TechnipFMC PLC at Piper Sandler Energy Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : Great. So let's just start with your confidence in the subsea outlook. So you recently confirmed the $30 billion order number target over three years ending 2025, including over $10 billion of orders this year. You talked about not seeing a plateau or a cliff beyond 2025. Can you just expand on that and maybe the drivers where you could potentially see that $10 billion run rate through the decade as you described it on the call?

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : That's helpful. And maybe just to drive from the point on the decline curves, I think you mentioned at dinner last night as far as -- not like maybe give us those percentage between the US unconventionals and what offshore is because I think it's an important part of it.

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : No, appreciate that. So just to expand on -- because I want to dig a little bit into the mature and frontier basis because you touched on this a lot on the last call, but maybe expand on the opportunity set that you're seeing. I mean, you have US Gulf, the Paleogene, North Sea, Brazil, West Africa, parts of Asia, Guyana, Suriname, and India, Mozambique. So a lot of regions, but maybe just kind of what gets you most excited from the mature side and then on also the frontier side.

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : That's helpful, and that's a lot of exciting opportunities on the greenfield side. I want to touch on the brownfield tieback opportunities as well because I think this is a big part of your confidence in your outlook. So maybe just expand on the opportunity set there, the developments that you're seeing. It's more economical, the facility CapEx has been set. Just maybe some more help around what that tieback brownfield opportunity looks like.

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : That's really interesting. I mean, I haven't heard that before. So as far as the untapped market, significant opportunity, I mean, any sort of a timeframe where we can expect the first announcement around this type of matchmaking round field? Is it a '25, '26, '27, '28 event? Any sort of sense of timing?

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : Great, very interesting. Let's jump to Saipem-Subsea7 merger, obviously that's gaining a lot of attention right now. So one of -- just two-part question for you, really. You spoke about it on when asked about your most recent earnings call, but was wondering if you could share your current thoughts around the potential impact to your business. And then secondly, you spoke about the vessel ecosystem can expand that opportunity set for your integrated execution. Some investors are concerned this merger has reduced your opportunities, given the potential loss to the access of Saipem's fleet. So maybe can you speak to that concern, such as overall impact of the merger, and then just around the vessel ecosystem?

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : No, I appreciate that. That's very helpful. Just on that competitive landscape, you talked about integration and consolidation. I know you don't like to talk about market share, but there's plenty of third-party reports out there that show you have a dominant market share position. Do you have any sort of concern around undisciplined behavior from some of your peers in order to chip away at that market share over time? So maybe some thoughts around that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 18, 2025 / 3:30PM, FTI.N - TechnipFMC PLC at Piper Sandler Energy Conference

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : Got it. Okay, very helpful. Let's go over to iEPCI, Subsea 2.0, just further adoption penetration outlook. So you've already kind of told us where you're on the adoption curve there. I think a lot of the questions I get from investors is just like, could iEPCI, Subsea 2.0 ever reach 100% of market adoption? So maybe let's start with that. Just give us the numbers again, and could we ever get to a point where this is fully adopted across the --

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : Right. And on that point, too, plenty of runway as far as growing Subsea 2.0. You don't need more roof line, like you have the capacity, like you said, one third, that there's no like material CapEx bubble out there that would really need to ramp up to. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 18, 2025 / 3:30PM, FTI.N - TechnipFMC PLC at Piper Sandler Energy Conference

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : Appreciate that. So we've got about five minutes left, so I want to make sure we get to a couple of the main -- also the main topics here. How do we throw a little love to surface technologies? Now, obviously, it doesn't get a lot of airtime, but I think there's some really interesting things going on, especially on the international side of the business, as you create that local content, especially in Saudi, you're gaining natural market share. So maybe just a couple of minutes on that, like how you're approaching on the US side, maximizing free cash flow, and then you are seeing some nice growth in the Middle East from this natural market share progression.

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : Fair enough. That's great. So last one for you, just wanted to clarify or expand on a comment you made from your most recent earnings call as far as the outlook for FTI for 2026. I think you said it's going to be a more significant year. Is it of your view that orders, revenues, and margins will all be up when compared to 2025?

Question: Derek Podhaizer - Piper Sandler Companies - Analyst : The trifecta, I love it. All right, that's a great place to leave it. Doug Pferdehirt, CEO of TechnipFMC. Thank you very much.