(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Securities registered pursuant to Section 12(g) of the Act: None. |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description |
99.1 | News Release issued by TechnipFMC dated February 26, 2020 |
104 | Inline XBRL for the cover page of this Current Report on Form 8-K |
Exhibit Number | Exhibit Description | |
99.1 | ||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K |
TechnipFMC plc | ||
By: /s/ Maryann T. Mannen | ||
Dated: | February 26, 2020 | Name: Maryann T. Mannen |
Title: Executive Vice President and Chief Financial Officer |
• | Subsea orders up 54% versus 2018; iEPCI™ inbound more than doubled |
• | Onshore/Offshore orders up 76% versus 2018; LNG awards exceed $8 billion |
• | Total Company backlog of $24.3 billion, an increase of 67% versus 2018 |
• | Separation of Technip Energies on-track for completion in the second quarter |
• | 2020 financial guidance initiated |
• | U.S. GAAP diluted loss per share was $5.40 |
◦ | Includes after-tax charges, net of credits, of $5.43 per diluted share |
• | Adjusted diluted earnings per share, excluding charges and credits, was $0.03 |
◦ | Includes foreign exchange losses of $0.13 per diluted share |
◦ | Includes expense resulting from increased liability to joint venture partners of $0.22 per diluted share |
Three Months Ended (In millions, except per share amounts) | December 31, 2019 | December 31, 2018 | Change | ||
Revenue | $3,726.8 | $3,323.0 | 12.2% | ||
Net income (loss) | $(2,414.0) | $(2,259.3) | n/m | ||
Diluted earnings (loss) per share | $(5.40) | $(5.00) | n/m | ||
Adjusted EBITDA | $404.4 | $342.4 | 18.1% | ||
Adjusted EBITDA margin | 10.9 | % | 10.3 | % | 60 bps |
Adjusted net income (loss) | $15.1 | $(39.0) | n/m | ||
Adjusted diluted earnings (loss) per share | $0.03 | $(0.09) | n/m | ||
Inbound orders | $2,718.4 | $2,925.1 | (7.1%) | ||
Backlog | $24,251.1 | $14,560.0 | 66.6% |
TechnipFMC.com | Page 1 of 29 |
• | Impairment and other charges totaling $2,268.6 million for goodwill and fixed assets; and |
• | Separation costs, purchase price accounting adjustments, and restructuring and other charges totaling $52.5 million. |
• | $64.1 million of foreign exchange losses included in corporate expense, or $0.13 per diluted share on an after-tax basis; and |
• | $99.1 million of expense resulting from increased liability payable to joint venture partners included in interest expense, or $0.22 per diluted share on an after-tax basis. |
Twelve Months Ended (In millions, except per share amounts) | December 31, 2019 | December 31, 2018 | Change | ||
Revenue | $13,409.1 | $12,552.9 | 6.8% | ||
Net income (loss) | $(2,415.2) | $(1,921.6) | n/m | ||
Diluted earnings (loss) per share | $(5.39) | $(4.20) | n/m | ||
Adjusted EBITDA | $1,529.4 | $1,536.8 | (0.5%) | ||
Adjusted EBITDA margin | 11.4 | % | 12.2 | % | (80 bps) |
Adjusted net income | $330.5 | $377.1 | (12.4%) | ||
Adjusted diluted earnings per share | $0.74 | $0.82 | (9.8)% | ||
Inbound orders | $22,693.0 | $14,291.0 | 58.8% | ||
Backlog | $24,251.1 | $14,560.0 | 66.6% |
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TechnipFMC.com | Page 3 of 29 |
• | Impairment and other charges totaling $2,364.2 million for goodwill and fixed assets; |
• | Legal provisions, net of $46.3 million; and |
• | Separation costs, purchase price accounting adjustments, business combination transaction and integration costs, restructuring and other charges, and reorganization totaling $148.2 million. |
• | $146.9 million of foreign exchange losses included in corporate expense, or $0.27 per diluted share on an after-tax basis; and |
• | $423.1 million of expense resulting from increased liability payable to joint venture partners included in interest expense, or $0.94 per diluted share on an after-tax basis. |
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TechnipFMC.com | Page 5 of 29 |
Subsea |
Three Months Ended (In millions) | December 31, 2019 | December 31, 2018 | Change | ||
Revenue | $1,486.8 | $1,233.3 | 20.6% | ||
Operating profit (loss) | $(1,512.7) | $(1,739.5) | n/m | ||
Adjusted EBITDA | $185.0 | $148.5 | 24.6% | ||
Adjusted EBITDA margin | 12.4 | % | 12.0 | % | 40 bps |
