TechnipFMC plc

SEGMENT RESULTS OF OPERATIONS OF TECHNIPFMC PLC

THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

Segment operating profit is defined as total segment revenue less segment operating expenses. Certain items have been excluded in computing segment operating profit and are included in corporate items. See Note 5 for further details.

Subsea

Subsea revenue increased $319.8 million during the three months ended September 30, 2024, compared to the same period in 2023, driven by increased backlog in 2023 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. Of the increase in revenue, $89.9 million was from the United Kingdom, $88.0 million from Australia, $78.7 million from Angola and $78.0 million from Guyana, driven by higher iEPCI, supply of flexible pipe and installation activities. The increased revenue in these geographies was modestly offset by a net $26.5 million decrease from the rest of the world, primarily from lower activity as projects reached completion.

Subsea operating profit for the three months ended September 30, 2024, increased by $111.1 million, of which $68.9 million was the result of a favorable activity mix and $55.7 million from higher volume, partially offset by a $13.5 million increase in operating expense related to the higher activity.

Surface Technologies

Surface Technologies revenue decreased by $28.3 million, compared to the same period in 2023, primarily due to $52.2 million decreased revenue as a result of lower drilling and completion activity in Europe, North America and the sale of MSB during the three months ended March 31, 2024. This decrease was partially offset by $23.9 million of revenue growth from higher equipment delivery across the rest of the world, with the majority of the increase occurring in the Middle East.

Surface Technologies operating profit increased by $0.4 million, due to growth in the Middle East with increased operating profit of $4.7 million and an additional $1.4 million increase from other operating locations offset by a reduction of $5.7 million due to lower drilling and completion activity in Europe, North America and the sale of MSB in the three months ended March 31, 2024.

Corporate Expense

Corporate expense increased by $6.4 million, compared to the same period in the prior year, was related to costs associated with our support functions, such as corporate staff expenses, share-based compensation expense, and other employee benefits.

SEGMENT RESULTS OF OPERATIONS OF TECHNIPFMC PLC

NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

Subsea

Subsea revenue increased by $1,057.7 million during the nine months ended September 30, 2024, compared to the same period in 2023, driven by increased backlog during 2023 related to higher energy demand and upstream spending, further aided by our unique commercial offerings. $257.5 million of the increase in revenue was from Angola, $195.0 million from Brazil, $176.9 million from Guyana, $168.8 million from the United States, $155.7 million from Australia, and $145.5 million from the United Kingdom, driven by higher installation, iEPCI, supply of flexible pipe and services activities. The increased revenue in these geographies was offset by a net $39.1 million decrease from the rest of the world, primarily from lower activity as projects reached completion.

Subsea operating profit for the nine months ended September 30, 2024, increased by $325.2 million, of which $220.1 million was the result of a favorable activity mix and $183.0 million from higher volume, partially offset by a $77.9 million increase in operating expense related to the higher activity.

Surface Technologies

Surface Technologies revenue decreased by $88.2 million, compared to the same period in 2023, primarily due to $139.6 million decreased revenue as a result of lower drilling and completion activity in Europe, North America and the sale of MSB during the three months ended March 31, 2024. This decrease was partially offset by $51.4 million of revenue growth from higher equipment delivery across the rest of the world, with the majority of the increase occurring in the Middle East.

Surface Technologies operating profit increased by $86.3 million, and was driven by the gain on the sale of MSB, which was partially offset by lower drilling and completion activity in Europe and North America, resulting in a net increase of $61.1 million. Additionally, improved operating performance in Latin America and activities in the Middle East, Asia Pacific and other operating units generated improved profitability of $25.2 million.

Corporate Expense

Corporate expense decreased by $118.6 million, or 57.7 percent, compared to the same period in the prior year, primarily driven by the non-recurring legal settlement charge incurred during 2023.