TechnipFMC plc (FTI) Business Profile

What it does

TechnipFMC provides equipment, technology and services to energy companies, principally for producing oil and natural gas. It operates through Subsea and Surface Technologies. The company was formed in 2017 through the combination of FMC Technologies and Technip S.A. Douglas J. Pferdehirt is chair and chief executive officer.

Subsea works on offshore fields, from initial design through equipment manufacture, installation and maintenance. Its production systems sit on the seabed and control the flow of oil and gas from a reservoir to a processing facility. The segment also supplies the pipes and connections that carry production and uses specialized vessels to install equipment.

TechnipFMC can combine the design, equipment, construction and installation of an offshore field under one contract through its iEPCI model. It also sells individual products and provides services after installation, including equipment maintenance and work to extend the life of a field.

Surface Technologies serves onshore and shallow-water projects. It sells wellheads and production trees that control the flow from wells, as well as equipment and services used during drilling and hydraulic fracturing. Its customers include oil and gas producers and service companies.

The company also applies its equipment and project integration capabilities to carbon transportation and storage, offshore floating renewables and hydrogen projects.

How it makes money

TechnipFMC earns revenue by selling equipment, executing projects and providing services across its two segments. Work can range from supplying a piece of equipment to taking responsibility for an integrated offshore development.

Subsea offers production systems, pipes, connections, installation and field services. Its iEPCI contracts combine work that can otherwise be purchased separately: production equipment, the pipes and connections linking it to a facility, and installation. Engagement can begin with an integrated engineering and design study, which can lead to a project award. The company also supplies equipment without taking on the full integrated scope.

After a field begins operating, Subsea provides inspection, maintenance, repairs, well intervention and upgrades. These services continue over the life of the field, although the company does not describe them as guaranteed recurring revenue. Its Subsea 2.0 platform uses pre-engineered equipment that can be configured for customer requirements instead of engineered anew for each project.

Surface Technologies sells wellheads and production trees directly to exploration and production operators, typically during well drilling and completion. Operators also rent pressure-control equipment for hydraulic fracturing, with TechnipFMC providing field personnel and operating services. The segment supplies other equipment, including flowlines and separation systems, and provides maintenance and replacement services.

Total company inbound orders were $11.2 billion in 2025 and $2.3 billion in Q3 2026. Total company revenue was $2.9 billion in Q3 2026. Inbound orders represent work won, rather than revenue already earned.

Customers and how it sells

Subsea customers include major integrated oil companies, national oil companies and independent exploration and production companies. Surface Technologies serves those groups as well as oil and gas service companies. TechnipFMC sells directly to operators and develops alliances with customers, which have resulted in direct project awards.

Customer concentration is material: two different customers accounted for 15.5% and 14.0%, respectively, of consolidated revenue in 2025. No single Surface Technologies customer accounted for 10% or more of consolidated revenue that year. The company has more than 40 unique clients on its customer list.

Most consolidated revenue and segment operating profit are generated outside the United States. International markets represented 65% of Surface Technologies segment revenue in 2025. The company has manufacturing operations worldwide and invests in personnel at its facilities in Saudi Arabia and the United Arab Emirates.

Recent Subsea contracts illustrate the geographic spread of its work. TechnipFMC won an integrated contract for Petronas’ Limbayong project offshore Malaysia and flexible-pipe contracts for Azul Energy in Angola and Petrobras in Brazil. It also signed an agreement establishing it as Petronas’ strategic deepwater development partner.

Suppliers and costs

TechnipFMC buys materials and components in global markets, including carbon steel, stainless steel, aluminum, castings, forgings, polymers, micro-processors and integrated circuits. It typically does not rely on a single supplier for most raw materials. However, a particular geography or group of projects may depend heavily on certain suppliers for materials or semi-finished goods.

The company manufactures equipment worldwide and uses specialized vessels to install Subsea systems. Project costs include equipment, materials, components and labor. Supplier, subcontractor or joint-venture partner failures can affect contract execution, and unforeseen costs can cause losses on fixed-price contracts.