Inbound orders | $1,172.3 | $880.6 | 33.1% | ||
Backlog | $8,479.8 | $6,203.9 | 36.7% |
• | Goodwill impairment charge of $1,321.9 million due to the decline in the Company’s market capitalization, which does not reflect a change in our outlook for 2020 or the long term; and |
• | Fixed asset impairment charges totaling $349.8 million driven by continued rationalization of our global footprint as we benefit from the market’s accelerated adoption of our integrated offering. |
TechnipFMC.com | Page 6 of 29 |
• | LLOG Who Dat iEPCI™ (United States) |
• | ExxonMobil Liza (Guyana) |
• | ENI Jangkrik (Indonesia) |
• | Riserless Light Well Intervention (Norway) |
• | PetroVietnam Gas Nam Con Son 2 Phase 2 Project (Vietnam) |
Subsea Estimated Backlog Scheduling as of December 31, 2019 (In millions) | Consolidated backlog* | Non-consolidated backlog** |
2020 | $4,507 | $138 |
2021 | $2,472 | $136 |
2022 and beyond | $1,501 | $525 |
Total | $8,480 | $799 |
* Backlog does not capture all revenue potential for subsea services. | ||
** Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
TechnipFMC.com | Page 7 of 29 |
Onshore/Offshore |
Three Months Ended (In millions) | December 31, 2019 | December 31, 2018 | Change | ||
Revenue | $1,832.4 | $1,672.4 | 9.6% | ||
Operating profit | $245.3 | $206.4 | 18.8% | ||
Adjusted EBITDA | $259.7 | $217.2 | 19.6% | ||
Adjusted EBITDA margin | 14.2 | % | 13.0 | % | 120 bps |
Inbound orders | $1,114.5 | $1,609.4 | (30.8%) | ||
Backlog | $15,298.1 | $8,090.5 | 89.1% |
• | Novatek Yamal LNG (Russia) |
• | Novatek Arctic LNG 2 (Russia) |
• | Bapco Sitra Refinery Expansion (Bahrain) |
TechnipFMC.com | Page 8 of 29 |
• | Motor Oil Hellas New Naphtha Complex (Greece) |
Onshore/Offshore Estimated Backlog Scheduling as of December 31, 2019 (In millions) | Consolidated backlog | Non-consolidated backlog* |
2020 | $6,581 | $893 |
2021 | $5,128 | $874 |
2022 and beyond | $3,589 | $1,209 |
Total | $15,298 | $2,976 |
* Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. |
TechnipFMC.com | Page 9 of 29 |
Surface Technologies |
Three Months Ended (In millions) | December 31, 2019 | December 31, 2018 | Change | ||
Revenue | $407.6 | $417.3 | (2.3%) | ||
Operating profit (loss) | $(698.2) | $38.8 | n/m | ||
Adjusted EBITDA | $55.9 | $64.9 | (13.9%) | ||
Adjusted EBITDA margin | 13.7 | % | 15.6 | % | (190 bps) |
Inbound orders | $431.6 | $435.1 | (0.8%) | ||
Backlog | $473.2 | $469.9 | 0.7% |
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• | ConocoPhillips (United States) |
• | Equinor Snorre (North Sea) |
• | Golden Beach (Australia) |
TechnipFMC.com | Page 11 of 29 |
Three Months Ended | Twelve Months Ended | |
(In millions) | December 31, 2019 | December 31, 2019 |
Corporate expense, reported | $178.9 | $540.3 |
Less charges and (credits) [Exhibits 9,10] | $75.8 | $184.5 |
Corporate expense, adjusted | $103.1 | $355.8 |
Less foreign exchange losses | $64.1 | $146.9 |
Corporate expense, adjusted and excluding foreign exchange losses | $39.0 | $208.9 |
TechnipFMC.com | Page 12 of 29 |
2020 Guidance | ||||
Subsea | Onshore/Offshore | Surface Technologies | ||
Revenue in a range of $6.2 - 6.5 billion | Revenue in a range of $7.5 - 7.8 billion | Revenue in a range of $1.4 - 1.6 billion | ||
EBITDA margin at least 11% (excluding charges and credits) | EBITDA margin at least 10% (excluding charges and credits) | EBITDA margin at least 12% (excluding charges and credits) | ||
TechnipFMC | ||||
Corporate expense, net $180 - 190 million for the full year (excluding the impact of foreign currency fluctuations) | ||||
Net interest expense $80 - 90 million for the full year (excluding the impact of revaluation of partners’ mandatorily redeemable financial liability) | ||||
Tax rate 28 - 32% for the full year | ||||
Capital expenditures approximately $450 million for the full year | ||||
Cash flow from operating activities to exceed $1 billion for the full year |
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TechnipFMC.com | Page 14 of 29 |
• | risks associated with our ability to consummate our proposed separation and spin-off, and our ability to achieve the intended benefits and synergies of the transaction; |
• | unanticipated changes relating to competitive factors in our industry; |
