Financial Data and Key Metrics Changes - TechnipFMC has established itself as a leading offshore equipment company with a strong backlog and visibility, indicating structurally higher margins through its Subsea 2.0 offering [1][4] - The company is on track to book $30 billion in orders over the last three years, with an expectation of another $10 billion in the next year [6][10] Business Line Data and Key Metrics Changes - The Subsea 2.0 offering currently represents about 70% of the order book but only 30% of revenue, indicating potential for revenue growth as the backlog converts [21][24] - The company has seen an expansion in its customer base and geographical reach, moving from 3-4 operational pockets globally to a much broader presence [7][8] Market Data and Key Metrics Changes - The offshore market is experiencing a resurgence, with increased confidence from clients leading to a higher volume of investments in offshore projects [4][11] - Greenfield projects have surprised the company, making up about 50% of inbound orders in 2024, indicating a shift in capital flows towards offshore investments [10][11] Company Strategy and Development Direction - The company focuses on reducing cycle times and improving project delivery predictability, which is critical for attracting capital investments [18][39] - TechnipFMC's strategy emphasizes the importance of technology and execution, with ongoing investments in robotics and other innovations to enhance manufacturing efficiency [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the offshore market resurgence and the company's ability to grow in all areas, which is not typical in the industry [4][5] - The company acknowledges the need for continuous improvement in project delivery standards compared to previous cycles, which were characterized by inefficiencies [34][35] Other Important Information - The Surface Technologies business represents a smaller segment, with significant revenue coming from international markets, particularly the Middle East [45][46] - New facilities in Saudi Arabia and the UAE are expected to enhance the company's operational capabilities and meet local content requirements [48] Q&A Session Summary Question: How is the order book evolving? - The order book has expanded with more customers and projects, reflecting a growing interest in offshore investments [6][10] Question: What is the mix of orders expected in the coming years? - The mix will include a combination of greenfield and brownfield projects, with a notable increase in brownfield investments due to better returns [11][12] Question: How does Subsea 2.0 impact revenue? - Subsea 2.0 is expected to drive revenue growth as it becomes a larger portion of the order book, with increased manufacturing efficiency [21][24] Question: What are the key markets for Surface Technologies? - The key markets include the Middle East, particularly Saudi Arabia and the UAE, which are technically challenging but align with the company's strengths [45][46] Question: What is the outlook for international business growth? - The international business is shaping up positively, with expectations for growth in 2026 [50]

Q3 2024 Operational Highlights - Subsea Opportunities List expands to $25 billion and extends through 2026[9] - Subsea inbound orders of $2.5 billion, resulting in a book-to-bill ratio of 1.2[9] - Total Company backlog increased to $14.7 billion, the highest level since the formation of TechnipFMC[9] - Share repurchase authorization increased by $1 billion, allowing for repurchases up to $1.2 billion, which is more than 10% of outstanding shares (as of 10/23/24)[9] Q3 2024 Financial Results - Subsea revenue reached $2.028 billion, a 1% increase QoQ and a 19% increase YoY[11] - Subsea adjusted EBITDA was $371 million, a 4% increase QoQ and a 44% increase YoY, with an adjusted EBITDA margin of 18.3%[11] - Surface Technologies revenue was $320 million, a 1% increase QoQ but an 8% decrease YoY[11] - Surface Technologies adjusted EBITDA was $49 million, a 7% increase QoQ but a 2% decrease YoY, with an adjusted EBITDA margin of 15.3%[11] - Total Company adjusted EBITDA was $389 million, excluding the impact of foreign exchange[12] - Free cash flow improved to $225 million[12] 2024 Full-Year Financial Guidance - Subsea revenue is projected to be in the range of $7.6 - $7.8 billion, with an adjusted EBITDA margin in the range of 16.5% - 17%[20] - Surface Technologies revenue is expected to be in the range of $1.2 - $1.35 billion, with an adjusted EBITDA margin in the range of 13% - 15%[17] - Free cash flow is projected to be in the range of $425 - $575 million[20]