TechnipFMC plc

Thank you, Regina.

Good morning and good afternoon, and welcome to Technip FMC's third quarter 2025 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 US 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 Ferdihurt, Technique FMC's Chair and Chief Executive Officer. Thank you, Matt.

Good morning and good afternoon. Thank you for participating in our third quarter earnings call. Total company revenue in the period was $2.6 billion. Adjusted EBITDA was $531 million with a margin of 20.1% when excluding foreign exchange impacts. I am very proud of the continued strength in our execution and the delivery of another quarter of high-quality inbounds. With total company orders of more than $2.6 billion in the period, 15 of the past 16 quarters have achieved a book to bill above one. We generated free cash flow of $448 million and distributed $271 million through dividends and share repurchases, continuing to deliver on our commitment to return a significant portion of free cash flow to shareholders. Subsea realized quarterly inbound orders of $2.4 billion. This commercial success is the cornerstone of our ability to deliver growth in both revenue and profitability. In the quarter, we announced four awards driven by continued strength in South America. We received multiple flexible pipe contracts from Petrobras, which included the direct award of a high-pressure gas injection risers for pre-salt projects. We were also awarded a contract to supply subsea production systems to be deployed in an array of greenfield developments, brownfield expansions, and asset revitalizations across Petrobras's extensive portfolio. In Guyana, we were awarded the Hammerhead project from ExxonMobil. where we leveraged our in-country experience and solid track record for providing schedule certainty. This award represents the seventh greenfield development on the STABRA block and will utilize our subsea 2.0 technology. Technib FMC has supplied all of the subsea production systems for ExxonMobil and Guyana since the first contract award in 2017. Our commercial success year to date reinforces our confidence in delivering more than $10 billion of subsea orders in 2025, as well as achieving $30 billion of inbound over the last three years. Beyond the current year, we believe that offshore projects will continue to receive an increasing share of capital investment. This change in spending allocation is due in part to the significant improvements made in developing the large, high-quality, and prolific reservoirs found offshore. These strong attributes were always known, and the resource quality was always there. But cost overruns and schedule delays in the past would ultimately challenge project economics. In today's offshore market, much has changed. driven by a number of factors, including improvements in the quality and interpretation of seismic data, shortened delivery times for large production infrastructure, significant reductions in the time required for drilling and completion activities, and as reflected in our inbound awards, the introduction of new commercial models and innovative technologies. At Technip FMC, We wake up every day with a single purpose, the relentless pursuit of cycle time reduction. This mindset led to the development of our pre-engineered configure-to-order product platform, Subsea 2.0, as well as the creation of the industry's only fully integrated execution model, IEPCI. These innovations provide the elements to shorten cycle times and improve project returns. But even more importantly, they help provide our customers with greater schedule certainty in our project execution. It is this combination of higher economic returns and greater project certainty that is providing sustainability to current activity levels, underpinning our outlook, in securing $10 billion of sub-C inbound in 2026 and our confidence that activity will remain strong through the end of the decade. In closing, the continued strength in our sub-C inbound orders reflects the confidence our customers have today in our ability to successfully execute their projects on time and on budget. This is making the offshore resurgence more durable as evidenced by the shift in spending to these markets. Technip FMC is also driving this change in behavior with IEPCI and Subsea 2.0 both having a profound impact on investment decisions by de-risking and accelerating Subsea projects. The success of these unique offerings has also contributed to the notable increase in the level of direct awards to our company. With greater project certainty, we now see the execution phase of sub-C developments as an opportunity to further leverage lean operating principles. In doing so, we can learn, refine, and enhance our own processes, driving a culture of continuous improvement to further shorten cycle times and improve project returns. While focusing on the customer is always a top priority, we also believe that our shareholders should share in our success. Yesterday, we announced our board of directors authorized additional share repurchases of up to $2 billion. This significant increase to our share authorization exemplifies our confidence in the outlook as well as our commitment to maximize shareholder value. I will now turn the call over to Elf to discuss our financial results.