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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____ .
Commission File Number: 001-37983

TechnipFMC plc
(Exact name of registrant as specified in its charter)
United Kingdom98-1283037
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
One Subsea Lane
Houston, Texas
United States of America77044
(Addresses of principal executive offices)(Zip Codes)
+1 281-591-4000
(Registrant’s telephone number, including area code)
______________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Ordinary shares, $1.00 par value per shareFTINew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding at July 24, 2023
Ordinary shares, $1.00 par value per share438,068,560



TABLE OF CONTENTS
Page
2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of TechnipFMC plc (the “Company,” “we,” “us,” or “our”) contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events, market growth and recovery, growth of our new energies business and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.
All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include those set forth in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and Part II, Item 1A, “Risk Factors” and elsewhere of this Quarterly Report on Form 10-Q, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and any resurgence thereof; our inability to develop, implement and protect new technologies and services and intellectual property related thereto, including new technologies and services for our New Energy business; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC to act as depository agency for our shares; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding ESG matters; uncertainties related to our investments in New Energy business; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; risks of pirates endangering our maritime employees and assets; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; and our inability to obtain sufficient bonding capacity for certain contracts. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
3


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
(In millions, except per share data)
2023202220232022
Revenue
Service revenue$1,049.4 $974.9 $1,917.5 $1,871.6 
Product revenue858.8 682.2 1,653.9 1,296.3 
Lease revenue64.0 60.1 118.2 105.1 
Total revenue1,972.2 1,717.2 3,689.6 3,273.0 
Costs and expenses
Cost of service revenue870.5 773.3 1,672.5 1,604.4 
Cost of product revenue725.6 661.7 1,380.3 1,161.0 
Cost of lease revenue45.7 43.4 85.5 83.2 
Selling, general and administrative expense150.0 143.1 303.9 302.7 
Research and development expense16.8 11.5 32.2 26.1 
Impairment, restructuring and other expenses 5.1 7.2 5.7 8.2 
Total costs and expenses1,813.7 1,640.2 3,480.1 3,185.6 
Other income (expense), net (Note 13)(182.3)3.0 (183.6)43.8 
Income from equity affiliates (Note 9)1.1 4.3 15.3 9.7 
Income (loss) from investment in Technip Energies — 0.8 — (27.7)
Income (loss) before net interest expense and income taxes(22.7)85.1 41.2 113.2 
Interest income4.1 4.0 12.4 8.0 
Interest expense(34.4)(31.7)(61.4)(69.6)
Loss on early extinguishment of debt— (29.8)— (29.8)
Income (loss) before income taxes(53.0)27.6 (7.8)21.8 
Provision for income taxes (Note 14)43.3 19.8 80.7 48.3 
Income (loss) from continuing operations(96.3)7.8 (88.5)(26.5)
(Income) loss from continuing operations attributable to non-controlling interests9.1 (5.7)1.7 (13.7)
Income (loss) from continuing operations attributable to TechnipFMC plc(87.2)2.1 (86.8)(40.2)
Loss from discontinued operations— — — (19.4)
Net income (loss) attributable to TechnipFMC plc$(87.2)$2.1 $(86.8)$(59.6)
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic and diluted$(0.20)$0.00 $(0.20)$(0.09)
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$0.00 $0.00 $0.00 $(0.04)
Total earnings (loss) per share attributable to TechnipFMC plc
Basic and diluted$(0.20)$0.00 $(0.20)$(0.13)
Weighted average shares outstanding (Note 5)
Basic440.1 452.2 441.1 451.6
Diluted440.1 456.8 441.1 451.6
The accompanying notes are an integral part of the condensed consolidated financial statements.
4


