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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 September 30, 2024
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
(Address of principal executive offices)(Zip Code)
+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.
ClassOutstanding at October 22, 2024
Ordinary shares, $1.00 par value per share425,414,999



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 Energy 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, 2023 and Part II, Item 1A “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, including unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; 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 and clearing 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 and maritime conflicts 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, weather, and other climatic conditions; 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 EndedNine Months Ended
September 30,September 30,
(In millions, except per share data)
2024202320242023
Revenue
Service revenue$1,491.7 $1,180.7 $4,063.2 $3,098.2 
Product revenue793.5 793.1 2,467.6 2,447.0 
Lease revenue63.2 83.1 185.2 201.3 
Total revenue2,348.4 2,056.9 6,716.0 5,746.5 
Costs and expenses
Cost of service revenue1,199.1 916.6 3,330.3 2,589.1 
Cost of product revenue616.0 716.4 1,931.5 2,096.7 
Cost of lease revenue39.5 57.5 118.1 143.0 
Selling, general and administrative expense187.4 183.8 522.1 487.7 
Research and development expense15.4 17.5 48.2 49.7 
Restructuring, impairment and other charges 3.8 4.3 11.2 10.0 
Total costs and expenses2,061.2 1,896.1 5,961.4 5,376.2 
Other expense, net(7.3)(41.5)(63.7)(225.1)
Gain on disposal of Measurement Solutions business (Note 3)— — 75.2 — 
Income from equity affiliates (Note 10)8.4 20.6 12.4 35.9 
Income before net interest expense and income taxes288.3 139.9 778.5 181.1 
Interest income6.3 4.0 25.7 16.4 
Interest expense(22.2)(30.7)(75.7)(92.1)
Income before income taxes272.4 113.2 728.5 105.4 
Provision (benefit) for income taxes (Note 16)(6.0)19.5 102.9 100.2 
Net income 278.4 93.7 625.6 5.2 
(Income) attributable to non-controlling interests(3.8)(3.7)(7.4)(2.0)
Net income attributable to TechnipFMC plc$274.6 $90.0 $618.2 $3.2 
Earnings per share attributable to TechnipFMC plc
Basic$0.64 $0.21 $1.44 $0.01 
Diluted$0.63 $0.20 $1.40 $0.01 
Weighted average shares outstanding (Note 6)
Basic428.3 436.9 430.7 439.7
Diluted438.8 450.3 441.9 452.9
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 Nine Months Ended
September 30,September 30,
(In millions)
2024202320242023
Net income attributable to TechnipFMC plc$274.6 $90.0 $618.2 $3.2 
(Income) attributable to non-controlling interests(3.8)(3.7)(7.4)(2.0)
Net income attributable to TechnipFMC plc, including non-controlling interests278.4 93.7 625.6 5.2 
Foreign currency translation adjustments
Net unrealized gains (losses) arising during the period46.7 (50.6)(105.4)(0.6)
Reclassification adjustment for net losses included in net income— 0.1 10.5 — 
Foreign currency translation adjustments(a)
46.7 (50.5)(94.9)(0.6)
Net gains (losses) on hedging instruments
Net (losses) gains arising during the period41.0 5.6 (14.1)(19.3)
Reclassification adjustment for net (gains) included in net income(5.9)(12.4)(12.7)(3.8)
Net gains (losses) on hedging instruments(b)
35.1 (6.8)(26.8)(23.1)
Pension and other post-retirement benefits
Net gains (losses) arising during the period(7.0)0.5 (3.7)0.7 
Reclassification adjustment for amortization of prior service cost included in net income0.1 0.1 0.2 0.2 
Reclassification adjustment for amortization of net actuarial losses included in net income1.1 2.2 7.2 6.6 
Reclassification adjustment for net (gain) included in net income— — (2.3)— 
Net pension and other post-retirement benefits(c)
(5.8)2.8 1.4 7.5 
Other comprehensive income (loss), net of tax76.0 (54.5)(120.3)(16.2)
Comprehensive income (loss)354.4 39.2 505.3 (11.0)
Comprehensive (income) attributable to non-controlling interest(3.8)(10.7)(7.2)(5.8)
Comprehensive income (loss) attributable to TechnipFMC plc$350.6 $28.5 $498.1 $(16.8)

