TechnipFMC plc: Financial & Corporate Analysis
Executive Summary
TechnipFMC plc (Company Number 09909709) is an active public limited company incorporated on 9 December 2015, operating as a global energy sector technology and project execution leader with its UK registered office at Hadrian House, Wincomblee Road, Newcastle Upon Tyne, NE6 3PL. Financial filings for the period ending 31 December 2024 demonstrate total revenue expansion of 16% to £9.1 billion ($9.1 billion), propelled by a strong Subsea order backlog of $13.5 billion and $10.4 billion in annual Subsea inbound orders. The group maintains an investment-grade debt rating, low net gearing, and substantial liquidity, allocating significant capital to quarterly dividend payments and share repurchases while servicing subsea energy infrastructure and floating wind transition projects.
Company Name: TECHNIPFMC PLC
Company Number: 09909709
Incorporation Date: 9 December 2015
Company Type: Public Limited Company
Registered Office: Hadrian House, Wincomblee Road, Newcastle Upon Tyne, NE6 3PL
SIC Codes: 09100 (Petroleum/gas extraction support activities)
25110 (Manufacture of metal structures)
71129 (Other engineering activities)
Accounting Standard: UK-adopted International Accounting Standards (IFRS)
Auditor (2023/2024): PricewaterhouseCoopers LLP (Unqualified Opinion)
What the Numbers Show
TechnipFMC plc presents group accounts that reflect substantial scale across subsea engineering, equipment manufacturing, and surface technologies. In 2024, revenue reached £9,100,000,000, up from £7,827,100,000 in 2023. The 2024 group gross assets stood at £10,042,600,000, supported by £1,157,700,000 in cash at bank and £5,489,600,000 in total current assets.
Five-Year Financial Overview
The following table outlines key financial metrics extracted from statutory filings submitted to Companies House:
| Accounting Period End | Turnover (£) | Net Assets (£) | Fixed Assets (£) | Current Assets (£) | Cash at Bank (£) | Employee Count |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| 31/12/2024 | 9,100,000,000 | 3,218,300,000 | 2,260,200,000 | 5,489,600,000 | 1,157,700,000 | 21,000 |
| 31/12/2023 | 7,827,100,000 | 3,245,800,000 | 2,308,000,000 | 5,273,200,000 | 951,600,000 | 21,472 |
| 02/01/2021 | 0 | 0 | 0 | 0 | 0 | 0 |
| 31/12/2017 | 0 | 0 | 0 | 0 | 0 | 0 |
| 30/06/2017 (6m) | 74,100,000 | 11,202,600,000 | 400,000 | 556,500,000 | 3,600,000 | 0 |
Note: Filings for 2017 and 2021 contain zero values in standard public extracts due to parent-level restructuring and holding presentation formats following the original 2017 cross-border combination.
Turnover Trend and Segmental Direction
Group performance is divided into two primary operating segments:
1. Subsea Segment: Subsea revenue grew 21.5% in 2024 to $7,819.9 million (up from $6,434.8 million in 2023). Growth was driven by backlog conversion in Angola (+$428.8m), the United States (+$296.5m), Guyana (+$295.3m), and Australia (+$168.0m). Subsea operating profit surged 75.3% to $953.1 million (12.2% operating margin vs 8.4% in 2023). The Subsea backlog expanded to $13,518.1 million as of 31 December 2024.
2. Surface Technologies Segment: Surface Technologies revenue fell 9.1% to $1,263.4 million in 2024 (down from $1,389.4 million in 2023), impacted by reduced land completion activity in North America and the Q1 2024 divestment of the Measurement Solutions business. Operating profit rose to $204.2 million due to a $68.3 million net gain on the asset disposal and improved margins in Middle Eastern contracts.
Working Capital and Liquidity Analysis
Working capital management shows current assets of £5,489,600,000 against current liabilities of £4,951,800,000, delivering a net current asset buffer of £537,800,000 in 2024.
- Trade Debtors: £1,318,500,000 (up from £1,138,100,000 in 2023).
- Inventories: £1,098,400,000 (slightly reduced from £1,106,700,000 in 2023).
- Trade Creditors: £1,301,800,000 (compared to £1,355,100,000 in 2023).
- Other Creditors: £401,500,000.
Operating cash flow generated in 2024 reached $961 million (up from $693 million in 2023), resulting in free cash flow of $679.4 million. Cash at bank grew to £1,157,700,000 at year-end.
Debt Profile and Capital Structure
Long-term liabilities stood at £1,872,500,000 in 2024, down from £2,051,800,000 in 2023. Total liabilities closed at £6,824,300,000.
Net debt as reported under US GAAP/IFRS reconciliations stood at $(659.8) million at 31 December 2024, improving from $(1,021.6) million in 2023. The short-term debt and current portion of long-term debt equalled $317.2 million, with long-term debt excluding current portions at $606.9 million and lease liabilities at $893.4 million. Retained earnings increased to £3,895,000,000 in 2024, supporting share capital of £423,000,000.