• | demand for our products and services, which is affected by changes in the price of, and demand for, crude oil and natural gas in domestic and international markets; |
• | our ability to develop and implement new technologies and services, as well as our ability to protect and maintain critical intellectual property assets; |
• | potential liabilities arising out of the installation or use of our products; |
• | cost overruns related to our fixed price contracts or capital asset construction projects that may affect revenues; |
• | our ability to timely deliver our backlog and its effect on our future sales, profitability, and our relationships with our customers; |
• | our reliance on subcontractors, suppliers and joint venture partners in the performance of our contracts; |
• | our ability to hire and retain key personnel; |
• | the potential impacts of seasonal and weather conditions; |
• | the cumulative loss of major contracts or alliances; |
• | U.S. and international laws and regulations, including existing or future environmental regulations, that may increase our costs, limit the demand for our products and services or restrict our operations; |
TechnipFMC.com | Page 15 of 29 |
• | disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; |
• | risks associated with The Depository Trust Company and Euroclear for clearance services for shares traded on the NYSE and Euronext Paris, respectively; |
• | the United Kingdom’s withdrawal from the European Union; risks associated with being an English public limited company, including the need for “distributable profits”, shareholder approval of certain capital structure decisions, and the risk that we may not be able to pay dividends or repurchase shares in accordance with our announced capital allocation plan; |
• | compliance with covenants under our debt instruments and conditions in the credit markets; |
• | downgrade in the ratings of our debt could restrict our ability to access the debt capital markets; |
• | the outcome of uninsured claims and litigation against us; |
• | the risks of currency exchange rate fluctuations associated with our international operations; |
• | risks related to our acquisition and divestiture activities; |
• | failure of our information technology infrastructure or any significant breach of security, including related to cyber attacks, and actual or perceived failure to comply with data security and privacy obligations; |
• | risks associated with tax liabilities, changes in U.S. federal or international tax laws or interpretations to which they are subject; |
• | piracy risks for our maritime employees and assets; and |
• | such other risk factors as set forth in our filings with the U.S. Securities and Exchange Commission and in our filings with the Autorité des marchés financiers or the U.K. Financial Conduct Authority. |
TechnipFMC.com | Page 16 of 29 |
Contacts Investor relations Matt Seinsheimer Vice President Investor Relations Tel: +1 281 260 3665 Email: Matt Seinsheimer Phillip Lindsay Director Investor Relations (Europe) Tel: +44 (0) 20 3429 3929 Email: Phillip Lindsay | Media relations Christophe Bélorgeot Senior Vice President Corporate Engagement Tel: +33 1 47 78 39 92 Email: Christophe Belorgeot Brooke Robertson Public Relations Director Tel: +1 281 591 4108 Email: Brooke Robertson |
TechnipFMC.com | Page 17 of 29 |
(Unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 3,726.8 | $ | 3,323.0 | $ | 13,409.1 | $ | 12,552.9 | |||||||
Costs and expenses | 5,816.0 | 4,943.3 | 14,935.8 | 13,470.5 | |||||||||||
(2,089.2 | ) | (1,620.3 | ) | (1,526.7 | ) | (917.6 | ) | ||||||||
Other (expense) income, net | (55.3 | ) | (267.6 | ) | (157.8 | ) | (209.6 | ) | |||||||
Loss before net interest expense and income taxes | (2,144.5 | ) | (1,887.9 | ) | (1,684.5 | ) | (1,127.2 | ) | |||||||
Net interest expense | (106.0 | ) | (116.6 | ) | (451.3 | ) | (360.9 | ) | |||||||
Loss before income taxes | (2,250.5 | ) | (2,004.5 | ) | (2,135.8 | ) | (1,488.1 | ) | |||||||
Provision for income taxes | 179.8 | 242.0 | 276.3 | 422.7 | |||||||||||
Net loss | (2,430.3 | ) | (2,246.5 | ) | (2,412.1 | ) | (1,910.8 | ) | |||||||
Net (income) loss attributable to noncontrolling interests | 16.3 | (12.8 | ) | (3.1 | ) | (10.8 | ) | ||||||||
