TechnipFMC plc (NYSE:FTI) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET

Company Participants

Matt Seinsheimer – Senior Vice President-Investor Relations and Corporate Development

Doug Pferdehirt – Chair and Chief Executive Officer

Alf Melin – Executive Vice President and Chief Financial Officer

Conference Call Participants

David Anderson – Barclays

Arun Jayaram – JPMorgan

Scott Gruber – Citigroup

Kurt Hallead – Benchmark

Marc Bianchi – Cowen

Operator

Thank you for holding, and welcome everyone to the TechnipFMC Fourth Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I will now turn the call over to Matt Seinsheimer, Senior Vice President, Investor Relations and Corporate Development. Mr. Seinsheimer, please go ahead.

Matt Seinsheimer

Thank you, Jack. Good morning and good afternoon, and welcome to TechnipFMC’s fourth quarter 2022 earnings conference call. Our news release and financial statements issued earlier today can be found on our website. I’d like to caution you with respect to any forward-looking statements made during this call. Although these forward-looking statements are based on our current expectations, beliefs and assumptions regarding future developments and business conditions, they are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.

Known material factors that could cause our actual results to differ from our projected results are described in our most recent 10-K, most recent 10-Q and other periodic filings with the U.S. Securities and Exchange Commission. We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

I will now turn the call over to Doug Pferdehirt, TechnipFMC’s Chair and Chief Executive Officer.

Doug Pferdehirt

Thank you, Matt. Good morning and good afternoon. Thank you for participating in our fourth quarter earnings call. It is clear that we are in the midst of a multiyear growth cycle as evidenced by the continued growth we experienced across our company in 2022. Inbound orders for the full year grew 20% to $8.1 billion, driven by Subsea inbound of $6.7 billion, which increased 36% versus the prior year. The strength of the inbound resulted in 24% growth in Subsea backlog to $8.1 billion at year-end. And as we will discuss in a moment, we anticipate further growth in 2023.