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended Six Months Ended
June 30,June 30,
(In millions)
2023202220232022
Net income (loss) attributable to TechnipFMC plc$(87.2)$2.1 $(86.8)$(59.6)
(Income) loss from continuing operations attributable to non-controlling interests9.1 (5.7)1.7 (13.7)
Net income (loss) attributable to TechnipFMC plc, including non-controlling interests(96.3)7.8 (88.5)(45.9)
Foreign currency translation adjustments(a)
34.1 (130.0)49.9 (4.3)
Net gains (losses) on hedging instruments
Net losses arising during the period(18.8)(43.7)(24.9)(58.6)
Reclassification adjustment for net losses included in net income (loss)7.0 5.4 8.6 11.8 
Net losses on hedging instruments(b)
(11.8)(38.3)(16.3)(46.8)
Pension and other post-retirement benefits
Net gains (losses) arising during the period2.2 (1.3)0.2 (1.5)
Reclassification adjustment for amortization of prior service cost included in net income (loss)— 0.1 0.1 0.2 
Reclassification adjustment for amortization of net actuarial loss included in net income (loss)2.2 3.0 4.4 6.0 
Net pension and other post-retirement benefits(c)
4.4 1.8 4.7 4.7 
Other comprehensive income (loss), net of tax26.7 (166.5)38.3 (46.4)
Comprehensive loss(69.6)(158.7)(50.2)(92.3)
Comprehensive (income) loss attributable to non-controlling interest10.3 (0.9)4.9 (9.3)
Comprehensive (loss) attributable to TechnipFMC plc$(59.3)$(159.6)$(45.3)$(101.6)

(a)Net of income tax of nil for the three and six months ended June 30, 2023 and 2022.
(b)Net of income tax (expense) benefit of $(6.4) million and $(2.0) million for the three months ended June 30, 2023 and 2022, respectively, and $(11.0) million and $0.1 million for the six months ended June 30, 2023 and 2022, respectively.
(c)Net of income tax (expense) benefit of $3.0 million and $(2.7) million for the three months ended June 30, 2023 and 2022, respectively, and $2.0 million and $(3.1) million for the six months ended June 30, 2023 and 2022, respectively.

The accompanying notes are an integral part of the condensed consolidated financial statements.
5


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions, except par value data)June 30,
2023		December 31,
2022
Assets
Cash and cash equivalents$585.2 $1,057.1 
Trade receivables, net of allowances of $38.9 in 2023 and $34.1 in 2022
1,206.2 966.5 
Contract assets, net of allowances of $1.7 in 2023 and $1.1 in 2022
1,266.5 981.6 
Inventories, net (Note 7)1,158.2 1,039.7 
Derivative financial instruments (Note 15)241.2 282.7 
Income taxes receivable119.1 125.3 
Advances paid to suppliers83.9 80.8 
Other current assets (Note 8)581.8 455.0 
Total current assets5,242.1 4,988.7 
Investments in equity affiliates (Note 9)267.1 325.0 
Property, plant and equipment, net of accumulated depreciation of $2,713.0 in 2023 and $2,255.5 in 2022
2,350.5 2,354.9 
Operating lease right-of-use assets800.2 801.9 
Finance lease right-of-use assets59.3 51.6 
Intangible assets, net of accumulated amortization of $707.2 in 2023 and $663.8 in 2022
673.9 716.0 
Deferred income taxes79.7 72.5 
Derivative financial instruments (Note 15)17.9 7.2 
Other assets142.2 126.5 
Total assets$9,632.9 $9,444.3 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 11)$429.5 $367.3 
Operating lease liabilities143.2 136.1 
Finance lease liabilities2.8 51.9 
Accounts payable, trade1,516.5 1,282.8 
Contract liabilities1,219.0 1,156.4 
Accrued payroll173.0 175.6 
Derivative financial instruments (Note 15)246.3 346.6 
Income taxes payable102.8 96.7 
Other current liabilities (Note 8)604.9 560.9 
Total current liabilities4,438.0 4,174.3 
Long-term debt, less current portion (Note 11)999.7 999.3 
Operating lease liabilities, less current portion725.5 735.7 
Financing lease liabilities, less current portion59.6 1.4 
Deferred income taxes57.7 55.5 
Accrued pension and other post-retirement benefits, less current portion52.2 59.7 
Derivative financial instruments (Note 15)22.9 3.6 
Other liabilities146.1 138.1 
Total liabilities6,501.7 6,167.6 
Commitments and contingent liabilities (Note 13)
Stockholders’ equity (Note 12)
Ordinary shares, $1.00 par value; 618.3 shares authorized in 2023 and 2022; 438.1 shares and 442.2 shares issued and outstanding in 2023 and 2022, respectively
438.1 442.2 
Capital in excess of par value of ordinary shares9,018.1 9,109.7 
Accumulated deficit(5,096.4)(5,010.0)
Accumulated other comprehensive loss(1,260.2)(1,301.7)
Total TechnipFMC plc stockholders’ equity3,099.6 3,240.2 
Non-controlling interests31.6 36.5 
Total equity3,131.2 3,276.7 
Total liabilities and equity$9,632.9 $9,444.3 
The accompanying notes are an integral part of the condensed consolidated financial statements.
6


