LNG

TechnipFMC, the US oil and gas and LNG project services company, reported a 24 percent increase in second-quarter revenues as profits rose along with orders and the backlog.

TechnipFMC, the US oil and gas services company, reported increased profit and revenues as well as a rising backlog of contracts covering areas such as South America, the Gulf of Mexico and Europe.

Nov 21 (LNGJ) - TechnipFMC has agreed to sell the company’s measurement solutions business to One Equity Partners for $205 million in cash, subject to customary adjustments at the closing of the transaction. As part of TechnipFMC Surface Technologies segment, the measurement solutions business encompasses terminal management solutions and metering products and systems, and includes engineering and manufacturing locations in North America and Europe.

   “This transaction reflects TechnipFMC’s broader portfolio strategy to further focus on our core products and market-leading technologies, as well as integrated solutions and services for our clients,” said Doug Pferdehirt, Chairman and Chief Executive at TechnipFMC. The transaction is expected to close during the first half of 2024. 

TechnipFMC reported an improving market in offshore oil and gas in its first full earnings statement since spinning off the LNG and project engineering unit Technic Energies to become a separate company.

TechnipFMC, the Franco-US energy engineering business, has re-started the process of spinning off Technip Energies, one of the world’s leading LNG project engineers, and has already put several financial transactions in place to complete the operation in the next couple of months.

TechnipFMC, the energy projects and subsea company, said its Technip Energies division had third-quarter revenues of $1.60 billion and benefited from the continued ramp-up of Novatek’s Arctic LNG II joint venture in Russia and gave updates on other projects.

Engie of France, whose widespread operations include utilities, gas networks and a liquefied natural gas business, has named Catherine MacGregor as its new Chief Executive after she had previously been lined up to head the LNG engineering spin-off from TechnipFMC.

TechnipFMC, the LNG and energy engineering company planning to soon separate into two companies, posted a fourth-quarter net loss of $2.41 billion because of charges, though LNG project contract awards in 2019 soared to $8 billion and more are expected even amid the current weak commodity prices.

TechnipFMC, Franco-US energy and LNG engineering company, said its split into two separate listed companies was on track for the first half of 2020 as it posted a 6 percent increase in third-quarter revenues to $3.33 billion as new large-scale LNG contracts were awarded.

TechnipFMC, the Franco-US energy and LNG engineering company, said it had decided to spin off its European-based engineering and construction operations into a separate business, leaving the Houston-based half of the firm as a technology-focused equipment supplier to the oil and gas sector.