TechnipFMC plc

NOTE 10. INVESTMENTS

Equity Method Investments

The equity method of accounting is used to account for investments in unconsolidated affiliates where we have the ability to exert significant influence over the affiliates operating and financial policies.

Our equity investments were as follows as of December 31, 2025 and 2024:

Our income from equity affiliates for the years ended December 31, 2025, 2024, and 2023, was $47.0 million, $21.7 million, and $34.4 million, respectively, and included within our Subsea segment.

We assess investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. During 2025,2024 and 2023, wedidnot record any impair ments of our equity method investments.

Our major equity method investment is as follows:

Dofcon Brasil AS -is an affiliated company in the form of a joint venture between TechnipFMC and DOF Subsea and was founded in 2006. The joint venture is composed of three legal entities: Dofcon Brasil AS, Techdof Brasil AS, and Dofcon Navegacao Ltda. Dofcon Brasil AS is the joint venture holding company and is owned 50% by DOF and 50% by TechnipFMC. Dofcon Brasil AS owns 100% of both Dofcon Navegacao Ltda and Techdof Brasil AS. All joint venture entities are collectively referred to as “Dofcon.” Dofcon provides Pipe-Laying Support Vessels for work in oil and natural gas fields offshore Brazil. We have accounted for our 50% investment using the equity method of accounting.

In June 2023, Dofcon Brasil AS declared a $170.0 million dividend to its joint venture partners. In December 2023, the joint venture partners agreed to convert their outstanding dividend receivable into a long-term loan receivable from Dofcon. As a result of this conversion, our 50% share has a due date of June 26, 2028 and is included in Other assets on our consolidated balance sheets as of December 31, 2025 and December 31, 2024.

In 2025 and 2024, Dofcon Brasil AS declared and distributed dividends of $100.0 million for each year, to its joint venture partners, and we received our 50% share of $50.0 million for each year.

Dofcon Navegacao Ltda and Techdof Brasil AS have debts related to loans on their vessels. TechnipFMC and DOF Subsea provide guarantees for the debts and our share of the guaran tees were$258.6 million and $319.2 million as of December 31, 2025 and 2024, respectively.

Serimax Holdings SAS (“Serimax”) - was an affiliated company in the form of a joint venture between TechnipFMC and Vallourec SA and was founded in 2016. Serimax is headquartered in Paris, France and provides rigid pipe welding services for work in oil and natural gas fields around the world. We sold our 20% equity investment in Serimax during July 2025.

NOTE 11. RELATED PARTY TRANSACTIONS

Receivables, payables, revenues, and expenses which are included in our consolidated financial statements for all transactions with related parties, defined as entities related to our directors, officers, and main shareholders as well as the partners of our consolidated joint ventures, were as follows:

Loan receivables include $85.0 million due from Dofcon as of December 31, 2025 and 2024 and interest receivables of $13.9 million and $10.5 million, respectively.

Expenses consisted of amounts to following related parties:

Receivables, payables and revenues, which are included in our consolidated financial statements for all transactions with related parties, were not material for the years ended December 31, 2025 and 2024.

NOTE 12. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

Depreciation expense was $325.3 million, $280.4 million, and $288.1 million in 2025, 2024, and 2023, respectively. The amount of interest cost capitalized was not material for the years presented.

During 2025, 2024, and 2023, we determined the carrying amount of certain of our long-lived assets exceeded their fair value and immaterial impairments were recorded.

NOTE 13. INTANGIBLE ASSETS

The components of intangible assets were as follows:

We recorded $87.5 million, $94.5 million, and $89.7 million in amortization expense related to intangible assets during the years ended December 31, 2025, 2024, and 2023, respectively. Annual amortization expense is expected to be$84.5 million in 2026 and$33.3 million in each of the four years 2027 through 2030.