TechnipFMC plc

Hello everyone, thank you for joining us and welcome to the TechNIP FMC second quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Matthew Seinsheimer, Senior Vice President, Investor Relations and Corporate Development. Matthew, please go ahead.

Thank you, Warren. Good morning and good afternoon and welcome to Technip FMC's second quarter 2026 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, Technip FMC's chair and chief executive officer.

Thank you, Matt. Good morning and good afternoon. Thank you for participating in our second quarter earnings call. I'm pleased to share with you another strong set of financial results Thank you for joining us today. through dividends and share repurchase, delivering on our commitment to return the majority of free cash flow to shareholders. Now moving to subsea orders. We achieved $2.5 billion of inbound in the quarter, including four announced awards. Much like greenfield developments, clients are now applying a portfolio approach to brownfield expansion opportunities to improve outcomes across multiple projects. These projects leverage the significant infrastructure investment already in place as clients look to prioritize their most economic opportunities. By developing projects utilizing a consistent methodology and standardized solutions, Technif FMC can help reduce cycle time across the portfolio of assets. significantly improving overall economics and helping clients advance projects more quickly. VarEnergy's recent IPCI awards for the Ophelia and Goya Nord projects in the North Sea is a great example of this approach. We will utilize our integrated model across multiple fields through coordinated portfolio execution to help deliver first oil within two years. In the quarter, we were also awarded subsea production systems by Equinor for a portfolio of subsea tiebacks. Leveraging our standardized solutions, we can deliver these projects with scheduled certainty and lower costs for Equinor, which has plans to develop a total of 75 subsea projects on the Norwegian continental shelf over the next nine years. Looking ahead, we will continue to benefit from a resilient and expanding offshore market. We see a strengthening order trend in the second half of the year, providing us with confidence in achieving 10 billion of subsea inbound in 2026. Our subsea opportunities list once again stands at a record level, providing a robust pipeline of opportunities for projects that will extend beyond the end of the decade. Our visibility is further enhanced by deeper client collaboration and earlier engagement that bring technique FMC into the project development process much earlier than ever before. In the quarter, we signed an integrated global collaboration agreement with a longstanding partner, which builds on the principles that have made our IEPCI integrated commercial model successful. Combining early engagement, field optimization, and execution capabilities within a single framework. The expanded collaboration engages technique FMC up to a year earlier in the project development cycle before critical subsidy architecture and investment decisions are made. The global model will extend beyond individual projects, enabling optimization at the portfolio level, while also providing greater visibility into future development opportunities. In Sub-C, we consistently demonstrate our ability to execute at a very high level. This has brought certainty back into Sub-C projects. giving our clients greater confidence in moving forward with final investment decisions. We expect this will drive further strength in capital flows to offshore markets. In surface technologies, our execution continues to support margin improvement in 2026 despite lower revenue versus the prior year. Here, our strategy has been to focus on the right customers in the right geographies and with differentiated technologies where we can achieve higher returns. In the Middle East, our surface technologies team was recently recognized by ADNOT for our significant role as a local manufacturer and partner within their in-country value program. This program is central to the UAE's plan to redirect significant investment into the local economy in the years ahead. Being a recognized partner positions technique FMC well as the program expands and reinforces our commitment to growing alongside ADNOC and the UAE's industrial ambitions. This is a visible endorsement. of the investment we have made in the country and the trust they have placed in our people and local operations. Let me close on a few points. I'm extremely pleased with our second quarter results. The strong financial performance in the period clearly demonstrates the solid momentum in our execution thanks to the dedication of the 22,000 women and men of technique FMC. This gives us the confidence to raise our full year expectations for total company EBITDA. Our order outlook for sub C remains robust and with a book to bill above one in the quarter, we see a strengthening trend in order activity in the second half of the year. We also reiterate our expectation for a step up in inbound orders in 2027 and extending through the end of the decade. This growth will be supported by IEPCI, Subsea 2.0, and Subsea Services, much of which will be direct awarded to our company. And as our clients move toward more collaborative approaches to develop their offshore portfolios, We will leverage our IEPCI execution model and our configurable solutions to drive further efficiencies and higher capital returns for both our customers and Technip FMC. I will now turn the call over to Alf to discuss our financial results and importantly, our strengthened financial outlook for the balance of the year.