Professional Documents
Culture Documents
in review
Subsea
Onshore/Offshore
Surface Technologies
Contents
4-5 CEO foreword
6-7 Our first year at a glance
Our activities
8-11 Subsea
12-15 Onshore/Offshore
16-19 Surface Technologies
2017 – a year
of achievements
First of all, I want to say that I’m creating a market which did not exist
tremendously proud of what the Company 18 months ago and demonstrating that
has achieved since our Day 1 on January our clients are accepting our offer.
17, 2017. Our employees continue to
In Onshore/Offshore, the Prelude FLNG
demonstrate an impressive commitment to
unit, the largest floating structure ever
excellence and a real desire to succeed. Our
built, arrived at its operating location off
vision, to enhance the performance of the
the Western Australia coast where it is
world’s energy industry, is being achieved
being commissioned. After the delivery of
and I would like to thank all of them for their
Petronas Satu FLNG and our recent award of
dedication over the past year.
the ENI Coral FLNG project in Mozambique,
Our merger was completed more than TechnipFMC is the clear leader of the FLNG
12 months ago and we have been able business. Yamal LNG, a hugely challenging
to leverage the unparalleled breadth of venture in the Siberian Arctic and our
capabilities of TechnipFMC – from our biggest project to date, produced its first
industry-leading front-end engineering, liquefied natural gas in November. And our
our culture of innovation that is bringing BAPCO refinery award in early December
to market next-generation solutions to our 2017 attests the confidence of our clients
reputation of superior project execution. to deliver their projects.
These capabilities, coupled with our unique
In our Surface Technologies segment, the
commercial alignment to deliver efficiencies
emergence of the unconventional market
across the value chain, allow us to drive
in North America drove structural change
the change required for real, sustainable
in our industry and we are very well
improvement to project economics –
positioned to capture the associated
improvements which enable our customers
growth by introducing new integrated
to sanction more projects with greater
commercial models.
confidence in cost and time to production.
4 TechnipFMC
that started in September 2017 and that we
intend to complete no later than the end of
2018. Additionally, the Company’s Board of
Directors has started to implement a quarterly
dividend, authorizing a $0.13 dividend per
share for the quarter.
Looking forward
As we look to 2018, we are managing
revenue declines against the strategic
investments needed to sustain our operational
capabilities through the recovery. We see
significant opportunities ahead, and these
will be driven by internal initiatives as well
as market fundamentals. We will generate
further integration savings and operational
efficiencies. We will continue to deliver real,
differentiated and sustainable change through
integrated business models that can transform
the markets we serve and generate benefits
for our customers and our Company.
Douglas J. Pferdehirt
Chief Executive Officer
Our vision
To enhance the performance of the world’s energy industry
2017 results
Adjusted Inbound Year-end
Revenue EBITDA orders backlog
Strategy
Key facts
37,000+ 128 48 countries
employees nationalities we operate in
2 20 1
Stock exchange listings vessels including global HQ (London)
two under construction two operational HQs
(Paris and Houston)
6 TechnipFMC
Business overview
Subsea
Onshore/Offshore
Delivered
Delivering
600,000
unrivaled
technology and
142
modules for three tonnes
Prelude FLNG largest
project capabilities LNG trains, Yamal ever floating facility
Surface Technologies
Combining
$1m
acquisition of
field-proven Plexus’ wellhead
equipment, services exploration and
and integrated services business
solutions saving per well
Subsea
The Subsea segment provides integrated design, engineering,
procurement, manufacturing, fabrication and installation and life
of field services for subsea oil and gas fields.
iEPCITM
awards
in under
12 months
8 TechnipFMC
Subsea systems, subsea
© VNG Norge
10 TechnipFMC
Subsea
Case study / Trestakk
Integration is the key to the future, and our “Trestakk allows us to deliver on the core values
involvement in the Trestakk project in the of TechnipFMC in realizing the possibilities,
Norwegian Sea is an excellent example of how achieving together and building trust,” explained
early collaboration can bring real dividends. Project Director Terje Eiken. “We have built
an excellent team, and we are collaborating
The contract with Statoil (now known as Equinor)
exceptionally well with our client to optimize
is TechnipFMC’s first integrated Engineering,
solutions from a system perspective.
Production, Construction and Installation (iEPCI™)
project. The subsea infrastructure will be installed “We have moved external interfaces into our
and pre-commissioned, and ready to start drilling scope, and good internal collaboration has led
in September 2018. First oil is scheduled for the to a number of significant improvements.”
second quarter of 2019.
The Trestakk total development cost was
Trestakk embodies our company’s ability to reduced by more than 30 percent before the
deliver real benefits in terms of enhancing value, Final Investment Decision gate. All this has
reducing cost and simplifying solutions. An iFEED® helped to recover the reserves at a low cost.
study ran alongside the tender, and Statoil was The first iEPCI™ has already proved to the
convinced to award the contract directly. market that significant savings can be made.
© Statoil
Trestakk reservoir
Onshore/
Offshore
The Onshore/Offshore segment offers a full range of services spanning
the entire value chain to our clients. This ranges from technical
consulting, concept selection and the early stages of the investment
through to plant start-up, operations and successful test runs. We
have been successful in meeting our clients’ needs given our proven
skills in managing large engineering, procurement, and construction
(EPC) projects.
400
Onshore/Offshore
ongoing projects
12 TechnipFMC
Al Jubail
petrochemical
plant in
Saudi Arabia
14 TechnipFMC
Onshore/Offshore
Case studies
Yamal Prelude
2017 saw exceptional milestones achieved in two Offshore, the Prelude FLNG unit, the largest
immense and challenging projects, which have floating structure ever built, arrived at its
helped to underscore TechnipFMC’s position as a operating location off the Western Australia
leader in the liquefied natural gas (LNG) business. coast where it is being commissioned.
