TechnipFMC (FTI) JP Morgan Energy, Power and Renewables Conference summary

Strategic transformation and business model evolution

• Identified project-level inefficiencies in subsea leading to late and over-budget deliveries, prompting a shift to a customer-centric, project-focused approach.

• Invested four years in disruptive technology, resulting in the Subsea 2.0 platform and a new Configure to Order operating model, inspired by Lean principles.

• Merged Technip and FMC to create an integrated offering, enabling end-to-end project delivery and eliminating customer interface gaps.

• Demonstrated value to clients by delivering first hydrocarbons 9–12 months earlier and with greater certainty, making the integrated model the industry standard.

• Now, about one-third of the market is integrated, with Subsea 2.0 representing 50% of new orders and 70% of business awarded directly.

Operational efficiency and industry learnings

• Adopted Lean manufacturing principles from the auto industry, particularly Toyota, to streamline operations and reduce engineering lead times.

• Transitioned to a configurable architecture, allowing orders to move directly to manufacturing, assembly, and test, cutting out 9–12 months of engineering.

• Enhanced ability to deliver first oil up to a year ahead of industry norms, driving competitive advantage.

Market outlook and regional activity

• Offshore spending described as robust, with high activity in the Gulf of Mexico, Brazil, West Africa, and the North Sea.

• Notable project wins include Shell's Sparta project and significant new project sanctions in the North Sea following government support.

• Emerging basins such as Guyana, Mozambique, Suriname, Namibia, and Tanzania offer long-term growth, with most major opportunities expected in the latter part of the decade or into 2030.