TechnipFMC Announces Third Quarter 2020 Results

Source Press Release
Company TechnipFMC plcBP Plc.ExxonMobilNeptune Energy GroupRoyal Dutch ShellWoodside Petroleum Limited 
Tags LNG & Gas Storage/Processing, Upstream Activities, Strategy - Upstream, Capital Spending, Guidance, Strategy - Corporate
Date October 21, 2020

TechnipFMC plc (NYSE: FTI) (Paris: FTI)(ISIN:GB00BDSFG982) today reported third quarter 2020 results.

Summary Financial Statements - Third Quarter 2020
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.

Three Months Ended (In millions, except per share amounts)  September 30, 2020  September 30,
2019 
Change 
Revenue  $3,335.7  $3,335.1  0.0% 
Net income (loss)  $(3.9)  $(119.1)  n/m 
Diluted earnings (loss) per share  $(0.01)  $(0.27)  n/m 
       
Adjusted EBITDA  $321.2  $379.2  (15.3%) 
Adjusted EBITDA margin  9.6 %  11.4 %  (180 bps) 
Adjusted net income  $72.2  $53.8  34.2% 
Adjusted diluted earnings per share  $0.16  $0.12  33.3% 
       
Inbound orders  $2,227.4  $2,610.6  (14.7%) 
Backlog  $19,646.1  $24,115.3  (18.5%) 

Total Company revenue was $3,335.7 million. Net loss was $3.9 million, or $0.01 per diluted share. These results included after-tax charges and credits totaling $76.1 million of expense, or $0.17 per diluted share. Adjusted net income was $72.2 million, or $0.16 per diluted share.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $321.2 million and included a foreign exchange gain of $5.6 million; adjusted EBITDA margin was 9.6 percent (Exhibit 10).

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “We delivered strong operational results in the third quarter. All three segments delivered sequential improvement in adjusted EBITDA margin, with total Company adjusted EBITDA of $321 million and a margin of 9.6 percent. These results were achieved working collaboratively with our clients, where our innovative solutions, demonstrated execution excellence and financial strength enabled our project portfolio to progress through a challenging period.”

Pferdehirt added, “As our clients continue to re-prioritize their portfolio investments, we have seen an increase in our award activity. Inbound orders of more than $2.2 billion represent our strongest quarter of the year and a sequential increase of 45 percent, largely driven by Subsea where we were awarded notable projects in South America and Norway. With the services and project activity forecast for the remainder of the year, we remain confident in achieving $4 billion of Subsea inbound orders for 2020.”

“Technip Energies secured an EPC contract for the Assiut Hydrocracking Complex, which we expect will be inbound by year-end. We also announced a revamp project at Shell’s Moerdijk plant, demonstrating both our leadership in ethylene technology and our ability to reduce CO2 emissions.”

“And in Surface Technologies, we continued to leverage the strength and resilience of our international franchise with two important growth opportunities captured in the Middle East. These awards provide us the opportunity to further expand our market share of high-specification equipment across the region.”

“We continued to accelerate our cost reduction efforts and have already achieved the full targeted run-rate savings of more than $350 million. These savings, combined with our award momentum, provide us with confidence to reaffirm full-year guidance for all operating segments.”

“Digital is another key enabler of our business transformation. We continue to apply digital technologies to enhance our customer offering and expand our market leadership. With Subsea Studio™, we are leveraging our proprietary global database of projects to rapidly evaluate field development scenarios, which enables our ability to utilize machine learning and artificial intelligence. And our integrated and digitally enabled iComplete™ offering for surface well completions is providing significant cost and efficiency benefits with a dramatic reduction in components, connections and operating costs. Since product launch, we have achieved broad customer acceptance, leading to market share gains.”

Pferdehirt continued, “Our energy transition expertise across all segments will support our clients’ efforts to meet their carbon reduction ambitions. We recently announced a strategic collaboration to accelerate the development of green hydrogen technologies with McPhy – a leading manufacturer of equipment used in the production and distribution of green hydrogen. We are a leader in hydrogen today, and with McPhy, we are bringing our core competencies in technology, engineering, integration and project execution to develop large scale and competitive green hydrogen solutions.”

Pferdehirt concluded, “In the midst of an extremely challenging time, the women and men of TechnipFMC continued to deliver strong operational results. We remained focused on strengthening our market leading positions and leveraging our financial flexibility to pursue growth opportunities. We are fully committed to further our business transformation through new business models, innovative technologies and digital solutions across the organization.”

