BAKU, Azerbaijan, March 2. TechnipFMC’s Subsea division reported fourth-quarter revenue of $2.05 billion, reflecting a 1% increase from the previous quarter, Trend reports.
The growth was driven by higher activity in the Gulf of America and Africa, partially offset by lower activity in Latin America and Asia Pacific following the completion of key project milestones.
Operating profit for the quarter stood at $230 million, a decline from the previous quarter due to seasonally lower vessel-based activity and a different mix of projects executed. This was also impacted by $13.1 million in higher restructuring, impairment, and other charges. Operating profit margin decreased by 300 basis points to 11.2%.
Adjusted EBITDA for Subsea reached $338.6 million, down 8.7% from the previous quarter, with a margin of 16.5%, reflecting the same factors as operating profit.
Subsea inbound orders for the quarter were $2.7 billion, with a book-to-bill ratio of 1.3x. Significant contract awards included TotalEnergies’ GranMorgu iEPCI™ project in Suriname, valued over $1 billion, and Shell’s Bonga North project in Nigeria, valued between $250 million and $500 million.