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)
Six Months Ended June 30,
20232022
Cash provided (required) by operating activities
Net (loss)$(88.5)$(45.9)
Net loss from discontinued operations— 19.4 
Adjustments to reconcile income (loss) from continuing operations to cash provided (required) by operating activities
Depreciation and amortization190.0 189.9 
Loss from investment in Technip Energies— 27.7 
Income from equity affiliates, net of dividends received(15.4)(9.3)
Loss on early extinguishment of debt— 29.8 
Other non-cash items, net11.9 46.5 
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and Contract assets, net(478.1)(322.8)
Inventories, net(102.7)(43.5)
Accounts payable, trade222.8 26.9 
Contract liabilities57.6 (176.4)
Income taxes payable, net18.7 (35.6)
Other current assets and liabilities, net(5.1)(134.8)
Other non-current assets and liabilities, net(41.2)1.8 
Cash required by operating activities(230.0)(426.3)
Cash provided (required) by investing activities
Capital expenditures(110.1)(63.4)
Proceeds from sales of assets20.9 7.9 
Proceeds from sale of investment in Technip Energies— 288.5 
Other investing activities9.8 (3.5)
Cash provided (required) by investing activities(79.4)229.5 
Cash required by financing activities
Net decrease in short-term debt(26.1)(173.5)
Cash settlement for derivative hedging debt(30.1)— 
Net increase in revolving credit facility50.0 170.0 
Repayments of long-term debt— (451.7)
Share repurchases
(100.0)— 
Other financing activities(35.6)(5.5)
Cash required by financing activities(141.8)(460.7)
Effect of changes in foreign exchange rates on cash and cash equivalents(20.7)15.0 
Change in cash and cash equivalents(471.9)(642.5)
Cash and cash equivalents, beginning of period1,057.1 1,327.4 
Cash and cash equivalents, end of period$585.2 $684.9 

The accompanying notes are an integral part of the condensed consolidated financial statements.

7


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2023 and 2022
(In millions)Ordinary SharesCapital in Excess of Par Value of Ordinary SharesAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-controlling InterestTotal Stockholders’ Equity
Balance as of March 31, 2022$452.2 $9,169.1 $(4,969.7)$(1,185.3)$24.1 $3,490.4 
Net income— — 2.1 — 5.7 7.8 
Other comprehensive loss— — — (161.7)(4.8)(166.5)
Share-based compensation— 9.1 — — — 9.1 
Other— — 3.6 — — 3.6 
Balance as of June 30, 2022$452.2 $9,178.2 $(4,964.0)$(1,347.0)$25.0 $3,344.4 
Balance as of March 31, 2023$441.6 $9,056.8 $(5,009.5)$(1,288.1)$41.9 $3,242.7 
Net loss— — (87.2)— (9.1)(96.3)
Other comprehensive income (loss)— — — 27.9 (1.2)26.7 
Issuance of ordinary shares, net of shares withheld for tax0.1 (2.8)— — — (2.7)
Share-based compensation — 10.5 — — — 10.5 
Shares repurchased and cancelled(3.6)(46.4)— — — (50.0)
Other— — 0.3 — — 0.3 
Balance as of June 30, 2023$438.1 $9,018.1 $(5,096.4)$(1,260.2)$31.6 $3,131.2 