(a)Net of income tax of nil for the three and nine months ended September 30, 2024 and 2023.
(b)Net of income tax benefit (expense) of $(3.0) million and $11.4 million for the three months ended September 30, 2024 and 2023, respectively, and $15.2 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively.
(c)Net of income tax benefit (expense) of $(5.9) million and $(0.5) million for the three months ended September 30, 2024 and 2023, respectively, and $(4.9) million and $1.5 million for the nine months ended September 30, 2024 and 2023, 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)September 30,
2024		December 31,
2023
Assets
Cash and cash equivalents$837.5 $951.7 
Trade receivables, net of allowances of $59.6 in 2024 and $34.4 in 2023
1,278.1 1,138.1 
Contract assets, net of allowances of $1.3 in 2024 and $1.4 in 2023
1,140.8 1,010.1 
Inventories, net (Note 8)1,142.4 1,100.3 
Derivative financial instruments (Note 17)157.0 183.4 
Income taxes receivable135.9 156.2 
Advances paid to suppliers88.5 89.5 
Measurements Solutions business classified as assets held for sale (Note 3)— 152.1 
Other current assets (Note 9)410.0 414.0 
Total current assets5,190.2 5,195.4 
Investments in equity affiliates (Note 10)286.3 274.4 
Property, plant and equipment, net of accumulated depreciation of $2,950.8 in 2024 and $2,496.5 in 2023
2,214.6 2,270.9 
Operating lease right-of-use assets781.2 739.6 
Finance lease right-of-use assets119.4 91.6 
Intangible assets, net of accumulated amortization of $787.4 in 2024 and $725.3 in 2023
541.9 601.6 
Deferred income taxes194.7 164.8 
Derivative financial instruments (Note 17)143.5 30.4 
Other assets249.0 287.9 
Total assets$9,720.8 $9,656.6 
Liabilities and equity
Short-term debt and current portion of long-term debt (Note 12)$310.4 $153.8 
Operating lease liabilities143.0 136.5 
Finance lease liabilities74.8 9.9 
Accounts payable, trade1,491.4 1,355.8 
Contract liabilities1,513.4 1,485.8 
Accrued payroll210.5 187.8 
Derivative financial instruments (Note 17)123.1 179.9 
Income taxes payable149.8 146.8 
Measurements Solutions business classified as liabilities held for sale (Note 3)— 64.3 
Other current liabilities (Note 9)545.5 748.0 
Total current liabilities4,561.9 4,468.6 
Long-term debt, less current portion (Note 12)656.3 913.5 
Operating lease liabilities, less current portion700.1 667.1 
Financing lease liabilities, less current portion59.0 88.4 
Deferred income taxes77.7 92.2 
Accrued pension and other post-retirement benefits, less current portion63.0 84.4 
Derivative financial instruments (Note 17)169.5 24.8 
Other liabilities134.1 145.5 
Total liabilities6,421.6 6,484.5 
Commitments and contingent liabilities (Note 15)
Stockholders’ equity (Note 13)
Ordinary shares, $1.00 par value; 618.3 shares authorized in 2024 and 2023; 425.4 shares and 432.9 shares issued and outstanding in 2024 and 2023, respectively
425.4 432.9 
Capital in excess of par value of ordinary shares8,688.6 8,938.9 
Accumulated deficit(4,492.7)(4,993.1)
Accumulated other comprehensive loss(1,362.1)(1,242.0)
Total TechnipFMC plc stockholders’ equity3,259.2 3,136.7 
Non-controlling interests40.0 35.4 
Total equity3,299.2 3,172.1 
Total liabilities and equity$9,720.8 $9,656.6 
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)
Nine Months Ended September 30,
(In millions)
20242023
Cash provided (required) by operating activities
Net income$625.6 $5.2 
Adjustments to reconcile income to cash provided (required) by operating activities
Depreciation and amortization285.6 283.3 
Deferred income tax benefit(60.7)(22.9)
Income from equity affiliates, net of dividends received(11.9)(35.9)
Gain on disposal of Measurement Solutions business(75.2)— 
Other non-cash items, net30.2 55.0 
Changes in operating assets and liabilities, net of effects of acquisitions
Trade receivables, net and Contract assets, net(274.3)(587.6)
Inventories, net(68.3)(112.9)
Accounts payable, trade123.9 275.7 
Contract liabilities33.4 89.4 
Income taxes payable, net(19.0)46.0 
Other current assets and liabilities, net(283.8)42.7 
Other non-current assets and liabilities, net76.6 (46.1)
Cash provided (required) by operating activities382.1 (8.1)
Cash provided (required) by investing activities
Capital expenditures(155.4)(153.7)
Proceeds from sales of assets5.5 75.3 
Proceeds from sale of Measurement Solutions business186.1 — 
Other investing activities0.5 14.9 
Cash provided (required) by investing activities36.7 (63.5)
Cash required by financing activities
Net decrease in short-term debt(91.7)(38.2)
Share repurchases
(330.1)(150.1)
Dividends paid(64.7)(21.8)
Payments related to taxes withheld on share-based compensation(49.7)(17.2)
Proceeds from exercise of stock options30.9 — 
Other financing activities(17.2)(49.4)
Cash required by financing activities(522.5)(276.7)
Effect of changes in foreign exchange rates on cash and cash equivalents(10.5)(17.9)
Change in cash and cash equivalents(114.2)(366.2)
Cash and cash equivalents, beginning of period951.7 1,057.1 
Cash and cash equivalents, end of period$837.5 $690.9 

