TechnipFMC : First Quarter 2021 Earnings Presentation

Q1 2021 Earnings Call Presentation

April 28, 2021

Disclaimer

Forward-looking statements

This communication 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. Words such as "guidance," "confident," "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "may," "will," "likely," "predicated," "estimate," "outlook" and 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, including the following known material factors: demand for our products and services, wh ich depends on oil and gas industry activity and expenditure levels that are directly affected by trends in demand for and price of crude oil and natural gas; unanticipated c hanges relating to competitive factors in our industry, including ongoing industry consolidation; our ability to develop, implement, and protect new technologies and services, as we ll as our ability to protect and maintain critical intellectual property assets; the cumulative loss of major contracts, customers, or alliances; risks associated with the COVID-19 pandemic, the United Kingdom's withdrawal from the European Union, disruptions in the political, regulatory, economic, and social conditions of the countries in which we co nduct business; risks associated with The Depository Trust Company and Euroclear for clearance services for shares traded on the New York Stock Exchange (the "NYSE") and the Euro next Paris Stock Exchange, respectively; our existing and future debt, which may limit cash flow available to invest in the ongoing needs of our business and could preven t us from fulfilling our obligations under our outstanding debt; a downgrade in our debt rating, which could restrict our ability to access the capital markets; risks related to our acquisition and divestiture activities; risks related to our fixed price contracts, such as cost overruns; risks related to capital asset construction projects for vessels and manufacturing facilities, such as delays and cost overruns; our ability to timely deliver our backlog and its effect on our future sales, profitability, and customer relationships; our reliance on subcontractors, suppliers and joint venture partners in the performance of our contracts; failure of our information technology infrastructure, including as a re sult of cyber-attacks, and actual or perceived failure to comply with data security and privacy obligations; piracy risks for our maritime employees and assets; potential liabilities arising out of the installation or use of our products, which may not be covered by insurance or may be in excess of policy limits, of for which expected recoveries may not be reali zed; U.S. and international laws and regulations, including those related to environmental protection and climate change, health and safety, privacy, data protection and data security, labor and employment, import/export controls, currency change, bribery and corruption, and taxation, that may increase our costs, limit the demand for our produc ts and services or restrict our operations; risks associated with being an English public limited company, including the need to meet certain additional financial requirements before we may declare dividends or repurchase shares and shareholder approval of certain capital structure decisions, which may limit our flexibility to manage our capital ; the outcome of uninsured claims and litigation against us; risks associated with tax liabilities, changes in U.S. federal or international tax laws or interpretations to which we a re subject; future liabilities related to the Spin-off (as defined herein) or our inability to achieve some or all of the anticipated benefits; risks associated with being a significan t shareholder in Technip Energies N.V. ("Technip Energies"), including potential fluctuation in the value of our investment in Technip Energies; our ability to hire and/or re tain the services of key managers and employees; the potential impacts of seasonal and weather conditions; currency exchange rate fluctuations associated with our international o perations; and such other risk factors as set forth in our filings with the U.S. Securities and Exchange Commission and in our filings with the Autorité des marchés financiers.

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.

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Q1 2021 Overview

Financial Results and Operational Highlights

Doug Pferdehirt, Chairman and Chief Executive Officer Alf Melin, EVP and Chief Financial Officer

Q1 2021 Operational summary

Highlights

• Solid operating results reflect strength in both Subsea and Surface Technologies
• Subsea inbound more than doubled sequentially to $1.5B, bolstered by iEPCI™ + Subsea 2.0™
• Surface Technologies revenue ~70% international; U.S. higher with further iComplete™ adoption
• Confident in 2021e outlook for >$4B in Subsea inbound orders; continued growth in 2022e
• Magnora and Bombora partnerships demonstrate tangible path to wind and wave opportunities

Takeaways

Strong financial results	Increased confidence	Unique capabilities
provide solid support	that market will be	and technologies for
to 2021e commitments	"stronger for longer"	the energy transition

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Q1 2021 Financial results

Highlights

• Adjusted EBITDA from continuing operations of $165 million reflects solid operational performance
• Cash flow from operating activities from continuing operations of $182 million, free cash flow of $137 million
• Cash and cash equivalents $753 million, net debt $1.8 billion at period end
• Announced partial sale of stake in Technip Energies for ~$360 million in Q2, reducing ownership to 31% of shares outstanding

Segment results

$165M

Adjusted EBITDA

$137M

Free cash flow

$1.7B

Inbound orders

$7.2B

Backlog

Subsea		1Q21	1Q20		YoY			Surface Technologies		1Q21	1Q20		YoY
Revenue	1,387	1,253	11%			Revenue	246	330	-25%
Adjusted EBITDA margin	9.7%	8.4%		130 bps		Adjusted EBITDA margin	11.0%	7.4%		360 bps
Inbound orders	1,519	1,172	30%			Inbound orders	203	366	-44%
Backlog	6,857	7,774	-12%			Backlog	364	422	-14%

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