2024 Capital Allocation Summary:
- Share Repurchases Executed: $400.1 million
- Dividends Paid: $85.9 million ($0.05 per share per quarter)
- Share Buyback Authorization: $1.8 billion total ($1.1 billion remaining at year-end)
- Target FCF Distribution: At least 70% target for 2025
Directors and Ownership
TechnipFMC plc operates a single-tier board structure consisting of executive and non-executive directors. The public register reflects listed entity PSC exemptions, as the company's equity trades publicly on the New York Stock Exchange (NYSE: FTI) and Euronext Paris.
Registered Officers
According to official register filings, the active management and corporate secretary roles are assigned as follows:
- Mr Douglas Pferdehirt: Director (Appointed 11 January 2017). Chair and Chief Executive Officer. American national, residing in the United States, born February 1964.
- Mr Eleazar De Carvalho Filho: Director (Appointed 16 January 2017). Brazilian national, residing in Brazil, born July 1957.
- Ms Claire Scobee Farley: Director (Appointed 16 January 2017). American national, residing in the United States, born February 1959.
- Mr Robert G. Gwin: Director (Appointed 1 February 2023). American national, residing in the United States, born May 1963.
- Mr John O'Leary: Director (Appointed 16 January 2017). Irish and French national, residing in France, born August 1955.
- Margareth Oevrum: Director (Appointed 1 October 2020). Norwegian national, residing in Norway, born September 1958.
- Ms Kay Priestly: Director (Appointed 16 January 2017). American national, residing in the United States, born January 1956.
- John Yearwood: Director (Appointed 1 June 2019). American national, residing in the United States, born September 1959.
- Sophie Zurquiyah: Director (Appointed 1 April 2021). French national, residing in the United States, born November 1966.
- Cristina Aalders: Company Secretary (Appointed 31 July 2023).
Former Officers (Resigned)
Previous board members and secretaries recorded on the public register include:
- Secretaries: Dianne Ralston (Resigned 1 October 2020), Stephen Siegel (Resigned 23 November 2020), Victoria Lazar (Resigned 31 July 2023).
- Directors: Tore Halvorsen (Resigned 16 January 2017), Richard Pattarozzi (Resigned 1 May 2019), Thierry Pilenko (Resigned 1 May 2019), Arnaud Caudoux (Resigned 15 February 2021), Pascal Colombani (Resigned 15 February 2021), Marie-Ange Debon (Resigned 15 February 2021), Didier Houssin (Resigned 15 February 2021), Olivier Piou (Resigned 15 February 2021), Joseph Rinaldi (Resigned 15 February 2021), James Ringler (Resigned 20 May 2021), Peter Mellbye (Resigned 28 April 2023).
Persons with Significant Control (PSC)
The company register records PSC entries indicating exemptions under listed company rules. A historical PSC notification for Fmc Technologies, Inc (corporate company number 3315658) was registered on 6 April 2016 for 75% to 100% control, which ceased on 16 January 2017 upon finalization of the merger combining FMC Technologies and Technip S.A.
Recent Activity
Key strategic and statutory milestones recorded in filings and market announcements include:
- Credit Rating Upgrades: S&P upgraded TechnipFMC plc issuer debt ratings to 'BBB-' (investment grade) in March 2024, followed by Fitch at 'BBB-'. On 23 January 2025, Moody's upgraded the company's senior unsecured notes rating to 'Baa3' from 'Ba1', maintaining a positive outlook.
- Asset Divestments: Completed the full disposal of the Measurement Solutions business (MSB) to One Equity Partners on 11 March 2024, generating a $68.3 million gain within the Surface Technologies division.
- Pension Buy-in: On 28 February 2024, FMC Technologies Pension Plan Limited (trustee of the UK pension scheme) executed an insurer buy-in agreement with Just Retirement Limited.
- Capital Adjustments: Share buyback programs removed $400.1 million in market equity during 2024. An expanded buyback authorization of $1.0 billion was approved on 23 October 2024, raising total outstanding authority to $1.8 billion.
- Contract Awards: Secured notable subsea awards, including Petrobras Mero 3 HISEP (subsea CO2 separation), Shell Sparta (20,000-psi production system), Northern Endurance Partnership (all-electric carbon capture), and TotalEnergies GranMorgu in Suriname.
To conduct a comprehensive review of registered debentures or security instruments, legal advisers should run a company charge check on the register.
