TechnipFMC plc reported a record backlog of $14.7 billion and increased share repurchase authorization by $1 billion, reflecting strong operational performance and positive growth outlook in the subsea industry.

Target Company Overview

TechnipFMC plc (NYSE: FTI) is a global leader in delivering technology-driven solutions for the energy sector, combining engineering and technological expertise across two business segments: Subsea and Surface Technologies. The company recently achieved a record backlog of $14.7 billion and unprecedented subsea backlog of $13.7 billion, demonstrating its strong market position and operational capabilities.

In the third quarter results released on October 24, 2024, TechnipFMC reported a revenue increase of 1.0% to $2,348.4 million from the previous quarter, with net income soaring to $274.6 million, marking a significant year-over-year increase of 205.1%. The company’s focus on innovative solutions in subsea projects and a strong underlying operational performance are key contributors to its financial success.

Industry Overview in the U.S.

The energy sector in the U.S. has undergone a notable transformation, driven by advances in technology and an increasing emphasis on sustainability. With government initiatives sup