.4 billion and $8.8 billion and Surface Technologies revenues between $1.2 billion and $1.35 billion for 2025 [12] - The company anticipates an adjusted EBITDA margin of 19-20% for the Subsea segment and 16-16.5% for the Surface Technologies segment, with free cash flow projected between $1.3 billion and $1.45 billion [12][13]

Revenue Growth - Revenue for the three months ended September 30, 2025, increased by $298.9 million (12.7%) to $2,647.3 million compared to $2,348.4 million in 2024, primarily driven by a $291.1 million increase in Subsea revenue [143]. - Revenue for the nine months ended September 30, 2025, increased by $699.6 million to $7,415.6 million, representing a 10.4% growth compared to the prior year [154]. - Subsea revenue increased by $699.7 million, driven by a backlog increase of 11.1% as of December 31, 2024, with significant contributions from Brazil, Israel, Norway, and Nigeria [155]. Profitability - Subsea gross profit rose by $110.5 million year-over-year, with $63.5 million attributed to volume increase and $47.0 million from a favorable activity mix [145]. - Gross profit rose to $1,662.0 million, up from $1,336.1 million, with Subsea gross profit increasing by $319.5 million due to volume and favorable activity mix [156]. - Net income attributable to TechnipFMC plc for the nine months ended September 30, 2025, was $721.2 million, a 16.7% increase from $618.2 million in the prior year [154]. Orders and Backlog - The backlog increased by 11.1% as of December 31, 2024, compared to December 31, 2023, leading to increased activity across iEPCI™ and subsea services, particularly in Brazil, the United States, and Israel [144]. - The company secured $20.2 billion in Subsea orders over the past two calendar years and expects to exceed $10 billion in inbound orders for the current year, supporting a guidance of $30 billion over the three years ending 2025 [137]. - Subsea order backlog increased to $16,038.2 million as of September 30, 2025, up by $2,520.1 million from $13,518.1 million on December 31, 2024 [180]. Tax and Expenses - The effective tax rate for the three months ended September 30, 2025, was 19.7%, compared to (2.2)% in 2024, reflecting changes in geographical profit mix year-over-year [151]. - Provision for income taxes increased to $269.6 million, resulting in an effective tax rate of 27.2%, up from 14.1% in the prior year [164]. - Selling, general and administrative expenses decreased to $173.2 million in Q3 2025 from $187.4 million in Q3 2024, primarily due to alignment of personnel costs [146]. Cash Flow and Financing - Operating cash flows for the nine months ended September 30, 2025, were $1,311.0 million, an increase of $928.9 million compared to $382.1 million in the same period of 2024 [185]. - Investing activities used $211.0 million of cash during the nine months ended September 30, 2025, compared to $36.7 million provided in the same period of 2024, a decrease of $247.7 million [186]. - Financing activities used $1,412.4 million during the nine months ended September 30, 2025, an increase of $889.9 million from $522.5 million in the same period of 2024 [187]. Shareholder Returns - Cash dividends paid during the nine months ended September 30, 2025, totaled $62.1 million, with a quarterly cash dividend of $0.05 per share declared [193]. - Share repurchases amounted to $750.2 million during the nine months ended September 30, 2025, with a total of $1,455.7 million repurchased since July 2022 [195]. - The company has authorized an additional share repurchase of up to $2.0 billion, allowing for total repurchases of up to $2.3 billion, representing nearly 16% of outstanding shares [196]. Market Outlook - International markets accounted for over 60% of segment revenue in 2024, with significant contributions from the North Sea, Asia Pacific, and the Middle East [139]. - The company anticipates continued strong offshore investment, projecting $10 billion in Subsea inbound orders in 2026 and sustained activity through the end of the decade [138]. Operational Highlights - The company announced three integrated Engineering, Procurement, Construction, and Installation (iEPCI™) projects in 2024, showcasing innovative solutions for carbon capture and subsea processing [130]. - The Subsea 2.0® model has resulted in up to 25% lower product costs and a 12-month delivery time for subsea production equipment, enhancing project economics [134]. - Surface Technologies revenue remained relatively unchanged at $943.9 million, with a notable decline in operating profit by $77.3 million due to lower activity in North America and Latin America [174][175].

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