Net loss attributable to TechnipFMC plc | $ | (2,414.0 | ) | $ | (2,259.3 | ) | $ | (2,415.2 | ) | $ | (1,921.6 | ) | |||
Loss per share attributable to TechnipFMC plc: | |||||||||||||||
Basic | $ | (5.40 | ) | $ | (5.00 | ) | $ | (5.39 | ) | $ | (4.20 | ) | |||
Diluted | $ | (5.40 | ) | $ | (5.00 | ) | $ | (5.39 | ) | $ | (4.20 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic | 447.1 | 452.0 | 448.0 | 458.0 | |||||||||||
Diluted | 447.1 | 452.0 | 448.0 | 458.0 | |||||||||||
Cash dividends declared per share | $ | 0.13 | $ | 0.13 | $ | 0.52 | $ | 0.52 |
TechnipFMC.com | Page 18 of 29 |
(Unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | |||||||||||||||
Subsea | $ | 1,486.8 | $ | 1,233.3 | $ | 5,523.0 | $ | 4,840.0 | |||||||
Onshore/Offshore | 1,832.4 | 1,672.4 | 6,268.8 | 6,120.7 | |||||||||||
Surface Technologies | 407.6 | 417.3 | 1,617.3 | 1,592.2 | |||||||||||
$ | 3,726.8 | $ | 3,323.0 | $ | 13,409.1 | $ | 12,552.9 | ||||||||
Income (loss) before income taxes | |||||||||||||||
Segment operating profit (loss) | |||||||||||||||
Subsea | $ | (1,512.7 | ) | $ | (1,739.5 | ) | $ | (1,447.7 | ) | $ | (1,529.5 | ) | |||
Onshore/Offshore | 245.3 | 206.4 | 959.6 | 824.0 | |||||||||||
Surface Technologies | (698.2 | ) | 38.8 | (656.1 | ) | 172.8 | |||||||||
Total segment operating profit (loss) | (1,965.6 | ) | (1,494.3 | ) | (1,144.2 | ) | (532.7 | ) | |||||||
Corporate items | |||||||||||||||
Corporate expense (1) | (178.9 | ) | (393.6 | ) | (540.3 | ) | (594.5 | ) | |||||||
Net interest expense | (106.0 | ) | (116.6 | ) | (451.3 | ) | (360.9 | ) | |||||||
Total corporate items | (284.9 | ) | (510.2 | ) | (991.6 | ) | (955.4 | ) | |||||||
Loss before income taxes (2) | $ | (2,250.5 | ) | $ | (2,004.5 | ) | $ | (2,135.8 | ) | $ | (1,488.1 | ) |
(1) | Corporate expense primarily includes corporate staff expenses, legal reserve, share-based compensation expenses, other employee benefits, certain foreign exchange gains and losses, merger transaction and integration expenses and separation expenses. |
(2) | Includes amounts attributable to noncontrolling interests. |
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Three Months Ended | Year Ended | ||||||||||||||
Inbound Orders (1) | December 31, | December 31, | |||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Subsea | $ | 1,172.3 | $ | 880.6 | $ | 7,992.6 | $ | 5,178.5 | |||||||
Onshore/Offshore | 1,114.5 | 1,609.4 | 13,080.5 | 7,425.9 | |||||||||||
Surface Technologies | 431.6 | 435.1 | 1,619.9 | 1,686.6 | |||||||||||
Total inbound orders | $ | 2,718.4 | $ | 2,925.1 | $ | 22,693.0 | $ | 14,291.0 |
Order Backlog (2) | December 31, | ||||||
2019 | 2018 | ||||||
Subsea | $ | 8,479.8 | $ | 5,999.6 | |||
Onshore/Offshore | 15,298.1 | 8,090.5 | |||||
Surface Technologies | 473.2 | 469.9 | |||||
Total order backlog | $ | 24,251.1 | $ | 14,560.0 |
(1) | Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period. |
(2) | Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date. |
TechnipFMC.com | Page 20 of 29 |
(Unaudited) | |||||||
December 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 5,190.2 | $ | 5,540.0 | |||
Trade receivables, net | 2,218.1 | 2,469.7 | |||||
Contract assets | 1,520.0 | 1,295.0 | |||||
Inventories, net | 1,416.0 | 1,251.2 | |||||
Other current assets | 1,473.1 | 1,225.3 | |||||
Total current assets | 11,817.4 | 11,781.2 | |||||
Property, plant and equipment, net | 3,162.0 | 3,259.8 | |||||
Goodwill | 5,598.3 | 7,607.6 | |||||
Intangible assets, net | 1,086.6 | 1,176.7 | |||||
Other assets | 1,785.5 | 959.2 | |||||
Total assets | $ | 23,449.8 | $ | 24,784.5 | |||
Short-term debt and current portion of long-term debt | $ | 495.4 | $ | 67.4 | |||
Accounts payable, trade | 2,590.8 | 2,600.3 | |||||
Contract liabilities | 4,585.1 | 4,085.1 | |||||
Other current liabilities | 2,398.1 | 2,386.6 | |||||
Total current liabilities | 10,069.4 | 9,139.4 | |||||
Long-term debt, less current portion | 3,980.0 | 4,124.3 | |||||
Other liabilities | 1,671.2 | 1,093.4 | |||||
Redeemable noncontrolling interest | 41.1 | 38.5 | |||||
TechnipFMC plc stockholders’ equity | 7,659.3 | 10,357.6 | |||||
Noncontrolling interests | 28.8 | 31.3 | |||||