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 SEPTEMBER 30, 2024 and 2023
(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 June 30, 2024$428.5 $8,708.8 $(4,726.6)$(1,438.3)$37.2 $3,009.6 
Net income — — 274.6 — 3.8 278.4 
Other comprehensive income (loss)— — — 76.2 (0.2)76.0 
Share-based compensation — 13.9 — — — 13.9 
Shares repurchased and cancelled(2.9)(61.7)(15.3)— — (79.9)
Proceeds from exercise of stock options(0.2)27.9 — — — 27.7 
Dividends declared and paid— — (21.5)— — (21.5)
Other— (0.3)(3.9)— (0.8)(5.0)
Balance as of September 30, 2024$425.4 $8,688.6 $(4,492.7)$(1,362.1)$40.0 $3,299.2 
Balance as of June 30, 2023$438.1 $9,018.1 $(5,096.4)$(1,260.2)$31.6 $3,131.2 
Net income— — 90.0 — 3.7 93.7 
Other comprehensive income (loss)— — — (61.5)7.0 (54.5)
Issuance of ordinary shares, net of shares withheld for tax0.1 0.1 — — — 0.2 
Share-based compensation — 9.1 — — — 9.1 
Shares repurchased and cancelled(2.7)(47.4)— — — (50.1)
Dividends declared and paid— — (21.8)— — (21.8)
Other— — 2.7 — (0.5)2.2 
Balance as of September 30, 2023$435.5 $8,979.9 $(5,025.5)$(1,321.7)$41.8 $3,110.0 

8


TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2024 and 2023
(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, 2023$432.9 $8,938.9 $(4,993.1)$(1,242.0)$35.4 $3,172.1 
Net income— — 618.2 — 7.4 625.6 
Other comprehensive income (loss)— — — (120.1)(0.2)(120.3)
Issuance of ordinary shares, net of shares withheld for tax4.3 (54.0)— — — (49.7)
Share-based compensation— 45.1 — — — 45.1 
Shares repurchased and cancelled(13.1)(270.7)(46.3)— — (330.1)
Proceeds from exercise of stock options1.3 29.6 — — — 30.9 
Dividends declared and paid— — (64.7)— (1.9)(66.6)
Other— (0.3)(6.8)— (0.7)(7.8)
Balance as of September 30, 2024$425.4 $8,688.6 $(4,492.7)$(1,362.1)$40.0 $3,299.2 
Balance as of December 31, 2022$442.2 $9,109.7 $(5,010.0)$(1,301.7)$36.5 $3,276.7 
Net income— — 3.2 — 2.0 5.2 
Other comprehensive income (loss)— — — (20.0)3.8 (16.2)
Issuance of ordinary shares, net of shares withheld for tax2.9 (20.0)— — — (17.1)
Share-based compensation — 30.7 — — — 30.7 
Shares repurchased and cancelled(9.6)(140.5)— — — (150.1)
Dividends declared and paid— — (21.8)— — (21.8)
Other— — 3.1 — (0.5)2.6 
Balance as of September 30, 2023$435.5 $8,979.9 $(5,025.5)$(1,321.7)$41.8 $3,110.0 