Operational and Financial Highlights - Third Quarter 2020

Subsea 

Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.

Three Months Ended (In millions)  September 30, 2020  September 30, 2019  Change 
Revenue  $1,501.8  $1,342.2  11.9% 
Operating profit (loss)  $20.3  $(79.6)  n/m 
Adjusted EBITDA  $146.0  $139.1  5.0% 
Adjusted EBITDA margin  9.7 %  10.4 %  (70 bps) 
       
Inbound orders  $1,607.1  $1,509.9  6.4% 
Backlog  $7,218.0  $8,655.8  (16.6%) 

Subsea reported third quarter revenue of $1,501.8 million, an increase of 11.9 percent from the prior year driven by continued strong execution of our backlog. Revenue growth in project activity was most significant in the United States, Norway and Africa. Sequentially, revenue increased 9 percent primarily driven by continued improvement in operational efficiency as well as increased activity in Subsea Services.

Subsea reported an operating profit of $20.3 million. Operating profit increased versus the prior-year quarter primarily driven by significantly lower charges and credits in the current period. Sequentially, operating profit benefited from project completions and improved asset utilization in the third quarter.

Adjusted EBITDA was $146 million, with a margin of 9.7 percent. Adjusted EBITDA increased versus the prior-year quarter as higher activity and the benefits of our cost reduction initiatives more than offset the COVID-19-related inefficiencies in the quarter.

Third Quarter Subsea Highlights

  • Neptune Energy Fenja iEPCI™ (Norway)
    Began installation of electrically trace heated pipe-in-pipe.
  • BP Atlantis Phase 3 iEPCI™ (United States)
    Helped client achieve fast track start-up.
  • Woodside Pyxis iEPCI™ (Australia)
    Successful installation of two Subsea 2.0™ trees.
  • Shell BC-10 (Brazil)
    Successful installation of Subsea 2.0™ tree; well is now operational and producing.

Subsea inbound orders were $1,607.1 million for the quarter, resulting in a book-to-bill of 1.1. The following announced awards were included in the period:

  • Libra Consortium’s Mero 2 Project (Brazil)
    Large* contract from the Libra Consortium for the Mero 2 project, operated by Petrobras. The contract covers the engineering, procurement, construction, installation and pre-commissioning of the infield rigid riser and flowlines for production, including the water alternating gas wells. It also comprises the installation and pre-commissioning of service flexible lines and steel tube umbilicals, as well as towing and hook-up of the floating production storage and offloading unit (FPSO).
    *A “large” award ranges between $500 million and $1 billion.
  • ExxonMobil Payara Project (Guyana)
    Large* contract for the subsea system for the Payara project in Guyana from ExxonMobil subsidiary Esso Exploration and Production Guyana Limited. The contract covers the manufacture and delivery of the subsea production system, including 41 enhanced vertical deep water trees and associated tooling, six flexible risers and 10 manifolds along with associated controls and tie-in development.
    *A “large” award ranges between $500 million and $1 billion.

Subsea Estimated Backlog Scheduling as of September 30, 2020 (In millions)  Consolidated
backlog1,2 
Non-
consolidated
backlog3 
2020 (3 months)  $1,068  $36 
2021  $3,402  $129 
2022 and beyond  $2,748  $509 
Total  $7,218  $674 
1 Backlog in the period was increased by a foreign exchange impact of $78 million. 
2 Backlog does not capture all revenue potential for Subsea Services. 
3 Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. 

Technip Energies 

Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.

Three Months Ended (In millions)  September 30, 2020  September 30, 2019  Change 
Revenue  $1,608.2  $1,596.3  0.7% 
Operating profit  $129.5  $284.6  (54.5%) 
Adjusted EBITDA  $174.5  $304.2  (42.6%) 
Adjusted EBITDA margin  10.9 %  19.1 %  (820 bps) 
       
Inbound orders  $412.8  $696.0  (40.7%) 
Backlog  $12,059.2  $15,030.8  (19.8%) 

Technip Energies reported third quarter revenue of $1,608.2 million, largely unchanged versus the prior-year quarter. Revenue benefited from the continued ramp-up of Arctic LNG 2 and higher activity on downstream projects in Africa, North America and India, which more than offset the anticipated decline in revenue from Yamal LNG. Sequentially, revenue increased 4.5 percent primarily driven by the improvement in operational efficiency related to our supply chain and construction sites.