In a joint onshore venture with our partners JGC TechnipFMC, in a consortium with Samsung Heavy
and Chiyoda, we successfully contributed towards Industry (SHI), is managing the development of
the first cargo of LNG from the Yamal project in Prelude for Shell. The 600,000-tonne structure,
Sabetta in the Siberian Arctic, where one of the built by SHI in South Korea, reached the Browse
world’s largest LNG facilities is being built. The Basin in July 2017, and focus is now on hook-up
plant produced its first LNG from the first of three and commissioning activities.
planned liquefaction trains in November and As consortium leader, we are providing
loaded its first cargo in December. management, engineering, procurement, installation,
Project Executive Sponsor Jean-Marc Aubry hailed and commissioning on the multi-billion dollar
the milestone in an “incredible adventure,” achieved project. First oil is scheduled for later this year.
through 44 months of close collaboration between Alain Poincheval, Fellow Executive Project
our client, partners and subcontractors, and the Director, said that Prelude was an iconic
extraordinary commitment of the teams, more than project. More than 1,000 TechnipFMC
65,000 people at peak of activities, to overcome employees have been involved over
complicated logistics and extreme climatic conditions. a number of years to reach this stage.
TechnipFMC fabricated 142 modules in Asia, which “This is a flagship project for us, using
involved a record 50 million man-hours without first-of-a-kind technologies. Our people are
any lost-time injury, and delivered them to Russia, very proud to be associated with Prelude
via the Suez Canal or Bering Strait. and to be contributing to its success.”
Yamal Prelude
Surface
Technologies
The Surface Technologies segment designs and manufactures products
and systems, and provides services used by oil and gas companies
involved in land and offshore exploration and production of crude oil
and natural gas. Surface Technologies designs, manufactures and supplies
wellhead systems as well as technologically advanced high pressure
valves, flowlines and pumps used in stimulation activities for oilfield
service companies. Surface Technologies also provides frac systems
and services, and production, separation and flow processing systems
for exploration and production companies in the oil and gas industry,
as well as measurement systems and loading arms solutions for energy
customers. We manufacture most of our products in several facilities
located worldwide.
$1m
saving per well
16 TechnipFMC
Surface
Technologies
provides services
to companies
involved in land
and offshore
exploration
18 TechnipFMC
Surface Technologies
Case study / Acquisition of Plexus
In our Surface Technologies segment, the The business will be integrated into our Surface
emergence of the unconventional market in North Technologies segment and will include the
America drove structural change in our industry, transfer of key personnel from Plexus, with their
and TechnipFMC is well positioned to capture the specialized know-how, to ensure continuity and
associated growth by introducing new integrated ongoing client support. The business will continue
commercial models across the globe. to operate from the existing location in Dyce,
In October 2017, we reached an agreement Aberdeen, U.K.
to acquire Plexus Holding plc’s wellhead Richard Alabaster, President of TechnipFMC’s
exploration equipment and services business Surface Technologies business, said, “I am very
for jack-up applications. pleased that we reached this agreement, which
In conjunction with our global footprint and fits within TechnipFMC Surface Technologies’
market presence, this portfolio expansion in strategy to extend and strengthen our position
the mudline and high pressure, high temperature in exploration drilling products and services
(HP/HT) arena will enable us to be a leading while leveraging our global field presence.
provider of products and services to the global It also enhances TechnipFMC’s capability in
jack-up exploration drilling market. HP/HT applications.”
Europe
Bulgaria
Finland
North France
America Germany
Greece
Canada
Italy
Mexico
Netherlands
United States
Norway
Poland
Portugal
Spain
United Kingdom
TechnipFMC
operational headquarters
Africa
Houston, U.S.
Algeria
Angola
Cameroon
Congo
Our unique
Egypt
Gabon
Ghana
worldwide
Mozambique
South Nigeria
America Tunisia
footprint Argentina
Brazil
Colombia
TechnipFMC has a presence
Venezuela
in 48 countries around the world
20 TechnipFMC
TechnipFMC headquarters
London, U.K.
Our approach
to Sustainability
At TechnipFMC, our vision is to enhance the performance of the world’s
energy industry. We have the ambition to lead the way and drive the
transformation our industry needs. With this, comes the responsibility of
a leader, so how we do business is as important as why we do business.
Our foundational beliefs are at the core of the ‘TechnipFMC way’. They
describe how we fundamentally operate and what we never compromise
on, no matter the circumstance. We believe in Safety, Integrity, Quality,
Respect and Sustainability.
22 TechnipFMC
Supporting Advancing Respecting
communities gender diversity the environment
We make a long-term We create an environment We develop solutions and
positive impact in the that encourages everyone operations to minimize
communities where we to reach their full potential carbon intensity and the
live and work through impact on the planet
Ensure gender pay equity
``
active engagement in
everywhere we operate. Reduce the carbon
``
health, education and
footprint of our
local employment Improve gender balance
``
facilities, products,
in the organization, across
Go beyond our
`` solutions and design.
all functions and levels.
commercial obligations
Provide the carbon
``
and create in-country Promote women fairly
``
footprint of all our
value through initiatives and equally through the
deliverables to our
in health, education and advancement process.
clients through
local employment.
conceptual studies.
Support and develop
``
Set up an internal price
``
Science-Technology-
of carbon for the entire
Engineering-Math
company, projects and
(STEM) initiatives.
operations, to impact
Enable employees
`` investment decisions.
to volunteer and
support initiatives.