8


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 2023 and 2022

(In millions)Ordinary SharesCapital in
Excess of Par
Value of
Ordinary Shares		Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-controlling
Interest		Total
Stockholders’
Equity
Balance as of December 31, 2021$450.7 $9,160.8 $(4,903.8)$(1,305.0)$15.7 $3,418.4 
Net income (loss)— — (59.6)— 13.7 (45.9)
Other comprehensive loss— — — (42.0)(4.4)(46.4)
Issuance of ordinary shares1.5 (1.6)— — — (0.1)
Share-based compensation— 19.0 — — — 19.0 
Other— — (0.6)— — (0.6)
Balance as of June 30, 2022$452.2 $9,178.2 $(4,964.0)$(1,347.0)$25.0 $3,344.4 
Balance as of December 31, 2022$442.2 $9,109.7 $(5,010.0)$(1,301.7)$36.5 $3,276.7 
Net loss— — (86.8)— (1.7)(88.5)
Other comprehensive income (loss)— — — 41.5 (3.2)38.3 
Issuance of ordinary shares, net of shares withheld for tax2.8 (20.1)— — — (17.3)
Share-based compensation — 21.6 — — — 21.6 
Shares repurchased and cancelled(6.9)(93.1)— — — (100.0)
Other— — 0.4 — — 0.4 
Balance as of June 30, 2023$438.1 $9,018.1 $(5,096.4)$(1,260.2)$31.6 $3,131.2 

The accompanying notes are an integral part of the condensed consolidated financial statements.
9


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements of TechnipFMC plc and its consolidated subsidiaries (“TechnipFMC,” the “Company,” “we,” “us,” or “our”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) pertaining to interim financial information. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read together with our audited consolidated financial statements contained in our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2022.

Our accounting policies are in accordance with GAAP. The preparation of financial statements in conformity with these accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Ultimate results could differ from our estimates.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments necessary for a fair statement of our financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these condensed consolidated financial statements may not be representative of the results that may be expected for the year ending December 31, 2023.

Certain prior-year amounts have been reclassified to conform to the current year’s presentation.
NOTE 2. NEW ACCOUNTING STANDARDS
Recently Adopted Accounting Standards under GAAP
In September 2022, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2022-04, "Disclosure of Supplier Finance Program Obligations," which is intended to enhance the transparency surrounding the use of supplier finance programs. Supplier finance programs may also be referred to as reverse factoring, payables finance, or structured payables arrangements. The amendments require a buyer that uses supplier finance programs to make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated roll forward information.

We adopted the standard as of January 1, 2023. We facilitate a supply chain finance program (“SCF”) that is administered by a third-party financial institution which allows qualifying suppliers to sell their receivables from the Company to the SCF bank. These participating suppliers negotiate their outstanding receivable directly with the SCF bank. We are not a party to those agreements and the terms of our payment obligations are not impacted by a supplier’s participation in the SCF. We agree to pay the SCF bank based on the original invoice amounts and maturity dates as consistent with our other Accounts payables.

All outstanding amounts related to suppliers participating in the SCF are recorded within Accounts payable, trade in our Condensed Consolidated Balance Sheets, and the associated payments are included in operating activities within our Condensed Consolidated Statements of Cash Flows. As of June 30, 2023 and December 31, 2022, the amounts due to suppliers participating in the SCF and included in Accounts payable were approximately $143.2 million and $101.8 million, respectively.

10


Recently Issued Accounting Standards under GAAP
In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848).” In addition, in January 2021, FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope” and, in December 2022, issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which clarifies the scope of Topic 848 and defers the sunset date of Topic 848 to December 31, 2024. The amendments in these updates apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. We do not anticipate the adoption of these updates to have a material impact on our condensed consolidated financial statements.

