TechnipFMC Reports 16.1% Revenue Growth to $9.08 Billion for Fiscal Year 2024

TechnipFMC plc reported significant financial growth for the fiscal year ending December 31, 2024, with total revenue reaching $9.08 billion, a 16.1% increase from $7.82 billion in 2023. The company achieved a net income of $842.9 million, compared to $56.2 million in the previous year, marking a substantial recovery and profitability improvement. This increase in profitability was driven by a 21.5% rise in revenue from the Subsea segment, which accounted for $7.82 billion, while the Surface Technologies segment saw a decline in revenue to $1.26 billion, down 9.1% from the prior year.

The company’s order backlog also demonstrated robust growth, increasing to $14.38 billion, up from $13.23 billion in 2023. Inbound orders improved by 5% year-over-year, totaling $11.57 billion, with the Subsea segment contributing $10.40 billion. Notably, the Subsea segment's performance was bolstered by a record year of integrated project orders, with nearly $5 billion awarded from a diverse range of operators across multiple offshore basins. The Surface Technologies segment, however, experienced a 5% decrease in inbound orders, primarily due to lower activity levels in North America and Europe.

Strategically, TechnipFMC has focused on enhancing its technological capabilities and expanding its market presence. The company has made significant strides in its New Energy initiatives, including the award of an iEPCI™ contract for the Mero 3 HISEP® project, which aims to utilize subsea processing for carbon capture. Additionally, TechnipFMC has entered into a collaboration with Prysmian to develop integrated solutions for offshore floating wind projects, further positioning itself as a leader in the energy transition.

Operationally, TechnipFMC's workforce increased to approximately 25,304 employees, up from 25,027 in 2023, reflecting the company's commitment to scaling its operations in response to growing demand. The company also reported a strong cash flow from operations of $961 million, a 39% increase from the previous year, and a free cash flow of $679.4 million, up 45% year-over-year. This financial strength has enabled TechnipFMC to return $486 million to shareholders through dividends and share repurchases, nearly doubling the amount returned in the prior year.

Looking ahead, TechnipFMC maintains a positive outlook for 2025, anticipating continued growth in energy demand and investment in offshore projects. The company is well-positioned to leverage its technological innovations and operational efficiencies to enhance project economics and support its clients' energy transition goals. The management's focus on sustainability and technological advancement is expected to drive further growth and shareholder value in the coming years.