Technip Energies reported operating profit of $129.5 million; adjusted EBITDA was $174.5 million with a margin of 10.9 percent. Operating profit decreased 54.5 percent versus the prior-year quarter primarily due to a reduced contribution from Yamal LNG and lower margin realization on early phase projects, including Arctic LNG 2. Despite the challenging environment, project execution remained strong across the portfolio. Sequentially, operating profit increased 9.7 percent when excluding the benefit of the favorable litigation settlement in the second quarter of $113.2 million.

Third Quarter Technip Energies Highlights

  • Arctic LNG 2 (Russia)
    Construction progressing at all yards in China and on-site in the Gydan peninsula.
  • Eni Coral South FLNG (Mozambique)
    Seven out of thirteen modules were installed on the hull in South Korea, confirming the good progress of the module lifting campaign and integration phase.
  • Dow Chemical Company LHC-9 (United States)
    Our technology and design expertise have helped Dow achieve well over 2,000 KTA capacity at their new U.S. Gulf Coast steam cracker, the largest operating ethylene unit in the world.

Partnership and Alliance Highlights

  • LanzaTech Sustainable Aviation Fuel Biorefinery (United States)
    TechnipFMC’s proprietary Hummingbird® ethanol-to-ethylene technology has been selected by LanzaTech for a key application which, when combined with LanzaTech’s Alcohol-to-Jet (ATJ) technology, can be used to manufacture sustainable aviation fuel (SAF) using ethanol as raw material. These sustainable technologies will be deployed in a first commercial demonstration-scale integrated biorefinery at LanzaTech’s Freedom Pines site in Georgia, U.S., that will produce 10 million gallons per year of SAF and renewable diesel starting from sustainable ethanol sources.

Technip Energies inbound orders were $412.8 million for the quarter, resulting in a book-to-bill of 0.3. The following announced award and early engagement studies were included in the period:

  • Shell Moerdijk Plant Ethylene Furnaces Modernization (Netherlands)
    Significant* Engineering, Procurement and module Fabrication (EPF) contract from Shell Moerdijk for proprietary equipment and related services for eight ethylene furnaces at the Moerdijk petrochemicals complex. The new furnaces will utilize TechnipFMC’s innovative multi-line radiant coil design and will replace 16 older units without reducing capacity at the facility, while increasing energy efficiency and reducing greenhouse gas emissions.
    *A “significant” award ranges between $75 million and $250 million.
  • Sakhalin-1 Russian Far East LNG Plant (Russian Federation)
    Awarded FEED contract by Exxon Neftegas Ltd for the 6.2Mtpa LNG plant to be built in De-Kastri, Khabarovsk Krai in Russia. This award demonstrates our leadership in engineering services and EPC for significant LNG projects.
  • Qatar CO2 Sequestration (Qatar)
    Awarded the engineering study and pre-FEED contract for a 5Mtpa CO2 project in Qatar; this is the largest carbon recovery and sequestration facility in the region.
  • Hydrogen Generation (U.K. North Sea)
    Genesis has been awarded a concept study which aims to identify clean gas-to-hydrogen generation from natural gas in the North Sea.

Technip Energies Estimated Backlog Scheduling as of September 30, 2020 (In millions)  Consolidated
backlog1 
Non-
consolidated
backlog2 
2020 (3 months)  $1,611  $146 
2021  $5,790  $828 
2022 and beyond  $4,658  $1,025 
Total  $12,059  $1,999 
1 Backlog in the period was increased by a foreign exchange impact of $122 million. 
2 Non-consolidated backlog reflects the proportional share of backlog related to joint ventures that is not consolidated due to our minority ownership position. 

Surface Technologies 

Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are below and in financial schedules.

Three Months Ended (In millions)  September 30, 2020  September 30, 2019  Change 
Revenue  $225.7  $396.6  (43.1%) 
Operating profit (loss)  $(7.0)  $6.1  n/m 
Adjusted EBITDA  $17.3  $44.4  (61.0%) 
Adjusted EBITDA margin  7.7 %  11.2 %  (350 bps) 
       
Inbound orders  $207.5  $404.7  (48.7%) 
Backlog  $368.9  $428.7  (13.9%) 

Surface Technologies reported third quarter revenue of $225.7 million, a decrease of 43.1 percent from the prior-year quarter. The decline was primarily driven by the sharp reduction in operator activity in North America. Revenue outside of North America displayed resilience, with a more modest decline due to reduced activity levels. Nearly 70 percent of total segment revenue was generated outside of North America in the period.

