INVESTMENTS

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

INVESTMENTS

Our income from equity affiliates is included in our Subsea segment. During the three and six months ended June 30, 2022, our income from equity affiliates was $4.3 million and $9.7 million, respectively. Our income from equity affiliates during the three and six months ended June 30, 2021 was $12.8 million and $20.5 million, respectively.

During the six months ended June 30, 2022, we entered into Magnora Offshore Wind AS, a partnership with Magnora ASA, in order to develop floating offshore wind projects. As of June 30, 2022, the equity method investment balance was $2.5 million and represented approximately 20% ownership.

Investment in Technip Energies

During the three and six months ended June 30, 2022, we fully divested our remaining ownership in Technip Energies.

For the three and six months ended June 30, 2022, we recognized $0.8 million of income and a $27.7 million loss, respectively, related to our investment in Technip Energies. The amounts recognized include purchase price discounts on the sales of shares and fair value revaluation gains (losses) of our investment.

For the three and six months ended June 30, 2021, we recognized a $146.8 million loss and $323.3 million of income, respectively, related to our investment in Technip Energies. The amounts recognized include purchase price discounts on the sales of shares and fair value revaluation gains (losses) of our investment.