Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| We are honored to have this position and we offer our customers a clear line of sight to improve Subsea project economics that these are unique to our offering both in terms of our Subsea 2.0 architecture |
| Adjusted EBITDA was $52 million, a 5% sequential increase benefiting from increased contribution from international services and higher wellhead sales |
| So, in the front-end engineering studies, which are at a very robust level right now, the percentage of integrated feeds, which will convert into integrated EPCI studies continues to grow, which again gives us that confidence |
| So, I would say, we have great confidence as you know, and we give our inbound outlook |
| These strong results benefited from a record level of iEPCI awards in the period |
| It's by project, by name, there's a great degree of confidence in the numbers that we put out there in our ability and consistent track record of delivering against them |
| Adjusted EBITDA improved to $939 million when excluding the impact of foreign exchange |
| This is a unique combination of advanced separation, the first time for CO2 specifically, as well as boosting and reinjection and putting this all together into an integrated system architecture is something that we are extremely proud and excited to be working on Petrobras that deliver this |
| We always look towards the future, not just at the present opportunity and treat our clients with respect is we expect them to treat us with respect and we have a very strong relationship with Petrobras and very proud of the work we're doing including the award of their first-ever iEPCI, and the first ever application of HISEP in Brazil |
| While these are solid improvements, I am particularly pleased with the quality of the inbound received in 2023 with direct awards iEPCI and subsea services together exceeding 70% of subsea inbound |
| We're also seeing tangible improvements in Surface Technologies |
| This has resulted in improved financial performance, higher cash generation and greater consistency in delivering on our annual commitments |
| Anyway, you look at it 2023 was a period of strong growth for our company and we see continued strength ahead, driven by the resiliency and durability of this cycle |
| If you can do that on the seabed, it has many advantages, one, simplifying the FPSO, therefore reducing that risk of that becoming a bottleneck in terms of driving even further improvements in cycle time |
| These are solid projects with solid economics and are created, now with the confidence they have, because of what we have done as a company and by the creation of TechnipFMC and our ability to deliver these projects consistently on schedule or ahead of schedule which again is, 12 plus months faster than anyone else can do it, because they're doing it the old-fashioned way |
| We did have an indeed a very strong revenue quarter for Subsea |
| For the full year, Surface Technologies revenue was up 12% versus the prior year with adjusted EBITDA margin up 230 basis points to 13.6% |
| Here we believe much improved economic returns and broad operator access to deep water resources will attract a growing share of global capital flows |
| Maybe Doug, if you don't mind, I think I don't remember if you said this or Alf said this in the prepared remarks, but Subsea revenues were really strong in the fourth quarter |
| While the strength of these trends is partly reflected in our current backlog and revenue guidance, we have high confidence in the durability of the market over the intermediate term |
| So very excited as I pointed out |
| And our and iEPCI offering that reduces their cycle time by 12 to 14 months on a deepwater project, thus vastly improving their economics |
| By moving the gas processing entirely to the seafloor, future FPSO topside designs can be further simplified driving significant improvement in project economics |
| I am proud to report our strong quarterly and full year results which really speak to the growth and operational momentum we are achieving |
| Opportunities in the Middle East benefit from strong economic returns that will drive continued growth |
| And we've been extremely disciplined and good stewards of returning to our shareholders and will continue to do so |
| This project plays to our strengths |
| We saw backlog growth 50% and not only did the backlog grow, the quality of that backlog grew we are building stronger average margins in the backlog |
| So, I think what is continued doing what is the right thing to do and confident that we will be rewarded or continue to be rewarded for doing that, Kurt |
| And it builds upon Our strong order momentum starting the year with an iEPCI award that exceeded $1 billion |
| Statement |
|---|
| In North America, the industry has access to resources, but economic returns will continue to be challenged outside the most prolific basins |
| Adjusted EBITDA was $225 million, with a margin of 13.1%, down 200 basis points from the third quarter due to lower vessel-based activity and a mix of projects executed from backlog in the period |
| For the first quarter, we anticipate revenue to decline approximately 10%, when compared to fourth quarter results with an EBITDA margin of approximately 13% |
| I would say the subsea processing market has maybe under-delivered in the past to be very blunt |
| For the first quarter, we anticipate Subsea revenue to decline low-to-mid single-digits due to more typical seasonal activity patterns, and EBITDA margin to be in line with fourth quarter results |
| And lastly, foreign exchange loss was $26 million, the majority of which was related to the significant devaluation of the Argentine peso |
| And what Doug was talking about and maybe call it little bit similar to 2024, we do expect the lower Surface revenue due to the Measurement Solutions sale, as well as some of the - rationalization we've done over the last 12 to 18 months |
| The growth from the region will be more limited in the years ahead driven by Capital Frameworks that reward higher economic returns and increased shareholder distributions |
| But we also did have some projects that are that accelerated revenue, more than expected |
| Services revenue was also less impacted in the quarter by typical offshore seasonality, particularly in the North Sea |
| And partly of that is due to actually experiencing less of the typical seasonal factors that we do have as headwinds going from the third quarter to the fourth quarter |
| I'm just curious |
| So, the level of confidence is there |
| It's hard for me to say that, I wish, they always did but when we were all doing bespoke work, like the rest of the market is doing today, you have confidence until something goes wrong, because you've never done it before |
| Yet there seems to be a significant disconnect between what investors want to believe and what you are actually seeing predicated on the discussions, the game plan that that your customers have a it’s probably the biggest disconnect I've ever seen in my 35 years in this business |
| It never sees the atmosphere |
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