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, 2023.
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, 2024.
Certain prior period amounts have been reclassified to conform to the current period’s presentation.
NOTE 2. NEW ACCOUNTING STANDARDS
Recently Issued Accounting Standards under GAAP
In November 2023, the Financial Accounting Standards Board (“the FASB”) issued ASU 2023-07, “Improvements to Reportable Segment Disclosures,” which requires incremental disclosures about a public entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. We expect to adopt the new disclosures as required for the year ended December 31, 2024 and in 2025 for interim periods. We are currently evaluating the impact of this standard on the related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures,” which requires significant additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance will be applied prospectively (with retrospective application permitted) and is effective in the 2025 annual period and in 2026 for interim periods, with early adoption permitted. We are currently evaluating the impact of this standard on the related disclosures.
On March 6, 2024, the SEC issued their final rule “The Enhancement and Standardization of Climate-Related Disclosures for Investors” designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The final rule includes disclosures relating to climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rule includes requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements. On April 4, 2024, the SEC stayed its climate disclosure rule to “facilitate the orderly judicial resolution” of pending legal challenges. We are currently evaluating the impact of this rule on our disclosures.
We assessed ASUs and disclosure requirements not listed above and determined that they either were not applicable or were not expected to have a material impact on our financial statements.
10


NOTE 3. DISPOSAL OF MEASUREMENT SOLUTIONS BUSINESS AND OTHER TRANSACTIONS
Disposal of Measurement Solutions business
In November 2023, TechnipFMC announced an agreement to sell the Company’s Measurement Solutions business (the “MSB”) for $205 million in cash, subject to customary adjustments at the closing of the transaction. As part of the Surface Technologies segment, MSB encompasses terminal management solutions and metering products and systems and includes engineering and manufacturing locations in North America and Europe.
We recorded transaction costs associated with the sale of $5.2 million, during the three months ended March 31, 2024. These transaction costs are included within restructuring, impairment, and other charges in our condensed consolidated statement of income.
On March 11, 2024, we completed the sale of equity interests and assets of MSB for cash proceeds of $186.1 million and recognized a gain on disposal of $75.2 million. The purchase consideration was adjusted for various working capital balances and assumed liabilities as of the transaction closing date.
FMC Technologies (UK) Pension Plan Buy-In
In February 2024, one of the U.K. pension plans entered into a buy-in contract for its pensioners. Under the buy-in contract terms, the responsibility to pay pension benefits still rests with the plan and the obligation is still recorded by the Company.
NOTE 4. 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 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 nine months ended September 30, 2024 and 2023:
Reportable Segments
Three Months Ended
September 30, 2024September 30, 2023
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$761.2 $28.8 $653.1 $29.8 
Europe and Central Asia546.9 31.5 520.0 54.8 
North America237.9 114.8 269.2 137.5 
Africa274.9 8.3 187.6 15.2 
Asia Pacific204.9 23.2 77.1 23.5 
Middle East2.3 113.7 1.3 87.8 
Total revenue$2,028.1 $320.3 $1,708.3 $348.6 




11


Reportable segments
Nine Months Ended
September 30, 2024September 30, 2023
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Latin America$2,021.6 $82.4 $1,652.4 $90.5 
Europe and Central Asia1,532.1 95.7 1,419.0 150.0 
North America1,004.1 363.6 771.3 433.8 
Africa791.6 36.0 614.2 35.9 
Asia Pacific419.8 66.8 208.8 58.9 
Middle East2.8 299.5 48.6 263.1 
Total revenue$5,772.0 $944.0 $4,714.3 $1,032.2 
The following tables present total revenue by contract type for each reportable segment for the three and nine months ended September 30, 2024 and 2023:
Reportable Segments
Three Months Ended
September 30, 2024September 30, 2023
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$1,438.3 $53.4 $1,126.0 $54.7 
Products574.2 219.3 542.6 250.5 
Lease15.6 47.6 39.7 43.4 
Total revenue$2,028.1 $320.3 $1,708.3 $348.6 
Reportable segments
Nine Months Ended
September 30, 2024September 30, 2023
(In millions)SubseaSurface TechnologiesSubseaSurface Technologies
Services$3,911.1 $152.1 $2,937.5 $160.7 
Products1,807.5 660.1 1,711.7 735.3 
Lease53.4 131.8 65.1 136.2 
Total revenue$5,772.0 $944.0 $4,714.3 $1,032.2 
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) in 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.
12