We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or were not expected to have a material impact on our financial statements.
NOTE 3. REVENUE
The majority of our revenue is from long-term contracts associated with designing and manufacturing products and systems and providing services to customers involved in the exploration and production of crude oil and natural gas.
Disaggregation of Revenue
Revenues are disaggregated by geographic location and contract types.
The following tables present total revenue by geography for each reportable segment for the three and six months ended June 30, 2023 and 2022:
Reportable Segments
Three Months Ended
June 30, 2023June 30, 2022
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$558.9 $33.5 $332.5 $27.2 
Europe and Central Asia520.5 51.0 403.6 40.3 
North America252.2 150.2 176.8 144.5 
Africa216.1 11.0 253.7 9.6 
Asia Pacific59.8 17.5 202.1 20.6 
Middle East10.9 90.6 45.9 60.4 
Total revenue$1,618.4 $353.8 $1,414.6 $302.6 
Reportable segments
Six Months Ended
June 30, 2023June 30, 2022
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$999.3 $60.7 $657.3 $48.8 
Europe and Central Asia899.0 95.2 759.6 79.5 
North America502.1 296.3 377.2 260.7 
Africa426.6 20.7 436.8 18.1 
Asia Pacific131.7 35.4 423.6 44.2 
Middle East47.3 175.3 49.2 118.0 
Total revenue$3,006.0 $683.6 $2,703.7 $569.3 
11


The following tables present total revenue by contract type for each reportable segment for the three and six months ended June 30, 2023 and 2022:
Reportable Segments
Three Months Ended
June 30, 2023June 30, 2022
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$996.2 $53.2 $920.4 $54.5 
Products604.3 254.5 475.9 206.3 
Lease17.9 46.1 18.3 41.8 
Total revenue$1,618.4 $353.8 $1,414.6 $302.6 
Reportable segments
Six Months Ended
June 30, 2023June 30, 2022
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$1,811.5 $106.0 $1,766.0 $105.6 
Products1,169.1 484.8 907.4 388.9 
Lease25.4 92.8 30.3 74.8 
Total revenue$3,006.0 $683.6 $2,703.7 $569.3 
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts (contract assets), and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) on the condensed consolidated balance sheets. Any expected contract losses are recorded in the period in which they become probable.
Contract Assets - Contract assets include unbilled amounts typically resulting from sales under long-term contracts when revenue is recognized over time and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs and estimated earnings in excess of billings on uncompleted contracts are generally classified as current.
Contract Liabilities - We sometimes receive advances or deposits from our customers, before revenue is recognized, resulting in contract liabilities.
The following table provides information about net contract assets (liabilities) as of June 30, 2023 and December 31, 2022:
(In millions)June 30,
2023		December 31,
2022		$ change% change
Contract assets$1,266.5 $981.6 $284.9 29.0 
Contract liabilities(1,219.0)(1,156.4)(62.6)(5.4)
Net contract assets (liabilities)$47.5 $(174.8)$222.3 127.2 
The increase in our contract assets from December 31, 2022 to June 30, 2023 was due to the timing of project milestones. The increase in our contract liabilities was driven from an overall portfolio and client mix enabling an acceleration of cash payments in advance.
In order to determine revenue recognized in the period from contract liabilities, we first allocate revenue to the individual contract liability balance outstanding at the beginning of the period until the revenue exceeds that balance. Any subsequent revenue we recognize increases the contract asset balance. Revenue recognized for the three months ended June 30, 2023 and 2022 that was included in the contract liabilities balance as of December 31, 2022 and 2021 was $154.9 million and $102.8 million, respectively and $502.6 million and $215.7 million for the six months ended June 30, 2023 and 2022, respectively.
12


