The boss of oil service company TechnipFMC has predicted a return to growth for international markets in 2018.
Chief executive Doug Pferdehirt said the Middle East, Asia Pacific, and Europe were positioned for the strongest growth.
He was speaking after TechnipFMC revealed a drop in profits in 2017.
Full year revenues decreased by a fifth to $15billion, while net income sank 70% to $113million.
Nonetheless, the company hailed a “successful first year” and pointed to “strong operational performance across all segments”.
The company was formed as a result of a merger between Technip and FMC Technologies, which was completed in January 2017.
Highlights from last year included the award for the engineering, procurement, and construction of the Snorre Expansion project in the Norwegian North Sea.
Mr Pferdehirt said: “Our full year operational performance is a result of our relentless focus on project execution and our commitment to delivering client success.
“This focus was evident once again in the strong operational results demonstrated across all segments in the fourth quarter.
“Total Company adjusted EBITDA grew sequentially, driven by strong project execution and key milestone achievements on several projects in both Subsea and Onshore/Offshore.
“Surface Technologies results were broadly in-line with the solid third quarter performance.
“We are extremely pleased with these results along with the many operational, commercial, and strategic accomplishments of our first year as TechnipFMC.”
He added: “In 2018, we expect to see another increase in subsea market activity, driven by major projects as well as a blend of small-to-mid size projects and service opportunities.
“We remain confident that our inbound orders will grow year-over-year and that as much as 25 percent of these orders will come from iEPCI in 2018.”
Recommended for you