The following table provides information about net contract assets (liabilities) as of September 30, 2024 and December 31, 2023:
(In millions)September 30,
2024		December 31,
2023
Contract assets$1,140.8 $1,010.1 
Contract liabilities(1,513.4)(1,485.8)
Net contract liabilities$(372.6)$(475.7)
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 September 30, 2024 and 2023 that was included in the contract liabilities balance as of December 31, 2023 and 2022 was $144.1 million and $90.3 million, respectively, and $992.3 million and $592.9 million for the nine months ended September 30, 2024 and 2023, respectively.
Net revenue recognized from our performance obligations satisfied or partially satisfied in previous periods had a favorable and unfavorable impact of $1.2 million and $8.8 million for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023 we had a favorable and unfavorable impact of $18.0 million and $12.5 million, respectively.
For the three months ended September 30, 2024, there were no projects with individually material impacts. Certain projects were materially and favorably impacted for the nine months ended September 30, 2024, by $90.7 million, as a result of improved performance in the delivery and was offset by individually immaterial projects with net negative impacts of $72.7 million. For the three and nine months ended September 30, 2023, there were no projects with individually material impacts.
Transaction Price Allocated to the Remaining Unsatisfied Performance Obligations
Remaining unsatisfied performance obligations (or “order backlog”) represent the transaction price for products and services for which we have a material right, but work has not been performed. The transaction price of the order backlog includes the base transaction price, variable consideration, and changes in transaction price. The order backlog table does not include contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. The transaction price of order backlog related to unfilled, confirmed customer orders is estimated at each reporting date. As of September 30, 2024, the aggregate amount of the transaction price allocated to order backlog was $14.7 billion. TechnipFMC expects to recognize revenue on approximately 12.1 percent of the order backlog through 2024 and 87.9 percent thereafter.
The following table details the order backlog for each business segment as of September 30, 2024:
(In millions)20242025Thereafter
Subsea$1,547.1 $5,479.9 $6,705.1 
Surface Technologies230.2 370.0 366.6 
Total order backlog$1,777.3 $5,849.9 $7,071.7 
NOTE 5. 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 and allocates resources. 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 oil and natural gas
13


•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 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 segment operating profit. The following items have been excluded in computing segment operating profit: corporate staff expense, foreign exchange gains (losses), net interest income (expense) associated with corporate debt facilities, income taxes, and the non-recurring legal settlement charge.
Segment revenue and segment operating profit were as follows:
Three Months Ended Nine Months Ended
September 30,September 30,
(In millions)2024202320242023
Segment revenue
Subsea $2,028.1 $1,708.3 $5,772.0 $4,714.3 
Surface Technologies320.3 348.6 944.0 1,032.2 
Total segment revenue$2,348.4 $2,056.9 $6,716.0 $5,746.5 
Segment operating profit
Subsea $288.8 $177.7 $723.1 $397.9 
Surface Technologies(a)
33.7 33.3 167.7 81.4 
Total segment operating profit $322.5 $211.0 $890.8 $479.3 
Corporate items
Corporate expense(b)
$(31.1)$(24.7)$(87.0)$(205.6)
Net interest expense(15.9)(26.7)(50.0)(75.7)
Foreign exchange losses(3.1)(46.4)(25.3)(92.6)
Total corporate items$(50.1)$(97.8)$(162.3)$(373.9)
Income before income taxes(c)
$272.4 $113.2 $728.5 $105.4 
(a)Includes the gain on disposal of MSB for the nine months ended September 30, 2024, see Note 3 for additional details.
(b)Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits. For the nine months ended September 30, 2023, corporate expense includes a non-recurring legal settlement charge of $126.5 million.
(c)Includes amounts attributable to non-controlling interests.
14


NOTE 6. EARNINGS PER SHARE
A reconciliation of the number of shares used for the basic and diluted earnings per share calculation was as follows:
Three Months Ended Nine Months Ended
September 30,September 30,
(In millions, except per share data)2024202320242023
Net income attributable to TechnipFMC plc$274.6 $90.0 $618.2 $3.2 
Weighted average number of shares outstanding428.3 436.9 430.7 439.7 
Dilutive effect of restricted stock units4.2 5.3 4.4 5.6 
Dilutive effect of stock options0.3 — 0.2 — 
Dilutive effect of performance shares6.0 8.1 6.6 7.6 
Total shares and dilutive securities438.8 450.3 441.9 452.9 
Basic and diluted earnings per share attributable to TechnipFMC plc:
Earnings per share attributable to TechnipFMC plc
Basic $0.64 $0.21 $1.44 $0.01 
Diluted$0.63 $0.20 $1.40 $0.01 
For the three months ended September 30, 2023 and the nine months ended September 30, 2024 and 2023, weighted average shares of 0.8 million, 0.1 million and 1.4 million shares, respectively, were excluded from the calculation of diluted weighted average number of shares, because their effect would be anti-dilutive.
NOTE 7. 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 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.
The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality.
September 30, 2024December 31, 2023
(In millions)Credit ratingYear of originationBalanceCredit ratingYear of originationBalance
Loans receivables and otherMoody’s rating Aa3 - Ba22020-2023$139.3 Moody’s rating A3 -Ba22020-2023$138.1 
Debt securities at amortized cost— Moody’s rating B320211.4 
Total financial assets$139.3 $139.5 
Credit Losses
For contract assets and trade receivables, we have elected to calculate an expected credit loss based on loss rates from historical data. 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 receivables and other and 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.
15


