TechnipFMC PLC at TD Cowen Energy Conference Summary

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

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Good overview, Doug. I think, so this sort of plays into one of the -- this ability to lower the costs and make offshore more competitive than it was a decade ago. And I think you have this view that we're not really going to be necessarily in cycles anymore because, really, the marginal barrel or the lowest cost barrel is offshore enabled in part by you. But can you just talk about maybe your world view of some of the other sources of supply and why you think offshore is really going to get the majority of the capital as we go forward?

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Really, it's unique what you're doing, but another competitor is attempting to replicate what you're doing, but there are ways behind. Maybe just talk about the lead that you think you have.

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Okay. You've said this, and we've had a few sessions together over the last couple days, that the relentless pursuit and reduction of cycle time, I think I've got it down now. Talk to us about how far along you are on that journey and what it means for the business. What does it mean for margins? What does it mean for capacity? And what kind of advantage do you think it gives you?

Question: Marc Bianchi - Cowen and Company LLC - Analyst : So I'm sure this is a question on everybody's mind is like, how do we translate that opportunity into margin upside or business throughput, or something that I can put in a spreadsheet. What do I do with 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. NOVEMBER 18, 2025 / 4:00PM, FTI.N - TechnipFMC PLC at TD Cowen Energy Conference

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Someone had asked the question recently about where can margins go? And I think you gave a really interesting answer like, well, I don't want to have a target and I don't want to give targets to my people because we get some other benefit from them thinking through how to do that. So maybe you could just talk a little bit more about that, because there's some interesting organizational things that you guys are doing that I don't think comes out as often as it could.

Question: Marc Bianchi - Cowen and Company LLC - Analyst : On the topic of lean, I think this is what you were alluding to on the earnings call, where there's sort of an opportunity to start to leverage lean maybe further downstream into some of the development. Is there anything more you can say about that? And if there's a plan to say more in the future, when should we be expecting to hear more from you about that?

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Okay, great. Well, maybe to talk a little bit about kind of the current market state, the outlook. So you've guided to and have been delivering $10 billion of orders in subsea per year. From an outsider, that's like a remarkably consistent number. Is there something that drives that? Is there a certain amount of sales capacity to work through projects with customers? Maybe there's the customer's capacity. Is there any reason that 10 is like a magical number? Or that's just maybe it's coincidence that we've seen 10 for three years.

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Maybe we've just got a few minutes left, and I have a couple I want to ask on cash flow before we get there. Just in terms of the frontier market opportunities that you're talking to customers about. So I think we all know, all right, Suriname, Namibia, there's maybe West Africa starts to come back. Maybe there's equatorial margin in Brazil. What are the next -- we know the subsea opportunities slide. What's the next stuff? When we update the subsea opportunities slide a year from now, two years from now, what's going to be on there that isn't on there now, like geographically wise, not like customer wise or anything like 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. NOVEMBER 18, 2025 / 4:00PM, FTI.N - TechnipFMC PLC at TD Cowen Energy Conference

Question: Marc Bianchi - Cowen and Company LLC - Analyst : Excellent. I'm going to squeeze one more in, and we're probably going to go over. You just had a buyback reauthorization. You've been consistently buying back a lot of stock. And I think your message before had been we're really focused on buying back the stock rather than raising the dividend. But as something that occurs to me, it could be a signal to send to the market about the stability of the business if you raise the dividend. How do you think about the decision process between buyback and dividend?