Net revenue recognized from our performance obligations satisfied in prior periods had unfavorable impact of $1.1 million and favorable impact of $34.2 million for the three months ended June 30, 2023 and 2022, respectively, from changes in the estimate of the stage of completion that impacted revenue. For the six months ended June 30, 2023 and 2022, we had unfavorable impact of $3.7 million and favorable impact of $22.0 million, respectively, from changes in the estimate of the stage of completion that impacted revenue.
Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations
Remaining unsatisfied performance obligations (“RUPO” or “order backlog”) represent the transaction price for products and services for which we have a material right, but work has not been performed. Transaction price of the order backlog includes the base transaction price, variable consideration and changes in transaction price. The transaction price of order backlog related to unfilled, confirmed customer orders is estimated at each reporting date. As of June 30, 2023, the aggregate amount of the transaction price allocated to order backlog was $13.3 billion. TechnipFMC expects to recognize revenue on approximately 21.1% of the order backlog through 2023 and 78.9% thereafter.
The following table details the order backlog for each business segment as of June 30, 2023:
(In millions)20232024Thereafter
Subsea$2,352.6 $4,271.6 $5,464.3 
Surface Technologies448.0 182.9 559.2 
Total order backlog$2,800.6 $4,454.5 $6,023.5 
NOTE 4. BUSINESS SEGMENTS
Management’s determination of our reporting segments was made on the basis of our strategic priorities within each segment and the differences in the products and services we provide, which corresponds to the manner in which our Chair and Chief Executive Officer, as our chief operating decision maker, reviews and evaluates operating performance to make decisions about resources to be allocated to the segment. We operate under two reporting segments, Subsea and Surface Technologies:
•Subsea - designs and manufactures products and systems, performs engineering, procurement and project management, and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas.
•Surface Technologies - designs and manufactures products and systems and provides services used by oil and gas companies involved in land and shallow water exploration and production of crude oil and natural gas; designs, manufactures and supplies technologically advanced high-pressure valves and fittings for oilfield service companies; and also provides flowback and well testing services.
Segment operating profit is defined as total segment revenue less segment operating expenses. Income (loss) from equity method investments is included in computing segment operating profit. The following items have been excluded in computing segment operating profit: non-recurring legal settlement charges, corporate staff expense, foreign exchange gains (losses), income (loss) from investment in Technip Energies, net interest income (expense) associated with corporate debt facilities and income taxes.

13


Segment revenue and segment operating profit were as follows:
Three Months Ended Six Months Ended
June 30,June 30,
(In millions)2023202220232022
Segment revenue
Subsea $1,618.4 $1,414.6 $3,006.0 $2,703.7 
Surface Technologies353.8 302.6 683.6 569.3 
Total segment revenue$1,972.2 $1,717.2 $3,689.6 $3,273.0 
Segment operating profit
Subsea $153.4 $97.1 $220.2 $151.1 
Surface Technologies25.7 10.0 48.1 13.7 
Total segment operating profit $179.1 $107.1 $268.3 $164.8 
Corporate items
Corporate expense(a)
(153.5)(22.0)(180.9)(51.5)
Net interest expense(30.3)(27.7)(49.0)(61.6)
Loss on early extinguishment of debt— (29.8)— (29.8)
Income (loss) from investment in Technip Energies— 0.8 — (27.7)
Foreign exchange gains (losses)(48.3)(0.8)(46.2)27.6 
Total corporate items(232.1)(79.5)(276.1)(143.0)
Income (loss) before income taxes(b)
$(53.0)$27.6 $(7.8)$21.8 
(a)Corporate expense for the three and six months ended June 30, 2023, includes a non-recurring legal settlement charge of $126.5 million, the remaining balance primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits.
(b)Includes amounts attributable to non-controlling interests.
14