Risk Indicators and What to Watch
+-------------------------------------------------------------------------+
| CRITICAL RISK INDICATOR MONITOR |
+------------------------------------+------------------------------------+| RISK CATEGORY | REGULATORY & OPERATIONAL FACTOR |
+------------------------------------+------------------------------------+
| Customer Concentration | Top 3 Subsea clients generated |
| | 18%, 13%, and 11% of 2024 turnover.|
+------------------------------------+------------------------------------+
| Climate & Transition Exposure | High dependency on oil & gas CAPEX;|
| | transition risk from emissions |
| | pricing & extraction limits. |
+------------------------------------+------------------------------------+
| Scope 1 & 2 Emissions Volatility | 2024 emissions rose 7% YoY to 285k |
| | t CO2e due to higher vessel usage. |
+------------------------------------+------------------------------------+
| Legal & Foreign Tax Disputes | Contingent liabilities from ongoing|
| | tax, partner, and vendor claims. |
+------------------------------------+------------------------------------+
Specific Monitoring Points
1. Client Concentration Risk: Three primary subsea customers account for 42% of combined group revenue (18%, 13%, and 11% respectively). Delay or cancellation of offshore deepwater projects by these major operators directly impacts backlog conversion.
2. Energy Transition & Regulatory Limits: Under the Companies Act 2006 (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022, TechnipFMC flags transition risks. Restrictions on offshore hydrocarbon licensing or higher greenhouse gas pricing could impair traditional subsea demand if New Energy solutions (offshore floating wind, hydrogen Deep Purple™) fail to scale at pace.
3. Fleet & Supply Chain Bottlenecks: The Subsea segment relies heavily on a specialized fleet of 16 installation vessels. Vessel operations generated 82% of total Scope 1 and Scope 2 emissions in 2024. Marine transit disruptions or shipyard delays present direct risks to fixed-price project milestones.
4. Counterparty Credit Status: Because insolvency events in supply chains can trigger cascading project delays, vendors and sub-contractors should perform regular insolvency reviews using a winding up search prior to committing high-value equipment.
How a Professional Validates This Manually vs Corp Intel
Assessing a complex public entity like TechnipFMC plc requires piecing together disparate statutory documents, court filings, and financial releases.
Manual Verification Workflow
- Step 1: Access Companies House WebCHeck or beta register to pull filed accounts (AA02/Group Accounts), director changes (AP01/TM01), and PSC updates.
- Step 2: Search The Gazette for statutory notices, capital reduction petitions, or dividend declarations.
- Step 3: Cross-reference US SEC filings (Form 10-K / 8-K) and NYSE disclosures against UK IFRS filing reconciliations to verify lease accounting differences (US GAAP operating vs IFRS finance model) and segmental operating profit.
- Step 4: Inspect the High Court cause lists to confirm if any winding up petitions or commercial litigation claims have been lodged against the UK corporate entity.
- Step 5: Manually reconcile historical accounting disclosures across currency conversions (USD vs GBP) and changing filing templates.
Automated Analysis via Corp Intel
Corp Intel consolidates public register data, financial extractions, corporate officer histories, and charge registers into a single real-time intelligence profile. Practitioners can set up free company monitoring to automatically receive daily email notifications whenever TechnipFMC plc or its UK subsidiaries file new accounts, change directors, register mortgages, or alter corporate ownership structures.
For Credit Teams, Corporate Finance Advisers and Lenders
When evaluating corporate credit facilities, joint venture structures, or high-value subsea procurement contracts involving TechnipFMC plc, legal counsel and risk officers must conduct formal pre-completion due diligence. Failing to identify subsidiary guarantee structures, contingent contract liabilities, or pending register filings can result in unquantified counterparty risk. Real-time register checks and charge verifications can be initiated via the Corp Intel company search.
FAQ
What primary activities does TechnipFMC plc carry out?
TechnipFMC plc operates through two primary segments: Subsea (designing, manufacturing, and installing deepwater production systems, umbilicals, risers, and flowlines) and Surface Technologies (supplying wellhead systems, pressure control equipment, and fracture manifolds for land and shallow water projects).
What was TechnipFMC plc's revenue and profit in 2024?
TechnipFMC plc reported total revenue of £9.1 billion ($9.1 billion) for the year ended 31 December 2024, representing a 16% increase compared to 2023. Subsea operating profit reached $953.1 million, while Surface Technologies operating profit was $204.2 million.
Who is the Chief Executive Officer of TechnipFMC plc?
According to the Companies House register, Mr Douglas Pferdehirt has served as a Director since 11 January 2017 and holds the position of Chair and Chief Executive Officer.
Has TechnipFMC plc received investment-grade credit ratings?
Yes. S&P and Fitch upgraded the company's debt to investment grade ('BBB-') in 2024. Moody's subsequently upgraded its issuer rating on TechnipFMC's senior unsecured notes to 'Baa3' with a positive outlook on 23 January 2025.
How can credit managers run a winding up petition search on a UK company?
Credit managers can run a real-time winding up petition search through Corp Intel to verify whether any formal insolvency petitions or court orders have been registered against a business counterparty.
How does TechnipFMC plc manage its share capital and shareholder distributions?
During 2024, TechnipFMC paid $85.9 million in cash dividends ($0.05 per share quarterly) and repurchased $400.1 million of ordinary shares for cancellation. The board authorized an additional $1.0 billion in share buybacks in October 2024, raising total buyback authorization to $1.8 billion.