The table below shows the roll forward of allowance for credit losses as of September 30, 2024 and 2023, respectively.
Balance as of September 30, 2024
(In millions)Trade receivablesContract assetsLoan receivables and other
Allowance for credit losses at December 31, 2023$34.4 $1.4 $2.3 
Current period provision (release) for expected credit losses25.4 (0.1)7.3 
Recoveries(0.2)— — 
Allowance for credit losses at September 30, 2024$59.6 $1.3 $9.6 
Balance as of September 30, 2023
(In millions)Trade receivablesContract assetsLoans receivable and other
Allowance for credit losses at December 31, 2022$34.1 $1.1 $0.5 
Current period provision (release) for expected credit losses2.1 0.5 (0.1)
Recoveries(0.5)— — 
Allowance for credit losses at September 30, 2023$35.7 $1.6 $0.4 
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 8. INVENTORIES
Inventories consisted of the following:
(In millions)September 30,
2024		December 31,
2023
Raw materials$420.4 $401.3 
Work in process194.5 148.2 
Finished goods527.5 550.8 
Inventories, net$1,142.4 $1,100.3 
NOTE 9. OTHER CURRENT ASSETS & OTHER CURRENT LIABILITIES
Other current assets consisted of the following:
(In millions)September 30,
2024		December 31,
2023
Value-added tax receivables$163.9 $196.0 
Prepaid expenses102.3 83.5 
Withholding tax and other receivables80.5 96.8 
Current financial assets at amortized cost25.3 9.1 
Other38.0 28.6 
Total other current assets$410.0 $414.0 
16