NOTE 5. EARNINGS (LOSS) PER SHARE
A reconciliation of the number of shares used for the basic and diluted earnings (loss) per share calculation was as follows:
Three Months Ended Six Months Ended
June 30,June 30,
(In millions, except per share data)2023202220232022
Income (loss) from continuing operations attributable to TechnipFMC plc$(87.2)$2.1 $(86.8)$(40.2)
Loss from discontinued operations attributable to TechnipFMC plc— — — (19.4)
Net income (loss) attributable to TechnipFMC plc$(87.2)$2.1 $(86.8)$(59.6)
Weighted average number of shares outstanding440.1 452.2 441.1 451.6 
Dilutive effect of restricted stock units— 4.6 — — 
Total shares and dilutive securities440.1 456.8 441.1 451.6 
Basic and diluted earnings (loss) per share attributable to TechnipFMC plc:
Earnings (loss) per share from continuing operations attributable to TechnipFMC plc
Basic and diluted$(0.20)$0.00 $(0.20)$(0.09)
Earnings (loss) per share from discontinued operations attributable to TechnipFMC plc
Basic and diluted$0.00 $0.00 $0.00 $(0.04)
Total earnings (loss) per share attributable to TechnipFMC plc
Basic and diluted$(0.20)$0.00 $(0.20)$(0.13)
For the three months ended June 30, 2023, and the six months ended June 30, 2023 and 2022, we incurred a loss from continuing operations; therefore, the impact of 11.6 million, 12.7 million and 4.6 million shares, respectively, were anti-dilutive.
Weighted average shares of the following share-based compensation awards were excluded from the calculation of diluted weighted average number of shares, where the assumed proceeds exceed the average market price from the calculation of diluted weighted average number of shares, because their effect would be anti-dilutive:
Three Months Ended Six Months Ended
June 30,June 30,
(millions of shares)2023202220232022
Share option awards1.4 1.6 1.4 1.6 
Restricted share units— — — 1.6 
Performance shares1.2 1.7 0.9 1.2 
Total2.6 3.3 2.3 4.4 
NOTE 6. RECEIVABLES
We manage our receivables portfolios using published default risk as a key credit quality indicator for our loans and receivables. Our loans receivables and other are related to dividends receivable, sales of long-lived assets or businesses, loans to related parties for capital expenditure purposes, or security deposits for lease arrangements.
We manage our held-to-maturity debt securities using published credit ratings as a key credit quality indicator as our held-to-maturity debt securities consist of government bonds.
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The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality.
June 30, 2023December 31, 2022
(In millions)Credit ratingYear of originationBalanceCredit ratingYear of originationBalance
Loans receivables and otherMoody’s rating A3 - Ba22020-2023$138.9 Moody’s rating Aa3 -Ba22020-2022$51.0 
Debt securities at amortized costMoody’s rating B320216.4 Moody’s rating B3202116.2 
Total financial assets$145.3 $67.2 
Credit Losses
To calculate an expected credit loss for contract assets and trade receivables we develop loss-rate statistics on the basis of the amount written-off over the life of the financial assets and contract assets and adjust these historical credit loss trends for forward-looking factors specific to the debtors and the economic environment to determine lifetime expected losses.
For loans receivable, held-to-maturity debt securities at amortized cost, we evaluate whether these securities are considered to have low credit risk at the reporting date using available, reasonable and supportable information.
The table below shows the roll forward of allowance for credit losses as of June 30, 2023 and 2022, respectively.
Balance as of June 30, 2023
(In millions)Trade receivablesContract assetsLoans receivable and otherHeld-to-maturity debt securities
Allowance for credit losses at December 31, 2022$34.2 $1.1 $0.3 $0.2 
Current period provision (release) for expected credit losses5.8 0.6 — (0.1)
Recoveries(1.1)— — — 
Allowance for credit losses at June 30, 2023$38.9 $1.7 $0.3 $0.1 
Balance as of June 30, 2022
(In millions)Trade receivablesContract assetsLoans receivable and otherHeld-to-maturity debt securities
Allowance for credit losses at December 31, 2021$38.1 $1.1 $0.6 $2.7 
Current period provision (release) for expected credit losses1.2 0.1 (0.1)(1.0)
Recoveries(2.1)— — — 
Allowance for credit losses at June 30, 2022$37.2 $1.2 $0.5 $1.7 
Trade receivables are due in one year or less. We do not have any financial assets that are past due or are on non-accrual status.
NOTE 7. INVENTORIES
Inventories consisted of the following:
(In millions)June 30,
2023		December 31,
2022
Raw materials$404.1 $317.4 
Work in process167.4 152.0 
Finished goods586.7 570.3 
Inventories, net$1,158.2 $1,039.7 
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NOTE 8. OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES
Other current assets consisted of the following:
(In millions)June 30,
2023		December 31,
2022
Value-added tax receivables$211.2 $185.6 
Withholding tax and other receivables145.0 137.8 
Prepaid expenses94.6 61.9 
Current financial assets at amortized cost94.0 12.4 
Held-to-maturity investments6.3 15.1 
Assets held for sale4.2 18.6 
Other26.5 23.6 
Total other current assets$581.8 $455.0 
Other current liabilities consisted of the following:
(In millions)June 30,
2023		December 31,
2022
Legal settlement liability(a)
$195.0 $— 
Warranty accruals and project contingencies69.7 87.6 
Value-added tax and other taxes payable67.1 65.3 
Social security liability64.7 70.9 
Legal provisions55.9 116.7 
Compensation accrual34.9 70.8 
Provisions7.5 9.1 
Current portion of accrued pension and other post-retirement benefits4.6 2.5 
Other accrued liabilities105.5 138.0 
Total other current liabilities$604.9 $560.9 
(a) See Note 13 for additional details.
NOTE 9. INVESTMENTS
Our income from equity affiliates is included in our Subsea segment. During the three and six months ended June 30, 2023, our income from equity affiliates was $1.1 million and $15.3 million, respectively. Our income from equity affiliates during the three and six months ended June 30, 2022 was $4.3 million and $9.7 million, respectively.

