fmc technologies inc (FTI) Key Developments
FMC Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Capital Expenditure Guidance for the Year 2015
Jul 21 15
FMC Technologies, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue was $1,695.2 million compared to $1,985.3 million for the same period a year ago, primarily due to the continued decline in the North American land market and it’s severe impact on the Surface Technologies segment revenue. Income before net interest expense and income taxes was $172.9 million compared to $343.7 million for the same period a year ago. Income before income taxes was $163.9 million compared to $335.4 million for the same period a year ago. Net income attributable to the company was $107.9 million compared to $226.3 million for the same period a year ago. Basic and diluted earnings per share were $0.46 compared to diluted earnings per share of $0.95 for the same period a year ago. The company ended the quarter with net debt of $699.4 million. Capital spending was $75 million.
For the six months, the company reported revenue was $3,390.4 million compared to $3,809.7 million for the same period a year ago. Income before net interest expense and income taxes was $365.2 million compared to $555.4 million for the same period a year ago. Income before income taxes was $348.9 million compared to $538.9 million for the same period a year ago. Net income attributable to the company was $255.5 million compared to $361.5 million for the same period a year ago. Basic and diluted earnings per share were $1.10 compared to diluted earnings per share of $1.52 for the same period a year ago. Net cash provided by operating activities were $235.7 million compared to $235.8 million for the same period a year ago. Capital expenditures were $161.2 million compared to $180.0 million for the same period a year ago.
The company expect capital spending in 2015 of approximately $250 million. The company continue to expects 2015 full year tax rate to be between 25% and 27%, which includes the U.S. tax audit settlement.
FMC Technologies Wins $297 Million Contract for Subsea Production Systems for Shah Deniz Stage 2 Project
Jun 22 15
FMC Technologies announced that it has received an order from BP Exploration (Shah Deniz) Ltd. to supply subsea production systems for Well Clusters 3-5 of the Shah Deniz Stage 2 project in the Caspian Sea. The Shah Deniz field is located offshore in the Azerbaijan sector of the Caspian Sea, about 100km south of Baku. The order has an estimated value of $297 million in revenue and is in addition to the initial order for Well Clusters 1-2 received in 2014 from BP, the operator of the Shah Deniz Stage 2 project.
FMC Technologies, Inc. and Technip Complete Forsys Subsea
Jun 2 15
FMC Technologies, Inc. and Technip announced that Forsys Subsea, a 50/50 joint venture, has received all regulatory approvals. The parties closed the transaction making Forsys Subsea operational on June 1, 2015. Forsys Subsea is a joint venture formed as part of a broader alliance between FMC Technologies and Technip that unites the skills and capabilities of two subsea leaders to redefine the way subsea fields are designed, delivered and maintained. By combining the technologies of the parent companies, Forsys Subsea will reduce the interfaces of the subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS). It will also simplify the seabed layout, thereby reducing complexity, accelerating time to first oil, and enabling higher sustainable field production. This unique combination will drive a new, step-change approach to how equipment designs and installation methods converge in a new generation of subsea architecture. The company is headquartered in London, with regional hubs in Houston, Oslo, Paris, Rio de Janeiro and Singapore. The Forsys Subsea leadership team includes Rasmus Sunde (FMC Technologies) as CEO, Alain Marion (Technip) as Chief Technology Officer, Arild Selvig (FMC Technologies) as Senior Vice President and Head of Front-End Engineering, and Gerald Bouhourd (Technip) as Senior Vice President and Head of Life of Field.
FMC Technologies, Inc. Presents at RBC Capital Markets 2015 Global Energy and Power Executive Conference, Jun-02-2015 03:05 PM
May 26 15
FMC Technologies, Inc. Presents at RBC Capital Markets 2015 Global Energy and Power Executive Conference, Jun-02-2015 03:05 PM. Venue: The Ritz Carlton Battery Park Hotel, New York, New York, United States. Speakers: Maryann T. Seaman, Chief Financial Officer and Executive Vice President.
FMC Technologies, Inc. Appoints Douglas J. Pferdehirt as its President
May 12 15
FMC Technologies, Inc. announced that its Board of Directors has appointed Douglas J. Pferdehirt as President of the company. Pferdehirt assumes this responsibility from John T. Gremp who remains Chairman and Chief Executive Officer. Pferdehirt previously served as Executive Vice President and Chief Operating Officer. He will assume the role of President immediately, while retaining his position as Chief Operating Officer, responsible for leading the company's three business segments.