Other current liabilities consisted of the following:
(In millions)September 30,
2024		December 31,
2023
Compensation accrual$119.0 $136.2 
Social security liability77.9 81.9 
Warranty accruals and project contingencies63.3 60.9 
Value-added tax and other taxes payable60.0 78.5 
Legal provisions58.9 57.7 
Other provisions13.3 16.2 
Current portion of accrued pension and other post-retirement benefits4.6 4.4 
Legal settlement liability(a)
— 171.1 
Other accrued liabilities148.5 141.1 
Total other current liabilities$545.5 $748.0 
(a)    See Note 15 for additional details.
NOTE 10. INVESTMENTS
Our income from equity affiliates is included in our Subsea segment. During the three and nine months ended September 30, 2024, our income from equity affiliates was $8.4 million and $12.4 million, respectively. Our income from equity affiliates during the three and nine months ended September 30, 2023 was $20.6 million and $35.9 million, respectively.
Our major equity method investment is as follows:
Dofcon Brasil AS is an affiliated company in the form of a joint venture between TechnipFMC and DOF Subsea (“DOF”) and was founded in 2006. The joint venture is composed of three legal entities: Dofcon Brasil AS, Techdof Brasil AS, and Dofcon Navegacao Ltda. Dofcon Brasil AS is the joint venture holding company and is owned 50 percent by DOF and 50 percent by TechnipFMC. Dofcon Brasil AS owns 100 percent of both Dofcon Navegacao Ltda. and Techdof Brasil AS. All joint venture entities are collectively referred to as “Dofcon.” Dofcon provides Pipe-Laying Support Vessels for work in oil and natural gas fields offshore Brazil. Dofcon is considered a variable interest entity (“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 percent investment using the equity method of accounting with results reported in our Subsea segment.
In June 2023, Dofcon Brasil AS declared a $170.0 million dividend to its joint venture partners. The dividend receivable was recorded within other current assets on our consolidated balance sheets until December 2023 when the joint venture partners agreed and signed the agreement to convert their outstanding dividend receivable into a long-term loan receivable from Dofcon. As a result of this conversion, we converted our 50 percent share of this dividend receivable into a long-term loan receivable that has a due date of June 26, 2028 and is included in other assets on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023.
Dofcon Navegacao Ltda. and Techdof Brasil AS have debts related to loans on their vessels. TechnipFMC and DOF provide guarantees for the debts and our share of the guarantees was $336.5 million as of September 30, 2024.
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. Repairs on the vessel have been completed, and the vessel was returned to service in the third quarter of 2024. We did not record an impairment on the carrying value of our investment as we did not note any impairment indicators from the incident.
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NOTE 11. RELATED PARTY TRANSACTIONS
Receivables, payables, revenues, and expenses, which are included in our condensed consolidated financial statements for all transactions with related parties, were not material as of and for the three and nine months ended September 30, 2024 and the comparable periods of the prior year. Related parties are defined as entities related to our directors, officers, and main shareholders as well as the partners of our consolidated joint ventures.
Loan receivables as of September 30, 2024 and December 31, 2023 include $85.0 million to Dofcon, for which interest income of $1.9 million and $5.4 million, respectively, has been recorded during the three and nine months ended September 30, 2024 and nil for the three and nine months ended September 30, 2023.
NOTE 12. DEBT
Overview
Debt consisted of the following:
(In millions)September 30,
2024		December 31,
2023
5.75% 2020 Private Placement Notes due 2025
$224.0 $221.0 
6.50% Senior notes due 2026
202.9 202.9 
4.00% 2012 Private Placement Notes due 2027
84.0 82.9 
4.00% 2012 Private Placement Notes due 2032
112.0 110.5 
3.75% 2013 Private Placement Notes due 2033
112.0 110.5 
Bank borrowings and other238.5 347.6 
Unamortized debt issuance costs and discounts(6.7)(8.1)
Total debt$966.7 $1,067.3 
Less: current borrowings310.4 153.8 
Long-term debt$656.3 $913.5 
Credit Facilities and Debt
Revolving Credit Facility - On February 16, 2021, we entered into a credit agreement, which provided for a $1.0 billion three-year senior secured multi-currency revolving credit facility, including a $450.0 million letter of credit sub-facility (the “Revolving Credit Facility”). We incurred $34.8 million of debt issuance costs in connection with the Revolving Credit Facility. These debt issuance costs are deferred and are included in other assets in our condensed consolidated balance sheets. The deferred debt issuance costs are amortized to interest expense over the term of the Revolving Credit Facility.
On April 24, 2023, we entered into a fifth amendment (the “Amendment No. 5”) to the Revolving Credit Facility (as amended, the “Credit Agreement”), which increased the commitments available to the Company to $1.25 billion and extended the term to five years from the date of the Amendment No. 5. The Credit Agreement also provides for a $250.0 million letter of credit sub-facility. We incurred $16.7 million of debt issuance costs in connection with the Amendment No. 5. These debt issuance costs are deferred and are included in other assets in our condensed consolidated balance sheets. The deferred debt issuance costs are amortized to interest expense over the term of the Credit Agreement.
Availability of borrowings under the Credit Agreement is reduced by the outstanding letters of credit issued against the facility. As of September 30, 2024, there were no letters of credit outstanding, and our availability under the Credit Agreement was $1.25 billion.
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Borrowings under the Credit Agreement bear interest at the following rates, plus an applicable margin, depending on currency:
