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TechnipFMC reduces 2020 CAPEX

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Oilfield Technology,

TechnipFMC has announced a range of measures in response to the current market environment.

These actions include the following:

  • 30% reduction in 2020 CAPEX to US$300 million – a reduction of US$150 million when compared to the company’s previous full-year guidance.
  • US$100+ million in annualised cost reductions for Surface Technologies – primarily to address the sudden and sharp decline in North American activity.
  • US$30 million in annualised cost reductions to corporate expenses – exit run-rate savings to be achieved by year-end, with full recognition in 2021.

TechnipFMC's cash and cash equivalents totalled US$5.2 billion at the end of 2019, of which US$2.2 billion was available for company use outside joint ventures. The company’s liquidity is further supported by a revolving credit facility of US$2.5 billion.

The company will incorporate its latest assessment of the operating environment and market outlook when it provides updated financial guidance in its 1Q20 earnings release.

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