TechnipFMC has reported second-quarter 2026 results showing record subsea revenue performance and raised its confidence in achieving $10 billion of subsea inbound orders across the full year, as the offshore energy services market continues to build momentum driven by a growing global deepwater project pipeline.
Total company revenue for the second quarter was $2,763.1 million, with adjusted EBITDA of $581.9 million and an adjusted EBITDA margin of 21.1%. Net income attributable to TechnipFMC was $362.7 million, or $0.90 per diluted share, ahead of analyst expectations. Subsea revenue and adjusted EBITDA margin were both tracking toward the high end of full-year guidance ranges.
The company identified more than $3 billion of new subsea opportunities in the quarter, adding to a total subsea opportunity pipeline that stood at approximately $30 billion of potential projects over the next 24 months as of the end of the first quarter. That figure represents growth of more than 30% over the past two years and spans developments across the Gulf of Mexico, North Sea, Brazil, West Africa and Asia Pacific, with individual project values ranging from $250 million to over $1 billion.
CEO Doug Pferdehirt said: “We remain confident in achieving $10 billion of subsea inbound in 2026, followed by a step-up in orders in 2027, which we believe will extend through the end of the decade. Importantly, as our clients move toward more collaborative approaches to develop their offshore portfolios, we will leverage our iEPCI execution model and our configurable solutions to drive further efficiencies and higher capital returns for both our customers and TechnipFMC.”
Full-year 2026 guidance for the Subsea segment was maintained at revenue between $9.2 billion and $9.6 billion, with adjusted EBITDA margins of 21 to 22%. Surface Technologies guidance was held at revenue of $1.15 billion to $1.3 billion with margins of 16.5 to 18%. Free cash flow guidance for the full year stands at $1.3 billion to $1.45 billion.
Recent contract wins underpinning the pipeline include an integrated EPCI award from BP for the Tiber development in the deepwater Gulf of America valued between $600 million and $800 million, subsea contracts from Equinor across multiple projects, and awards tied to Eni developments in West Africa and Southeast Asia through the Searah joint venture.
The broader market context is supportive. Demand for subsea production equipment is forecast to remain strong for the next five years, with analysts projecting up to $90 billion of EPC contracting opportunities during the 2026 to 2030 period as operators accelerate deepwater development programmes following the post-Iran war oil price normalisation.
TechnipFMC employs approximately 22,000 people and operates across more than 20 countries, with its primary listing on the New York Stock Exchange under the ticker FTI.
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