Surface Technologies reported an operating loss of $7 million; adjusted EBITDA was $17.3 million with a margin of 7.7 percent. Operating profit decreased primarily due to lower activity in North America driven by the significant decline in rig count and completions-related activity, partially offset by the accelerated cost reduction actions initiated in the first quarter. Sequentially, operating profit improved through a combination of favorable product mix, the benefit of our cost reduction program, and improved manufacturing execution.

Inbound orders for the quarter were $207.5 million, a decrease versus the prior-year quarter primarily due to the significant reduction in North America activity. Backlog decreased 13.9 percent versus the prior-year quarter to $368.9 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.

Third Quarter Surface Technologies Highlights

  • 5-year frame agreement (Oman)
    Received orders for wellheads, trees and services as part of a new 5-year frame agreement with Petrogas Rima.
  • High-specification equipment and services (Kuwait)
    Nominated to supply high-specification gas equipment and in-country services for client’s 20 well program.
  • Expansion of offerings (United Arab Emirates)
    Received a services award for maintenance of wellheads and trees from Crescent Petroleum for its Nahrwan field; successfully completed the installation of trees as part of Total’s Diyab Unconventional Exploration project.
  • Successful commercialization of iComplete™ system (United States)
    Secured awards from operators in all major U.S. basins for our iComplete™ system offering for surface well completions.
  • Orders for new UH-5 Unihead® wellhead systems (Malaysia)
    Received orders with Carigali Hess Operating Company (CHOC) in support of its migration to our new standard wellhead products which reduce installation time, improve safety and minimize customers’ non-productive time.

Corporate and Other Items

Corporate expense in the quarter was $27.7 million. Excluding charges and credits totaling $3.8 million of expense, corporate expense was $23.9 million. The results benefited from the accelerated pace of cost reduction actions.

Foreign exchange gains in the quarter were $5.6 million, which resulted primarily from the timing of naturally hedged projects.

Net interest expense was $91.8 million in the quarter, which included an increase in the liability payable to joint venture partners of $61.9 million.

The Company recorded a tax provision in the quarter of $22.5 million.

Total depreciation and amortization for the quarter was $108.5 million.

The Company ended the period with cash and cash equivalents of $4,244 million; net cash was $383.8 million.

2020 Full-Year Financial Guidance1

The Company’s full-year guidance for 2020 can be found in the table below. No updates were made to the previous guidance that was issued on July 29, 2020.

All segment guidance assumes no further material degradation from COVID-19-related impacts.

2020 Guidance 
 
Subsea    Technip Energies    Surface Technologies 
Revenue in a range of $5.3 - 5.6 billion    Revenue in a range of $6.3 - 6.8 billion    Revenue in a range of $950 - 1,150 million 
         
EBITDA margin at least 8.5% (excluding charges and credits)    EBITDA margin at least 10% (excluding charges and credits)    EBITDA margin at least 5.5% (excluding charges and credits) 
 
TechnipFMC 
Corporate expense, net $130 - 150 million 
 
Net interest expense $80 - 90 million 
(excluding the impact of revaluation of partners’ mandatorily redeemable financial liability) 
 
Tax provision, as reported $80 - 90 million 
 
Capital expenditures approximately $300 million 
 
Free cash flow $0 - 150 million 
(cash flow from operations less capital expenditures) 
 

______________________
12020 segment guidance is reflective of new business perimeters previously announced in 2019. Businesses with approximately $120 million of total revenue in 2019, most of which was in the Surface Technologies segment, were re-allocated to Technip Energies at the beginning of 2020. The revenue of these businesses is included in  Technip Energies guidance for 2020.

Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense (excluding the impact of revaluation of partners’ mandatorily redeemable financial liability) and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Teleconference

The Company will host a teleconference on Thursday, October 22, 2020 to discuss the third quarter 2020 financial results. The call will begin at 1 p.m. London time (8 a.m. New York time). Dial-in information and an accompanying presentation can be found at .