Total liabilities and equity | $ | 23,449.8 | $ | 24,784.5 |
TechnipFMC.com | Page 21 of 29 |
(Unaudited) | |||||||
Year Ended | |||||||
December 31, | |||||||
2019 | 2018 | ||||||
Cash provided (required) by operating activities | |||||||
Net income (loss) | $ | (2,412.1 | ) | $ | (1,910.8 | ) | |
Adjustments to reconcile net income to cash provided (required) by operating activities | |||||||
Depreciation | 383.5 | 367.8 | |||||
Amortization | 126.1 | 182.6 | |||||
Impairments | 2,484.1 | 1,792.6 | |||||
Employee benefit plan and share-based compensation costs | 63.3 | 22.4 | |||||
Deferred income tax provision (benefit), net | (75.4 | ) | 48.8 | ||||
Unrealized loss on derivative instruments and foreign exchange | 32.5 | 102.7 | |||||
Income from equity affiliates, net of dividends received | (58.8 | ) | (110.7 | ) | |||
Other | 364.4 | 291.8 | |||||
Changes in operating assets and liabilities, net of effects of acquisitions | |||||||
Trade receivables, net and contract assets | 29.3 | (664.1 | ) | ||||
Inventories, net | (169.6 | ) | (339.4 | ) | |||
Accounts payable, trade | (42.9 | ) | (1,248.7 | ) | |||
Contract liabilities | 520.1 | 762.7 | |||||
Income taxes payable (receivable), net | 12.7 | (190.7 | ) | ||||
Other current assets and liabilities, net | (431.8 | ) | 921.2 | ||||
Other noncurrent assets and liabilities, net | 23.1 | (213.6 | ) | ||||
Cash provided (required) by operating activities | 848.5 | (185.4 | ) | ||||
Cash provided (required) by investing activities | |||||||
Capital expenditures | (454.4 | ) | (368.1 | ) | |||
Payment to acquire debt securities | (71.6 | ) | — | ||||
Proceeds from sale of debt securities | 18.9 | — | |||||
Acquisitions, net of cash acquired | 16.0 | (104.9 | ) | ||||
Cash divested from deconsolidation | (2.1 | ) | (6.7 | ) | |||
Proceeds from sale of assets | 7.8 | 19.5 | |||||
Proceeds from repayment of advance to joint venture | 62.0 | — | |||||
Other | 3.6 | — | |||||
Cash required by investing activities | (419.8 | ) | (460.2 | ) | |||
Cash required by financing activities | |||||||
Net decrease in short-term debt | (49.6 | ) | (34.9 | ) | |||
Net (decrease) increase in commercial paper | 57.3 | 496.6 | |||||
Proceeds from issuance of long-term debt | 96.2 | — | |||||
Purchase of ordinary shares | (92.7 | ) | (442.6 | ) | |||
Dividends paid | (232.8 | ) | (238.1 | ) | |||
Settlements of mandatorily redeemable financial liability | (562.8 | ) | (225.8 | ) | |||
Other | — | — | |||||
Cash required by financing activities | (784.4 | ) | (444.8 | ) | |||
Effect of changes in foreign exchange rates on cash and cash equivalents | 5.9 | (107.0 | ) | ||||
Decrease in cash and cash equivalents | (349.8 | ) | (1,197.4 | ) | |||
Cash and cash equivalents, beginning of period | 5,540.0 | 6,737.4 | |||||
Cash and cash equivalents, end of period | $ | 5,190.2 | $ | 5,540.0 |
TechnipFMC.com | Page 22 of 29 |
December 31, | |||
2019 | |||
Contract liabilities | $ | 1,268.7 | |
Mandatorily redeemable financial liability | 268.8 |
Three Months Ended | |||
December 31, | |||
2019 | |||
Cash provided by operating activities | $ | 58.2 | |
Settlements of mandatorily redeemable financial liability | (119.1 | ) |
TechnipFMC.com | Page 23 of 29 |
Three Months Ended | |||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | (2,414.0 | ) | $ | (16.3 | ) | $ | 179.8 | $ | 106.0 | $ | (2,144.5 | ) | $ | 131.1 | $ | (2,013.4 | ) | |||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 2,268.6 | — | 88.0 | — | 2,356.6 | — | 2,356.6 | ||||||||||||||||||||
Restructuring and other charges | (1.1 | ) | — | (0.4 | ) | — | (1.5 | ) | — | (1.5 | ) | ||||||||||||||||
Separation costs | 47.1 | — | 15.6 | — | 62.7 | — | 62.7 | ||||||||||||||||||||
Purchase price accounting adjustment | 6.5 | — | 2.0 | — | 8.5 | (8.5 | ) | — | |||||||||||||||||||
Valuation allowance | 108.0 | — | (108.0 | ) | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | 15.1 | $ | (16.3 | ) | $ | 177.0 | $ | 106.0 | $ | 281.8 | $ | 122.6 | $ | 404.4 | ||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (5.40 | ) | ||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.03 |
