TechnipFMC saw its order backlog increase by 17.2% to $15.82bn in the first quarter of 2025 (Q1 2025), compared with $13.49bn in the same period last year.
The company is setting its sights on two new subsea contracts potentially valued at more than $2bn combined. These opportunities are part of TechnipFMC’s target list for the coming two years, which is estimated to exceed $26bn in total.
TechnipFMC reported a slight decrease in quarterly results, with a dip in net profit despite an increase in net revenues.
The growth in the subsea division was not sufficient to offset the decline in surface technologies, which experienced lower international activity than anticipated.
TechnipFMC chief executive Doug Pferdehirt highlighted the significance of the new subsea opportunities, stating: “Our Subsea Opportunities List now highlights more than $26bn of inbound opportunities over the next 24 months, when using the midpoint of project values.
“Putting this into perspective, the value of this list has grown nearly 20% over the last 12 months and represents the third consecutive quarterly increase. The opportunity set is also supported by multiple new frontiers including Guyana, Suriname, Namibia, Mozambique and Cyprus, all of which present long-term opportunities with development life cycles that extend well beyond the end of the decade.”
The Grosbeak development operated by Equinor in the Norwegian North Sea and Petrobras’ Buzios-12 project in the Santos basin offshore Brazil are among the new prospects.
The Grosbeak contract is estimated to be worth between $500m and $1bn, while the Buzios-12 project could exceed $1bn in value.
Despite the decline in quarterly profit, which fell 9.6% to $142m in Q1 2025 from $157.1m in the same period the previous year, the company saw a rise in net revenue by 9.4%, from $2.04bn to $2.23bn.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also saw a significant increase of 36.1% to $343.8m.
Pferdehirt added: “While commodity prices are a primary variable in our clients’ decisions to move forward on a development, the impact they have on the economic feasibility of a project can differ significantly by region and resource. We continue to believe that offshore will remain a preferred investment of operators, with deepwater attracting a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources.
“This gives us continued confidence in delivering more than $10bn of Subsea inbound in 2025.”
