TechnipFMC (NYSE: FTI) stayed in the red in Q3, with pre-tax losses of $26.7m, as market momentum in the North Sea and Asia slowed.
However the results are an improvement on the same period last year, a deficit of $49.7m, amid the height of Covid.
Revenues dropped slightly to $1.57bn, from $1.66bn in Q2 of this year and $1.7billion in Q3 2020.
The subsea division saw quarterly revenue decline by 5.9% to $1.3bn “driven by lower activity in the North Sea and Asia”.
Inbound orders are down across the board by 12.4% from Q2 to $1.36billion and 24.7% year on year for the New York-listed firm.
However adjusted earnings before interest, taxes, depreciation and amortisation was up 16% on the same period last year to $140m.
CEO Doug Pferdehirt said: “Third quarter results reflect continued strength in operational performance and further support our confidence in achieving full-year financial guidance. We also made progress on our commitments to strengthen our balance sheet and exit our ownership in Technip Energies.
“With the completion of our most recent sale, we have now sold just over 75% of our original stake in Technip Energies, a portion of which was used to reduce our outstanding debt by $185 million in the quarter.”
Recommended for you
