TechnipFMC plc

Hello everyone. Thank you for joining us and welcome to the Techneap FMC third 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 Matt Seinsheimer, Senior Vice President, Investor Relations and Corporate Development. Matt, please go ahead.

Thank you, Matt. Good morning and good afternoon and welcome to Technip FMC's third 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 the 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 third quarter earnings call. Total company revenue in the period was $2.9 billion. Adjusted EBITDA with $636 million with an adjusted EBITDA margin of 22% when excluding foreign exchange impacts. We generated free cash flow of $470 million in the quarter. Our quarterly results demonstrate continued strength and consistency in our execution, and I am proud of what our team has accomplished. We recently achieved several operational milestones, all further strengthening our track record of client success in advancing offshore projects. In Suriname, we continue to make strong progress on the Grand Mergue project with the delivery of critical subsea equipment ahead of schedule. Together with Total Energies, We are helping to bring Suriname's first offshore development closer to production through early collaboration, standardized engineering, and delivery certainty. In August, we delivered the first Subsea 2.0 tree for Chevron's Gorgon Stage 3 project. This is the first tree delivered under Chevron's 20-year subsea 2.0 frame agreement with Technip FMC. During the quarter, we were also recognized at the 2026 Petrobras Best Suppliers Awards, receiving honors in three categories, flexible pipe installation, subsea wellhead systems, and ESG governance. The awards recognize both our technology and execution performance, reinforcing the differentiated value we deliver to our clients and the strong governance standards that underpin our operations. I want to specifically highlight the Flexible Pipe Award, as this marks the fifth time we have received this recognition, demonstrating a proven track record of Operational Excellence. And most recently, we celebrated the manufacture and delivery of the 200th subsea tree for ExxonMobil in Guyana, with our subsea 2.0 platform enabling greater standardization across multiple projects. Together, these examples highlight the discipline that drives our execution. The collective efforts of our global team ensure that we continue to perform at a very high level, delivering projects not only on schedule, but in many cases ahead of schedule, giving our customers greater confidence in sanctioning offshore projects. Turning to inbound orders, we announced three subsea awards for the quarter. We secured multiple contracts to supply flexible pipe systems, the first for Azul Energy in Angola and the second for Petrobras in support of multiple pre-salt fields in Brazil. We are well positioned for such awards as our industry-leading flexible solutions and ongoing industrialization efforts enable us to deliver greater efficiency, consistency, and predictability around project timing and performance. We were also awarded an integrated contract from Petronas for the Limbayong project, their first deepwater project offshore Malaysia. This greenfield development will benefit from both our subsea 2.0 configure to order platform and IEPCI execution of the entire subsea scope. reducing project cycle time on this fast-track development. Notably, Limbiong was one of three IEPCI projects awarded to Technique FMC in the period. Inbound orders in the quarter totaled $2.1 billion. In addition to these projects, we continue to enhance our customer relationships through collaborative partnerships. We recently finalized a strategic collaboration agreement with PETRONAS that establishes technique FMC as PETRONAS's strategic deepwater development partner, embeds our IFEED to IEPCI integrated delivery model, strengthens executive level engagement, and creates opportunities for growth across multiple projects and countries over the coming years. The collaboration deepens our long-standing relationship and extends well beyond the scope of a traditional frame agreement. And just last week, we announced a memorandum of understanding with BP under which Technip FMC will be the preferred strategic supplier of 20K systems for BP's Paleogene program in the US Gulf. This exclusive agreement builds upon our proven 20K technologies and the experience gained through collaboration on BP's initial Paleogene developments, Casquita and Tiber. These new agreements exemplify our focus on client relationships and reinforce our commitment to deeper collaboration. Moving to the outlook. We remain optimistic about the durability of the subsea market. We have high visibility in offshore activity where we see a sustained resurgence driven by a record level of deepwater projects with significantly improved economics and a shift in operator capital toward prolific high quality offshore reservoirs. This outlook is reflected in our subsea opportunities list, which has increased for the ninth consecutive quarter and highlights an opportunity set that has grown 25% over the last two years to $32 billion when using the midpoint of project values. Let me now close on a few points. We are a technology company that has fundamentally changed the way we execute and deliver for our customers. Our unique operating model improves project economics while reinforcing customer trust and confidence in our delivery capabilities. Next, client recognition and new collaboration announcements further reinforce the value of customer engagement. Deeper collaboration drives even greater success, where trust and shared goals create a clear path to direct awards. These relationships become increasingly more valuable as clients adopt a portfolio approach to offshore development, optimizing opportunities across their entire asset base rather than simply advancing individual projects. And finally, improving project economics and greater schedule certainty are attracting capital flows to offshore development. At the same time, energy security is prompting operators to diversify their investment opportunities, while consuming nations are looking to diversify their source of supply. Additionally, there is a near-term requirement to replenish diminishing stockpiles. increased exploration is likely to follow expanding activity in established regions while opening new markets in countries that have never produced from offshore basins this is all driving a robust pipeline of opportunities and if we extend our view to include 2027 we expect subsea orders over the next five quarters to be at least 14.5 billion Let me be clear, the subsea order step up is here. This momentum should also lift the quality of our inbound orders with substantially more subsea 2.0, IEPCI, and direct awards expected in the year ahead. We also believe this step up in 2027 marks the start of a sustained wave of activity that will extend beyond the end of the decade. I will now turn the call over to Alf to discuss our financial results and importantly, our outlook for subsea in 2027.