TechnipFMC plc Files 2023 Annual Report on Form 10-K

Ticker: FTI · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1681459

Sentiment: neutral

Topics: TechnipFMC, 10-K, Annual Report, Oil & Gas Equipment, Financials

TL;DR

<b>TechnipFMC plc has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

TechnipFMC plc (FTI) filed a Annual Report (10-K) with the SEC on February 27, 2024. TechnipFMC plc filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in OIL & GAS FILED MACHINERY & EQUIPMENT. The filing includes financial data for the years 2021, 2022, and 2023. The company's business address is in Newcastle upon Tyne, UK.

Why It Matters

For investors and stakeholders tracking TechnipFMC plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TechnipFMC's financial health, operational segments, and risk factors for investors and stakeholders. The detailed financial statements and disclosures within the report are crucial for understanding the company's performance in the oil and gas machinery and equipment sector and its outlook for the upcoming fiscal year.

Risk Assessment

Risk Level: medium — TechnipFMC plc shows moderate risk based on this filing. The company operates in the OIL & GAS FILED MACHINERY & EQUIPMENT sector, which is subject to significant market volatility and regulatory changes, as indicated by the SIC code and the nature of the industry.

Analyst Insight

Review the detailed financial statements and segment performance in the 10-K to assess TechnipFMC's revenue streams and profitability trends within the oil and gas sector.

Key Numbers

Key Players & Entities

FAQ

When did TechnipFMC plc file this 10-K?

TechnipFMC plc filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by TechnipFMC plc (FTI).

Where can I read the original 10-K filing from TechnipFMC plc?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by TechnipFMC plc.

What are the key takeaways from TechnipFMC plc's 10-K?

TechnipFMC plc filed this 10-K on February 27, 2024. Key takeaways: TechnipFMC plc filed its 2023 Form 10-K on February 27, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business is in OIL & GAS FILED MACHINERY & EQUIPMENT..

Is TechnipFMC plc a risky investment based on this filing?

Based on this 10-K, TechnipFMC plc presents a moderate-risk profile. The company operates in the OIL & GAS FILED MACHINERY & EQUIPMENT sector, which is subject to significant market volatility and regulatory changes, as indicated by the SIC code and the nature of the industry.

What should investors do after reading TechnipFMC plc's 10-K?

Review the detailed financial statements and segment performance in the 10-K to assess TechnipFMC's revenue streams and profitability trends within the oil and gas sector. The overall sentiment from this filing is neutral.

How does TechnipFMC plc compare to its industry peers?

TechnipFMC operates within the Oil & Gas Filed Machinery & Equipment industry, a sector characterized by significant capital expenditures and cyclical demand tied to global energy prices and exploration activities.

Are there regulatory concerns for TechnipFMC plc?

Companies in the oil and gas sector are subject to various environmental, safety, and operational regulations from international and national bodies, impacting their operational costs and compliance requirements.

Industry Context

TechnipFMC operates within the Oil & Gas Filed Machinery & Equipment industry, a sector characterized by significant capital expenditures and cyclical demand tied to global energy prices and exploration activities.

Regulatory Implications

Companies in the oil and gas sector are subject to various environmental, safety, and operational regulations from international and national bodies, impacting their operational costs and compliance requirements.

What Investors Should Do

  1. Analyze the company's revenue breakdown by segment (Service vs. Product) for fiscal years 2021-2023 to identify growth trends.
  2. Examine the company's debt-to-equity ratio and cash position as of December 31, 2023, to assess its financial leverage and liquidity.
  3. Review the risk factors section for any new or evolving risks related to market conditions, operations, or regulatory changes in the energy sector.

Key Dates

Year-Over-Year Comparison

This filing is the company's 2023 annual report, providing updated financial and operational data compared to previous filings.

Filing Stats: 4,286 words · 17 min read · ~14 pages · Grade level 16 · Accepted 2024-02-27 16:28:25

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 19

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 35

Cybersecurity

Item 1C. Cybersecurity 35

Properties

Item 2. Properties 36

Legal Proceedings

Item 3. Legal Proceedings 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved]

Item 6. [Reserved] 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 106

Controls and Procedures

Item 9A. Controls and Procedures 106

Other Information

Item 9B. Other Information 106

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 107

Executive Compensation

Item 11. Executive Compensation 108

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 108 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 108

Form 10-K Summary

Item 16. Form 10-K Summary 109

Signatures

Signatures 111 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements usually relate to future events, market growth and recovery, growth of our new energies business and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," "may," "estimate," "outlook" and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause actual results to differ materially from those contemplated in the forward-looking statements include our ability to close the Measurement Solutions transaction, on a timely basis, if at all and the risks associated therewith; unpredictable trends in the demand for and price of oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consol

BUSINESS

ITEM 1. BUSINESS Company Overview TechnipFMC plc ("TechnipFMC," the "Company," "we," or "our") is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we are transforming our clients' project economics helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments — Subsea and Surface Technologies — we will continue driving change in the energy industry with our pioneering integrated ecosystems, technology leadership and digital innovation. Each of our approximately 21,000 employees is driven by a commitment to our clients' success and a culture of execution excellence, purposeful innovation, and challenging industry conventions. History On January 17, 2017, FMC Technologies, Inc. and Technip S.A. combined through a merger of equals to create a global subsea leader, TechnipFMC, that would drive change by redefining the development of the subsea infrastructure used in the production of oil and natural gas through a new integrated commercial model. By integrating the complementary work scopes of the subsea production system ("SPS") with the subsea umbilicals, risers, and flowlines ("SURF") and installation vessels, we can more efficiently deliver an entire subsea development utilizing our integrated engineering, procurement, construction and installation model, which we refer to as iEPCI ("iEPCI"). As the only subsea provider to integrate these work scopes, we successfully created a new market and helped expand the deepwater opportunity set for our clients during a challenging market environment. iEPCI has since grown to represent nearly one-third of the addressable subsea market, validating the benefits of our unique business model aimed at improving project economics by lowering project costs and

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