Three Months Ended | |||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income (loss) before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | (2,259.3 | ) | $ | 12.8 | $ | 242.0 | $ | 116.6 | $ | (1,887.9 | ) | $ | 137.9 | $ | (1,750.0 | ) | ||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 1,688.8 | — | 89.7 | — | 1,778.5 | — | 1,778.5 | ||||||||||||||||||||
Restructuring and other severance charges | 11.6 | — | 8.5 | — | 20.1 | — | 20.1 | ||||||||||||||||||||
Business combination transaction and integration costs | 8.7 | — | 6.9 | — | 15.6 | — | 15.6 | ||||||||||||||||||||
Legal provision | 280.0 | — | — | — | 280.0 | — | 280.0 | ||||||||||||||||||||
Purchase price accounting adjustment | 17.0 | — | 5.2 | — | 22.2 | (24.0 | ) | (1.8 | ) | ||||||||||||||||||
Tax reform | 11.8 | — | (11.8 | ) | — | — | — | — | |||||||||||||||||||
Valuation allowance | 202.4 | — | (202.4 | ) | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | (39.0 | ) | $ | 12.8 | $ | 138.1 | $ | 116.6 | $ | 228.5 | $ | 113.9 | $ | 342.4 | ||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported | $ | (5.00 | ) | ||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | (0.09 | ) |
TechnipFMC.com | Page 24 of 29 |
Year Ended | |||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||
Net income attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | (2,415.2 | ) | $ | 3.1 | $ | 276.3 | $ | 451.3 | $ | (1,684.5 | ) | $ | 509.6 | $ | (1,174.9 | ) | ||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 2,364.2 | — | 119.9 | — | 2,484.1 | — | 2,484.1 | ||||||||||||||||||||
Restructuring and other charges | 27.7 | — | 9.3 | — | 37.0 | — | 37.0 | ||||||||||||||||||||
Business combination transaction and integration costs | 23.1 | — | 8.1 | — | 31.2 | — | 31.2 | ||||||||||||||||||||
Separation costs | 54.2 | — | 17.9 | — | 72.1 | — | 72.1 | ||||||||||||||||||||
Reorganization | 17.2 | — | 8.1 | — | 25.3 | — | 25.3 | ||||||||||||||||||||
Legal provision, net | 46.3 | — | 8.3 | — | 54.6 | — | 54.6 | ||||||||||||||||||||
Purchase price accounting adjustment | 26.0 | — | 8.0 | — | 34.0 | (34.0 | ) | — | |||||||||||||||||||
Valuation allowance | 187.0 | — | (187.0 | ) | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | 330.5 | $ | 3.1 | $ | 268.9 | $ | 451.3 | $ | 1,053.8 | $ | 475.6 | $ | 1,529.4 | |||||||||||||
Diluted earnings (loss) per share attributable to TechnipFMC plc, as reported | $ | (5.39 | ) | ||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.74 |
Year Ended | |||||||||||||||||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||
Net income (loss) attributable to TechnipFMC plc | Net income (loss) attributable to noncontrolling interests | Provision for income taxes | Net interest expense | Income before net interest expense and income taxes (Operating profit) | Depreciation and amortization | Earnings before net interest expense, income taxes, depreciation and amortization (EBITDA) | |||||||||||||||||||||
TechnipFMC plc, as reported | $ | (1,921.6 | ) | $ | 10.8 | $ | 422.7 | $ | 360.9 | $ | (1,127.2 | ) | $ | 550.4 | $ | (576.8 | ) | ||||||||||
Charges and (credits): | |||||||||||||||||||||||||||
Impairment and other charges | 1,698.2 | — | 94.4 | — | 1,792.6 | — | 1,792.6 | ||||||||||||||||||||
Restructuring and other severance charges | 23.9 | — | 14.7 | — | 38.6 | — | 38.6 | ||||||||||||||||||||
Business combination transaction and integration costs | 22.6 | — | 13.9 | — | 36.5 | — | 36.5 | ||||||||||||||||||||
Legal Provision | 280.0 | — | — | — | 280.0 | — | 280.0 | ||||||||||||||||||||
Gain on divestitures | (19.5 | ) | — | (12.1 | ) | — | (31.6 | ) | — | (31.6 | ) | ||||||||||||||||
Purchase price accounting adjustment | 67.9 | — | 20.9 | — | 88.8 | (91.3 | ) | (2.5 | ) | ||||||||||||||||||
Tax reform | 11.8 | — | (11.8 | ) | — | — | — | — | |||||||||||||||||||
Valuation allowance | 213.8 | — | (213.8 | ) | — | — | — | — | |||||||||||||||||||
Adjusted financial measures | $ | 377.1 | $ | 10.8 | $ | 328.9 | $ | 360.9 | $ | 1,077.7 | $ | 459.1 | $ | 1,536.8 | |||||||||||||
Diluted earnings per share attributable to TechnipFMC plc, as reported | $ | (4.20 | ) | ||||||||||||||||||||||||
Adjusted diluted earnings per share attributable to TechnipFMC plc | $ | 0.82 |
TechnipFMC.com | Page 25 of 29 |