Webcast access will also be available on our website prior to the start of the call. An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) 
   
  (Unaudited) 
  Three Months Ended    Nine Months Ended 
  September 30,    September 30, 
  2020    2019    2020    2019 
               
Revenue  3,335.7      3,335.1      9,624.5      9,682.3   
Costs and expenses  3,255.0      3,221.0      12,575.7      9,119.8   
  80.7      114.1      (2,951.2)      562.5   
               
Other (expense) income, net  40.0      (31.8)      43.6      (102.5)   
               
Income (loss) before net interest expense and income taxes  120.7      82.3      (2,907.6)      460.0   
Net interest expense  (91.8)      (116.5)      (238.5)      (345.3)   
               
Income (loss) before income taxes  28.9      (34.2)      (3,146.1)      114.7   
Provision for income taxes  22.5      81.1      77.9      96.5   
               
Net income (loss)  6.4      (115.3)      (3,224.0)      18.2   
Net income attributable to non-controlling interests  (10.3)      (3.8)      (24.3)      (19.4)   
               
Net loss attributable to TechnipFMC plc  (3.9)      (119.1)      (3,248.3)      (1.2)   
               
Income (loss) per share attributable to TechnipFMC plc              
Basic  (0.01)      (0.27)      (7.24)      —   
Diluted  (0.01)      (0.27)      (7.24)      —   
               
Weighted average shares outstanding:               
Basic  449.4      446.9      448.4      448.6   
Diluted  449.4      446.9      448.4      448.6   
               
Cash dividends declared per share  —      0.13      0.13      0.39   

Exhibit 2 
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions) 
   
  (Unaudited) 
  Three Months Ended    Nine Months Ended 
  September 30,    September 30, 
  2020    2019    2020    2019 
Revenue               
               
Subsea  1,501.8      1,342.2      4,133.4      4,036.2   
Technip Energies  1,608.2      1,596.3      4,694.2      4,436.4   
Surface Technologies  225.7      396.6      796.9      1,209.7   
  3,335.7      3,335.1      9,624.5      9,682.3   
               
Income (loss) before income taxes               
               
Segment operating profit (loss)               
Subsea  20.3      (79.6)      (2,806.0)      65.0   
Technip Energies  129.5      284.6      512.0      714.3   
Surface Technologies  (7.0)      6.1      (444.4)      42.1   
Total segment operating profit (loss)  142.8      211.1      (2,738.4)      821.4   
               
Corporate items               
Corporate expense (1)  (27.7)      (75.6)      (125.7)      (278.6)   
Net interest expense  (91.8)      (116.5)      (238.5)      (345.3)   
Foreign exchange gains (losses)  5.6      (53.2)      (43.5)      (82.8)   
Total corporate items  (113.9)      (245.3)      (407.7)      (706.7)   
               
Income (loss) before income taxes (2)  28.9      (34.2)      (3,146.1)      114.7   

(1) Corporate expense primarily includes corporate staff expenses, share-based compensation expenses, and other employee benefits.
(2) Includes amounts attributable to non-controlling interests.

Exhibit 3 
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES BUSINESS SEGMENT DATA (In millions, unaudited) 
       
  Three Months Ended    Nine Months Ended 
Inbound Orders (1)  September 30,    September 30, 
  2020    2019    2020    2019 
               
Subsea  1,607.1      1,509.9      3,290.9      6,820.3   
Technip Energies  412.8      696.0      1,809.2      11,966.0   
Surface Technologies  207.5      404.7      760.9      1,188.3   
Total inbound orders  2,227.4      2,610.6      5,861.0      19,974.6   

Order Backlog (2)  September 30, 
  2020    2019 
       
Subsea  7,218.0      8,655.8   
Technip Energies  12,059.2      15,030.8   
Surface Technologies  368.9      428.7   
Total order backlog  19,646.1      24,115.3   

(1) Inbound orders represent the estimated sales value of confirmed customer orders received during the reporting period.
(2) Order backlog is calculated as the estimated sales value of unfilled, confirmed customer orders at the reporting date.

Exhibit 4 
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) 
   
  (Unaudited) 
  September 30,
2020 
  December 31,
2019 
       
Cash and cash equivalents  4,244.0      5,190.2   
Trade receivables, net  2,127.8      2,287.1   
Contract assets  1,470.0      1,520.0   
Inventories, net  1,339.1      1,416.0   
Other current assets  1,853.2      1,473.1   
Total current assets  11,034.1      11,886.4   
       
Property, plant and equipment, net  2,806.4      3,162.0   
Goodwill  2,488.7      5,598.3   
Intangible assets, net  1,002.3      1,086.6   
Other assets  1,579.7      1,785.5   
Total assets  18,911.2      23,518.8   
       
