INVESTMENTS

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

INVESTMENTS

Our income (loss) from equity affiliates is included in our Subsea segment. Our income from equity affiliates during the three months ended March 31, 2022 and 2021 was $5.4 million and $7.7 million, respectively.

During the three months ended March 31, 2022, we entered into a partnership with Magnora ASA, Magnora Offshore Wind, in order to develop floating offshore wind projects. As of March 31, 2022, the equity method investment balance was $2.9 million and represented approximately 20% ownership.

Investment in Technip Energies

As of March 31, 2022, we retained a direct stake of 4.0 million shares, representing 2.2% of Technip Energies’ issued and outstanding share capital. The carrying amount of our investment in Technip Energies as of March 31, 2022 was $49.1 million.

For the three months ended March 31, 2022 and 2021, we recognized $28.5 million loss and $470.1 million gain, respectively, related to our investment in Technip Energies. The amounts recognized include purchase price discounts on the sales of shares and fair value revaluation losses of our investment.

Subsequent to the quarter end, we fully divested of our remaining ownership in Technip Energies.