Three Months Ended | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 1,486.8 | $ | 1,832.4 | $ | 407.6 | $ | — | $ | 3,726.8 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,512.7 | ) | $ | 245.3 | $ | (698.2 | ) | $ | (178.9 | ) | $ | (2,144.5 | ) | |||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges* | 1,671.7 | — | 684.9 | — | 2,356.6 | ||||||||||||||
Restructuring and other charges* | (57.5 | ) | 5.9 | 37.0 | 13.1 | (1.5 | ) | ||||||||||||
Separation costs | — | — | — | 62.7 | 62.7 | ||||||||||||||
Purchase price accounting adjustments | 8.5 | — | — | — | 8.5 | ||||||||||||||
Subtotal | 1,622.7 | 5.9 | 721.9 | 75.8 | 2,426.3 | ||||||||||||||
Adjusted Operating profit (loss) | 110.0 | 251.2 | 23.7 | (103.1 | ) | 281.8 | |||||||||||||
Adjusted Depreciation and amortization | 75.0 | 8.5 | 32.2 | 6.9 | 122.6 | ||||||||||||||
Adjusted EBITDA | $ | 185.0 | $ | 259.7 | $ | 55.9 | $ | (96.2 | ) | $ | 404.4 | ||||||||
Operating profit margin, as reported | -101.7 | % | 13.4 | % | -171.3 | % | -57.5 | % | |||||||||||
Adjusted Operating profit margin | 7.4 | % | 13.7 | % | 5.8 | % | 7.6 | % | |||||||||||
Adjusted EBITDA margin | 12.4 | % | 14.2 | % | 13.7 | % | 10.9 | % |
*On December 30, 2019, the Company completed the acquisition of the remaining 50 percent of Technip Odebrecht PLSV CV, which resulted in a net loss of $0.9 million that was recorded in the Subsea segment. The net loss comprises an impairment charge of $84.2 million included within impairment and other charges and a bargain purchase gain of $83.3 million included within restructuring and other charges. |
Three Months Ended | |||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 1,233.3 | $ | 1,672.4 | $ | 417.3 | $ | — | $ | 3,323.0 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,739.5 | ) | $ | 206.4 | $ | 38.8 | $ | (393.6 | ) | $ | (1,887.9 | ) | ||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 1,775.6 | — | 2.9 | — | 1,778.5 | ||||||||||||||
Restructuring and other severance charges | 7.2 | 2.4 | 2.9 | 7.6 | 20.1 | ||||||||||||||
Business combination transaction and integration costs | — | — | — | 15.6 | 15.6 | ||||||||||||||
Legal provision | — | — | — | 280.0 | 280.0 | ||||||||||||||
Purchase price accounting adjustments - non-amortization related | (3.3 | ) | — | 1.4 | 0.1 | (1.8 | ) | ||||||||||||
Purchase price accounting adjustments - amortization related | 23.6 | — | 0.4 | — | 24.0 | ||||||||||||||
Subtotal | 1,803.1 | 2.4 | 7.6 | 303.3 | 2,116.4 | ||||||||||||||
Adjusted Operating profit (loss) | 63.6 | 208.8 | 46.4 | (90.3 | ) | 228.5 | |||||||||||||
Adjusted Depreciation and amortization | 84.9 | 8.4 | 18.5 | 2.1 | 113.9 | ||||||||||||||
Adjusted EBITDA | $ | 148.5 | $ | 217.2 | $ | 64.9 | $ | (88.2 | ) | $ | 342.4 | ||||||||
Operating profit margin, as reported | -141.0 | % | 12.3 | % | 9.3 | % | -56.8 | % | |||||||||||
Adjusted Operating profit margin | 5.2 | % | 12.5 | % | 11.1 | % | 6.9 | % | |||||||||||
Adjusted EBITDA margin | 12.0 | % | 13.0 | % | 15.6 | % | 10.3 | % |
TechnipFMC.com | Page 26 of 29 |
Year Ended | |||||||||||||||||||
December 31, 2019 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 5,523.0 | $ | 6,268.8 | $ | 1,617.3 | $ | — | $ | 13,409.1 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,447.7 | ) | $ | 959.6 | $ | (656.1 | ) | $ | (540.3 | ) | $ | (1,684.5 | ) | |||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges* | 1,798.6 | — | 685.5 | — | 2,484.1 | ||||||||||||||
Restructuring and other charges* | (46.4 | ) | 17.0 | 39.8 | 26.6 | 37.0 | |||||||||||||
Business combination transaction and integration costs | — | — | — | 31.2 | 31.2 | ||||||||||||||
Separation costs | — | — | — | 72.1 | 72.1 | ||||||||||||||
Reorganization | — | 25.3 | — | — | 25.3 | ||||||||||||||
Legal provision, net | — | — | — | 54.6 | 54.6 | ||||||||||||||
Purchase price accounting adjustment | 34.0 | — | — | — | 34.0 | ||||||||||||||
Subtotal | 1,786.2 | 42.3 | 725.3 | 184.5 | 2,738.3 | ||||||||||||||
Adjusted Operating profit (loss) | 338.5 | 1,001.9 | 69.2 | (355.8 | ) | 1,053.8 | |||||||||||||
Adjusted Depreciation and amortization | 311.6 | 38.7 | 107.9 | 17.4 | 475.6 | ||||||||||||||
Adjusted EBITDA | $ | 650.1 | $ | 1,040.6 | $ | 177.1 | $ | (338.4 | ) | $ | 1,529.4 | ||||||||
Operating profit margin, as reported | -26.2 | % | 15.3 | % | -40.6 | % | -12.6 | % | |||||||||||