Short-term debt and current portion of long-term debt  612.2      495.4   
Accounts payable, trade  2,498.4      2,659.8   
Contract liabilities  4,643.4      4,585.1   
Other current liabilities  2,263.2      2,398.1   
Total current liabilities  10,017.2      10,138.4   
       
Long-term debt, less current portion  3,248.0      3,980.0   
Other liabilities  1,370.2      1,671.2   
Redeemable non-controlling interest  42.1      41.1   
TechnipFMC plc stockholders’ equity  4,189.1      7,659.3   
Non-controlling interests  44.6      28.8   
Total liabilities and equity  18,911.2      23,518.8   

Exhibit 5 
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) 
   
  (Unaudited) 
  Nine Months Ended 
September 30, 
2020    2019 
Cash provided (required) by operating activities       
Net income (loss)  (3,224.0)      18.2   
Adjustments to reconcile net income to cash provided (required) by operating activities       
Depreciation  244.5      282.5   
Amortization  91.0      96.0   
Impairments  3,253.0      127.5   
Employee benefit plan and share-based compensation costs  43.0      54.2   
Deferred income tax benefit, net  (33.5)      (122.6)   
Unrealized loss (gain) on derivative instruments and foreign exchange  (26.1)      108.2   
Income from equity affiliates, net of dividends received  (48.0)      (49.6)   
Other  182.4      307.6   
Changes in operating assets and liabilities, net of effects of acquisitions       
Trade receivables, net and contract assets  120.4      (23.0)   
Inventories, net  (23.8)      (190.6)   
Accounts payable, trade  (84.6)      19.4   
Contract liabilities  (14.3)      124.8   
Income taxes payable (receivable), net  (37.0)      (45.3)   
Other current assets and liabilities, net  (351.9)      (431.1)   
Other noncurrent assets and liabilities, net  11.0      13.2   
Cash provided by operating activities  102.1      289.4   
       
Cash provided (required) by investing activities       
Capital expenditures  (250.8)      (368.4)   
Payment to acquire debt securities  (3.9)      (59.7)   
Proceeds from sale of debt securities  3.9      18.9   
Cash received from divestiture  2.5      —   
Proceeds from sale of assets  23.4      5.6   
Proceeds from repayment of advance to joint venture  12.5      46.4   
Cash required by investing activities  (212.4)      (357.2)   
       
Cash required by financing activities       
Net decrease in short-term debt  (7.2)      (28.5)   
Net decrease in commercial paper  (503.0)      (255.5)   
Proceeds from issuance of long-term debt  223.2      96.2   
Repayments of long-term debt  (423.9)      —   
Purchase of ordinary shares  —      (92.7)   
Dividends paid  (59.2)      (174.7)   
Payments related to taxes withheld on share-based compensation  (6.4)      —   
Settlements of mandatorily redeemable financial liability  (135.3)      (443.7)   
Cash required by financing activities  (911.8)      (898.9)   
Effect of changes in foreign exchange rates on cash and cash equivalents  75.9      (68.9)   
Decrease in cash and cash equivalents  (946.2)      (1,035.6)   
Cash and cash equivalents, beginning of period  5,190.2      5,540.0   
Cash and cash equivalents, end of period  4,244.0      4,504.4   

Exhibit 6 
TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES CASH AND CASH EQUIVALENTS (In billions, unaudited) 
   
  September 30, 
  2020 
Held by joint ventures  3.1   
Operating cash and cash equivalents  1.1   
Total cash and cash equivalents  4.2   

Exhibit 7

TECHNIPFMC PLC AND CONSOLIDATED SUBSIDIARIES
BUSINESS SEGMENT DATA FOR YAMAL LNG JOINT VENTURE
(In millions, unaudited)

We control the voting control interests in the legal Technip Energies contract entities which own and account for the design, engineering, and construction of the Yamal LNG plant. Our partners have a 50% joint interest in these entities. Below is summarized financial information for the consolidated Yamal LNG joint venture as reflected at 100% in our consolidated financial statements.

  September 30, 
  2020 
Contract liabilities  963.8   
Mandatorily redeemable financial liability  281.7   

  Three Months Ended    Nine Months Ended 
  September 30,    September 30, 
  2020    2020 
Cash used by operating activities  (17.2)      (68.1)   
Settlements of mandatorily redeemable financial liability  —      (135.3)   

Source: EvaluateEnergy® ©2021 EvaluateEnergy Ltd