Our major equity method investments are as follows:
Dofcon Brasil AS is an affiliated company in the form of a joint venture between TechnipFMC and DOF Subsea and was founded in 2006. Dofcon Brasil AS is a holding company, which owns and controls TechDof Brasil AS and Dofcon Navegacao Ltda, collectively referred to as “Dofcon.” Dofcon provides Pipe-Laying Support Vessels (PLSVs) for work in oil and gas fields offshore Brazil. Dofcon is considered a VIE because it does not have sufficient equity to finance its activities without additional subordinated financial support from other parties. We are not the primary beneficiary of the VIE. As such, we have accounted for our 50% investment using the equity method of accounting with results reported in our Subsea segment. In June 2023, Dofcon Brasil declared a $170.0 million dividend. TechnipFMC’s 50% share of this dividend is included in other current assets as of June 30, 2023.

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Dofcon and Techdof, two 50%-50% legal entities owned in partnership with DOF Group have debts related to loans on its vessels. During 2022, DOF ASA, the parent company of DOF Subsea, underwent a bankruptcy process that triggered cross default provisions in the credit facilities of certain joint ventures associated with the parent company guarantees provided by itself and its wholly owned subsidiary DOF Subsea. During March 2023, DOF ASA completed the process of restructuring (unrelated and outside of the joint venture) and DOF Services AS is the new holding company of DOF Group. The lenders made no claims under the guarantees and the acceleration clauses within the debt instruments were not enforceable as Dofcon and Techdof obtained waivers or consents from the lenders. Dofcon and Techdof continue to service the credit facilities as per the terms of the agreements. As a result of the restructure within DOF Group, the cross default provisions ceased to exist and therefore waivers and consents are no longer required. Accordingly, TechnipFMC has not recognized a liability related to its guarantees. TechnipFMC and DOF, provide guarantees for the debts and our share of the guarantees was $411.2 million as of June 30, 2023.

TechDof Brasil AS owns and operates the Skandi Buzios vessel. During June 2023, a fire occurred onboard the vessel alongside Porto do Açu in Brazil. The fire was brought under control after efforts by the crew and local authorities and no serious injuries were sustained. TechDof Brasil AS and TechnipFMC are cooperating in the investigation of the fire and its cause, and in the process to get the vessel back in operations. As a result of the incident, the Company did not note any impairment indicators which were other than temporary and thus no impairment has been recorded on the carrying value of our investment.

Investment in Technip Energies
During 2022, we fully divested our remaining ownership in Technip Energies.
For the three and six months ended June 30, 2022, we recognized $0.8 million of income and a $27.7 million loss, respectively, related to our investment in Technip Energies. The amounts recognized include purchase price discounts on the sales of shares and fair value revaluation gains (losses) of our investment.
NOTE 10. RELATED PARTY TRANSACTIONS
Receivables, payables, revenues and expenses, which are included in our condensed consolidated financial statements for all transactions with related parties, defined as entities related to our directors and main shareholders as well as the partners of our consolidated joint ventures, were as follows.
Accounts receivable due from related parties consisted of the following:
(In millions)June 30,
2023		December 31, 2022
Dofcon $11.3 $16.6