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TechnipFMC: new frontiers present long-term subsea opportunities
A major subsea engineering group expects projects and contracts to emerge in new frontiers while it has obtained higher orders from offshore energy companies
TechnipFMC anticipates strong growth for its subsea operations in the coming years from key deepwater hydrocarbon basins and new frontiers for exploration and development.
The offshore vessel owner, charterer and contractor has built up a backlog of US$14.9Bn for subsea activities, as of the end of March, and has US$26.0Bn of opportunities in its sights over the next 24 months.
TechnipFMC has raked in contracts for integrated engineering, procurement, construction and installation (EPCI) of subsea infrastructure in deepwater projects and mature basins.
It anticipates winning more contract work in these regions, particularly offshore Brazil, Guyana, USA, and in West Africa and the North Sea, while new frontiers are emerging in Cyprus, India, Mozambique, Namibia and Suriname.
In Q1 2025, TechnipFMC secured US$2.8Bn of orders including an EPCI contract from Shell for the subsea production systems on the Gato do Mato deepwater project offshore Brazil. This was higher than the US$2.2Bn of revenue made in the quarter.
“Our subsea opportunities list now highlights more than US$26.0Bn of inbound opportunities over the next 24 months"
Orders also included an EPCI contract from by Equinor for its Johan Sverdrup Phase 3 development in the Norwegian sector of the North Sea.
This latest phase will increase production by tying in additional wells to the current infrastructure, for which TechnipFMC will design, manufacture and install subsea production systems, umbilicals and rigid pipe that will tie new templates into the existing processing hub.
“Orders have now exceeded revenue in eight of the last nine quarters, supported by robust inbound contracts for integrated EPCI and subsea,” said TechnipFMC chair and chief executive, Doug Pferdehirt.
“To further advance the growth of our integrated portfolio, we recently announced a strategic alliance with Cairn Oil & Gas to deliver future deepwater developments offshore India using our integrated EPCI commercial model.”
TechnipFMC’s revenue from subsea projects in Q1 2025 was US$1,936M, as higher project activity in Asia Pacific and Brazil partially offset lower activity in Africa, the North Sea, and offshore USA.
“Our subsea opportunities list now highlights more than US$26.0Bn of inbound [contracting] opportunities over the next 24 months, when using the midpoint of project values,” said Mr Pferdehirt.
“Putting this into perspective, the value of this list has grown nearly 20% over the last 12 months and represents the third consecutive quarterly increase,” he said.
“The opportunity set is also supported by multiple new frontiers, including Guyana, Suriname, Namibia, Mozambique and Cyprus, all of which present long-term opportunities with development lifecycles that extend well beyond the end of the decade.”
Mr Pferdehirt expects delays in project investment decisions due to volatile oil and gas prices and the economic feasibility of developments, but is still upbeat on the long-term demand.
“We continue to believe offshore will remain a preferred investment of operators, with deepwater attracting a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources,” he said. “This gives us continued confidence in delivering more than US$10Bn of subsea inbound in 2025.”
Mr Pferdehirt continued, “We are excited about what lies ahead for us. Our opportunity set is deep and diverse. At the same time, our execution is strong and accelerating, and our business transformation is creating even more value for our clients, our company and our shareholders.”
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