•U.S. dollar-denominated loans bear interest, at the Company’s option, at a base rate or an adjusted rate linked to the Secured Overnight Financing Rate (“Adjusted Term SOFR”).
•British pound-denominated loans bear interest on an adjusted rate linked to the British pound interbank offered rate.
•Euro-denominated loans bear interest on an adjusted rate linked to the Euro interbank offered rate.
After the recent upgrade to Baa3/BBB- by two out of three rating agencies, the rate for Term Benchmark (as defined in the Credit Agreement) loans is 1.50 percent and the rate for base rate loans is 0.50 percent effective from June 28, 2024. The Credit Agreement is subject to customary representations and warranties, covenants, events of default, mandatory repayment provisions, and financial covenants.
Letter of Credit Facility - On April 24, 2023, the Company entered into a new $500 million five-year senior secured performance letters of credit facility (the “Performance LC Credit Agreement”). The commitments under the Performance LC Credit Agreement may be increased to $1.0 billion, subject to the satisfaction of certain customary conditions precedent. The Performance LC Credit Agreement permits the Company and its subsidiaries to have access to performance letters of credit denominated in a variety of currencies to support the contracting activities with counterparties that require or request a performance or similar guarantee. It contains substantially the same customary representations and warranties, covenants, events of default, mandatory repayment provisions, and financial covenants as the Credit Agreement and benefits from the same guarantees and security as the Credit Agreement on a pari passu basis.
On March 7, 2024, S&P Global Ratings (“S&P”) upgraded TechnipFMC to investment grade, raising its rating to ‘BBB-’ from ‘BB+’ for both the issuer credit as well as the issue-level ratings on the Company’s senior unsecured notes. On June 27, 2024, Fitch Ratings (“Fitch”) assigned a first-time investment grade long-term issuer default rating of “BBB-” for TechnipFMC. As a result of the S&P and Fitch investment grade ratings and the satisfaction of certain other conditions precedent, the Investment Grade Debt Rating (as defined in the Credit Agreement) has occurred and the collateral securing the Credit Agreement and the Performance LC Credit Agreement was released and certain negative covenants no longer apply to the Company.
2021 Notes - On January 29, 2021, we issued $1.0 billion of 6.50 percent senior notes due 2026 (the “2021 Notes”). The interest on the 2021 Notes is paid semi-annually on February 1 and August 1 of each year, beginning on August 1, 2021. The 2021 Notes are senior unsecured obligations and are guaranteed on a senior unsecured basis by substantially all of our wholly owned U.S. subsidiaries and non-U.S. subsidiaries in Brazil, the Netherlands, Norway, Singapore, and the United Kingdom. We incurred $25.7 million of debt issuance costs in connection with issuance of the 2021 Notes. These debt issuance costs are deferred and are included in long-term debt in our condensed consolidated balance sheets. The deferred debt issuance costs are amortized to interest expense over the term of the 2021 Notes, which approximates the effective interest method. The outstanding balance of the 2021 Notes as of September 30, 2024 is $202.9 million.
As of September 30, 2024, TechnipFMC was in compliance with all debt covenants.
Bank borrowings - Include term loans issued in connection with financing for certain of our vessels and amounts outstanding under our foreign committed credit lines.
Foreign committed credit - We have committed credit lines at many of our international subsidiaries for immaterial amounts. We utilize these facilities for asset financing and to provide a more efficient daily source of liquidity. The effective interest rates depend upon the local national market.
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NOTE 13. STOCKHOLDERS’ EQUITY
On July 26, 2023, the Company announced that its Board of Directors authorized the initiation of a quarterly cash dividend of $0.05 per share. The Company intends to pay dividends on a quarterly basis, and this dividend represents $0.20 per share on an annualized basis. The cash dividend paid during the three and nine months ended September 30, 2024 was $21.5 million and $64.7 million, respectively.
As an English public limited company, we are required under U.K. law to have available “distributable reserves” to conduct share repurchases or pay dividends to shareholders. Distributable reserves are a statutory requirement and are not linked to a GAAP reported amount (e.g., retained earnings). The declaration and payment of dividends require the authorization of our Board of Directors, provided that such dividends on issued share capital may be paid only out of our “distributable reserves” on our statutory balance sheet. Therefore, we are not permitted to pay dividends out of share capital, which includes share premium.
In July 2022, the Board of Directors authorized the repurchase of up to $400.0 million of our outstanding ordinary shares under our share repurchase program. On July 26, 2023, the Board of Directors authorized additional share repurchase of up to $400.0 million, and the Company’s total share repurchase authorization was increased to $800.0 million of our outstanding ordinary shares under our share repurchase program. Pursuant to this share repurchase program, we repurchased $80.0 million and $330.1 million, respectively, of ordinary shares during the three and nine months ended September 30, 2024.
Based upon the remaining repurchase authority of $164.6 million and the closing stock price as of September 30, 2024, approximately 6.3 million ordinary shares could be subject to repurchase. Since the initial share repurchase authorization in July 2022, we have purchased an aggregate amount of $635.4 million of ordinary shares through September 30, 2024. All repurchased shares were immediately cancelled.

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Accumulated other comprehensive income (loss) for three and nine months ended September 30, 2024 and 2023 consisted of the following:
(In millions)Foreign Currency
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