Subsea 2.0 uses pre-engineered configurations and a pre-approved supply chain. TechnipFMC says its configure-to-order approach has reduced product cost by up to 25 percent and delivery time for subsea production equipment by as much as a 12-month reduction. It also says the approach can increase throughput and capacity at existing manufacturing assets.

The company conducts research and development on existing products, specialized customer requirements and new products and processes.

Competitive position

In Subsea, TechnipFMC competes with suppliers of components and services for offshore developments, including Baker Hughes, OneSubsea, Saipem and Subsea 7. In Surface Technologies, competitors include Baker Hughes, Cactus Wellhead, SLB, Halliburton, Delta US Corporation and SPM Oil & Gas. TechnipFMC also has a technology alliance with Halliburton in selected areas, including all-electric wells and subsea interventions.

TechnipFMC says it is the only company that can provide the full combination of front-end design, subsea production systems, pipes and connections, installation and life-of-field services as one integrated provider. Its customer alliances have produced direct awards, while its installed equipment creates opportunities for maintenance and other field services. The company also owns patents, trademarks and licenses, though it does not consider the loss of any one patent or related group material to its overall business.

Our reading: The integrated offering is a meaningful competitive advantage because customers can contract for an entire subsea scope through one provider, but rivals still compete for individual components and services. Our reading: Customer relationships and installed equipment support repeat work, although project awards and service activity still depend on customers’ spending. Our reading: Standardized equipment and intellectual property support differentiation, but no single patent is presented as essential to the whole business.

Growth opportunities

TechnipFMC is pursuing offshore projects through integrated contracts, customer alliances and standardized equipment. Subsea 2.0 replaces some project-specific engineering with pre-engineered products, while the company is also developing additional subsea technology and services for its installed base.

In Q3 2026, TechnipFMC’s subsea opportunities list reached $32 billion using the midpoint of project values. The list represents potential work, not booked orders. The company expects at least $14.5 billion of Subsea orders over the next 5 quarters, covering 2026–2027, and expects 2027 Subsea revenue of $10 to $10.4 billion.

The Petronas collaboration extends TechnipFMC’s integrated delivery model across potential projects and countries. The company also announced a memorandum of understanding under which it will be the preferred strategic supplier of 20K systems for BP’s Paleogene program in the U.S. Gulf. It was reported on 22 October 2026 that the agreement does not guarantee new equipment orders.

Services are another area of development. Subsea services inbound orders rose for a fifth consecutive year to more than $1.8 billion in 2025, supported by a growing installed base and aging infrastructure.

Beyond oil and gas, the company is pursuing carbon transportation and storage, offshore floating renewables and hydrogen. Its work includes a carbon capture and storage project in the UK and Petrobras’ Mero 3 HISEP project in Brazil.

Structural risks

• Oil and gas spending: Demand depends on industry activity and expenditure, which are affected by oil and natural gas prices and demand. Customers’ access to capital and shifts toward alternative energy can also affect spending.
• Contract execution: TechnipFMC may lose money on fixed-price contracts if equipment, materials or labor cost more than expected, or if suppliers, subcontractors or joint-venture partners fail to perform.
• Customer concentration: Two customers each accounted for a substantial share of consolidated revenue in 2025. Losing or receiving less work from either could affect the business.
• Operational liabilities: Installation or use of the company’s products can expose it to liabilities that insurance may not cover, that exceed policy limits or for which expected recoveries may not be realized.
• International operations: The business faces geopolitical conflict, sanctions, trade restrictions, currency fluctuations and supply-chain disruptions across the markets where it operates.
• Weather and people: Seasonal weather can reduce offshore vessel utilization and demand for Subsea services. The business also depends on the continuing services of key managers and employees.

Bottom line

Our reading

TechnipFMC combines large offshore project execution with equipment sales and services that continue after installation. Its integrated offering, customer alliances and installed base support repeat opportunities, while standardized products can change how it delivers projects. The business remains exposed to oil and gas investment decisions, concentrated customers and the cost and execution risks of complex contracts.