Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  TechnipFMC    FTI   GB00BDSFG982

TECHNIPFMC

(FTI)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

TechnipFMC : Enters into Memorandum of Agreement (MOA) to Sell the G1201 Subsea Vessel

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/12/2019 | 04:17pm EST

  • Company records non-cash asset impairment charge of $125 million

Regulatory News:

TechnipFMC (NYSE: FTI) (PARIS: FTI) (ISIN:GB00BDSFG982) today announced its intent to sell the G1201 vessel as part of its overall strategy to optimize the profile and size of its subsea fleet. Following the recent announcement of the Company’s alliance agreement with a best in class partner for pipeline installation using S-lay technology, this supports the Company’s intent to use collaboration agreements, where possible, to execute its differentiated iEPCI™ business model.

The MOA is subject to certain conditions precedent to complete the transaction. The Company expects to complete the sale in December as these conditions are met, including delivery of the vessel in December 2019.

The MOA also includes a Collaboration Agreement with the buyer that would provide 5 years of exclusivity for a list of named subsea projects in a specific jurisdiction and the right of first refusal for other projects not specifically named in the Collaboration Agreement.

Due to this MOA, the Company also reviewed the carrying value of the G1200 vessel, the sister vessel to the G1201, of similar design, asset class and functionality.

As a result of the proposed sales price of the G1201 and its current book value and the book value of the G1200, its sister vessel, the Company has recorded a non-cash asset impairment charge.

The total non-cash charge was $125 million for both vessels and was recorded in the third quarter of 2019.

As this occurred after the Company’s October 23, 2019 earnings release but before the end of the third quarter 2019 subsequent events period, this charge was included in our third quarter Form 10-Q filed today.

About TechnipFMC

TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients’ project economics.

We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.

Each of our more than 37,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.

TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release 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 words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. 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.


© Business Wire 2019
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TECHNIPFMC
11/25TECHNIPFMC PLC : PDMR Notification
BU
11/13TECHNIPFMC : Enters into Memorandum of Agreement to Sell the G1201 Subsea Vessel
AQ
11/12TECHNIPFMC PLC :  Availability of Quarterly Report on Form 10-Q for the Three an..
BU
11/12TECHNIPFMC : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES..
AQ
11/12TECHNIPFMC : Enters into Memorandum of Agreement (MOA) to Sell the G1201 Subsea ..
BU
11/11TECHNIPFMC : to Address Attendees at the Bank of America Merrill Lynch Global En..
BU
11/07TECHNIPFMC : Partnership agreements allow External Technology Engagement team ac..
AQ
11/06TECHNIPFMC : Partnership agreements allow External Technology Engagement team ac..
PU
11/05TECHNIPFMC : Adipec 2019
PU
10/30TECHNIPFMC : reveals that Technip Energies will be the future name of SpinCo
PU
More news
Financials (USD)
Sales 2019 13 539 M
EBIT 2019 1 131 M
Net income 2019 441 M
Finance 2019 533 M
Yield 2019 2,56%
P/E ratio 2019 22,7x
P/E ratio 2020 14,1x
EV / Sales2019 0,62x
EV / Sales2020 0,55x
Capitalization 8 941 M
Chart TECHNIPFMC
Duration : Period :
TechnipFMC Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TECHNIPFMC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 34
Average target price 28,57  $
Last Close Price 20,00  $
Spread / Highest target 115%
Spread / Average Target 42,8%
Spread / Lowest Target -25,0%
EPS Revisions
Managers
NameTitle
Douglas J. Pferdehirt Chairman & Chief Executive Officer
Maryann T. Mannen Chief Financial Officer & Executive VP
Justin Rounce Chief Technology Officer & Executive VP
Arnaud Caudoux Independent Director
Pascal Colombani Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TECHNIPFMC2.15%8 941
SCHLUMBERGER NV8.29%53 991
HALLIBURTON COMPANY-8.58%21 059
BAKER HUGHES10.51%15 363
NATIONAL OILWELL VARCO, INC.-7.39%9 183
DIALOG GROUP BERHAD--.--%4 688