Adjusted Operating profit margin | 6.1 | % | 16.0 | % | 4.3 | % | 7.9 | % | |||||||||||
Adjusted EBITDA margin | 11.8 | % | 16.6 | % | 11.0 | % | 11.4 | % |
*On December 30, 2019, the Company completed the acquisition of the remaining 50 percent of Technip Odebrecht PLSV CV, which resulted in a net loss of $0.9 million that was recorded in the Subsea segment. The net loss comprises an impairment charge of $84.2 million included within impairment and other charges and a bargain purchase gain of $83.3 million included within restructuring and other charges. |
Year Ended | |||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
Subsea | Onshore/ Offshore | Surface Technologies | Corporate and Other | Total | |||||||||||||||
Revenue | $ | 4,840.0 | $ | 6,120.7 | $ | 1,592.2 | $ | — | $ | 12,552.9 | |||||||||
Operating profit (loss), as reported (pre-tax) | $ | (1,529.5 | ) | $ | 824.0 | $ | 172.8 | $ | (594.5 | ) | $ | (1,127.2 | ) | ||||||
Charges and (credits): | |||||||||||||||||||
Impairment and other charges | 1,784.2 | — | 4.5 | 3.9 | 1,792.6 | ||||||||||||||
Restructuring and other severance charges | 17.7 | (3.4 | ) | 9.3 | 15.0 | 38.6 | |||||||||||||
Business combination transaction and integration costs | — | — | — | 36.5 | 36.5 | ||||||||||||||
Legal provision | — | — | — | 280.0 | 280.0 | ||||||||||||||
Gain on divestitures | (3.3 | ) | (28.3 | ) | — | — | (31.6 | ) | |||||||||||
Purchase price accounting adjustments - non-amortization related | (9.4 | ) | — | 7.1 | (0.2 | ) | (2.5 | ) | |||||||||||
Purchase price accounting adjustments - amortization related | 91.3 | — | — | — | 91.3 | ||||||||||||||
Subtotal | 1,880.5 | (31.7 | ) | 20.9 | 335.2 | 2,204.9 | |||||||||||||
Adjusted Operating profit (loss) | 351.0 | 792.3 | 193.7 | (259.3 | ) | 1,077.7 | |||||||||||||
Adjusted Depreciation and amortization | 349.2 | 38.1 | 66.6 | 5.2 | 459.1 | ||||||||||||||
Adjusted EBITDA | $ | 700.2 | $ | 830.4 | $ | 260.3 | $ | (254.1 | ) | $ | 1,536.8 | ||||||||
Operating profit margin, as reported | -31.6 | % | 13.5 | % | 10.9 | % | -9.0 | % | |||||||||||
Adjusted Operating profit margin | 7.3 | % | 12.9 | % | 12.2 | % | 8.6 | % | |||||||||||
Adjusted EBITDA margin | 14.5 | % | 13.6 | % | 16.3 | % | 12.2 | % |
TechnipFMC.com | Page 27 of 29 |
Three Months Ended | |||||||
December 31, | |||||||
2019 | 2018 | ||||||
Corporate expense, reported | $ | 178.9 | $ | 393.6 | |||
Less charges and (credits) [Exhibit 9] | 75.8 | 303.3 | |||||
Corporate expense, adjusted | 103.1 | 90.3 | |||||
Less foreign exchange losses | 64.1 | 38.7 | |||||
Corporate expense, adjusted and excluding foreign exchange losses | $ | 39.0 | $ | 51.6 |
Year Ended | |||||||
December 31, | |||||||
2019 | 2018 | ||||||
Corporate expense, reported | $ | 540.3 | $ | 594.5 | |||
Less charges and (credits) [Exhibit 10] | 184.5 | 335.2 | |||||
Corporate expense, adjusted | 355.8 | 259.3 | |||||
Less foreign exchange losses | 146.9 | 116.5 | |||||
Corporate expense, adjusted and excluding foreign exchange losses | $ | 208.9 | $ | 142.8 |
TechnipFMC.com | Page 28 of 29 |
December 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 5,190.2 | $ | 5,540.0 | |||
Short-term debt and current portion of long-term debt | (495.4 | ) | (67.4 | ) | |||
Long-term debt, less current portion | (3,980.0 | ) | (4,124.3 | ) | |||
Net cash | $ | 714.8 | $ | 1,348.3 |
TechnipFMC.com | Page 29 of 29 |
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Cover Document |
Feb. 26, 2020 |
---|---|
Cover page. | |
Entity Central Index Key | 0001681459 |
Document Type | 8-K |
Title of 12(b) Security | Ordinary shares, $1.00 par value per share |
Entity Address, Address Line One | One St. Paul’s Churchyard |
Entity Incorporation, State or Country Code | X0 |
Entity File Number | 001-37983 |
Document Period End Date | Feb. 26, 2020 |
Entity Tax Identification Number | 98-1283037 |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | EC4M 8AP |
Trading Symbol | FTI |
Security Exchange Name | NYSE |
Entity Registrant Name | TechnipFMC plc |
Country Region | 44 |
City Area Code | 203 |
Local Phone Number | 429-3950 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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