TechnipFMC Chalks Up $11.2bn In Q2 Orders

London-based oil and gas engineer TechnipFMC landed record new business in the second quarter, although it suffered a dip in profits, the company reported on July 25.

It secured $11.2bn in new orders in the three months, including a $7.6bn contract win at Russia’s Arctic LNG 2 project announced on July 23.and a major deal at Anadarko’s Mozambique LNG development. The firm’s total backlog of orders climbed more than 75% since year-end to $25.8bn.

TechnipFMC attributed its success to LNG market growth, driven by the emergence of gas as an energy transition fuel.

“This was a very strong quarter for TechnipFMC,” the company’s CEO Doug Pferdehirt commented. “The unprecedented level of order activity demonstrates that we are winning, with an intense focus on project selectivity and commercial differentiation.”

Net income fell to $97mn in April through June, down from $105.7mn a year earlier, despite a surge in revenues to $3.4bn, from $2.9bn. This result included $18mn in foreign exchange loss and a charge of $140.2mn of “increased liability payable to joint venture partners included in interest expense,” it said.