Press release | November 12 2019
TechnipFMC Enters into Memorandum of Agreement (MOA) to Sell the G1201 Subsea Vessel LONDON & PARIS & HOUSTON--(BUSINESS WIRE)-- Regulatory News:
TechnipFMC (NYSE: FTI) (PARIS: FTI) (ISIN:GB00BDSFG982) today announced its intent to sell the G1201 vessel as part of its overall strategy to optimize the profile and size of its subsea fleet. Following the recent announcement of the Company's alliance agreement with a best in class partner for pipeline installation using S-lay technology, this supports the Company's intent to use collaboration agreements, where possible, to execute its differentiated iEPCI business model.
The MOA is subject to certain conditions precedent to complete the transaction. The Company expects to complete the sale in December as these conditions are met, including delivery of the vessel in December 2019.
The MOA also includes a Collaboration Agreement with the buyer that would provide 5 years of exclusivity for a list of named subsea projects in a specific jurisdiction and the right of first refusal for other projects not specifically named in the Collaboration Agreement.
Due to this MOA, the Company also reviewed the carrying value of the G1200 vessel, the sister vessel to the G1201, of similar design, asset class and functionality.
As a result of the proposed sales price of the G1201 and its current book value and the book value of the G1200, its sister vessel, the Company has recorded a non-cash asset impairment charge.
The total non-cash charge was $125 million for both vessels and was recorded in the third quarter of 2019.
As this occurred after the Company's October 23, 2019 earnings release but before the end of the third quarter 2019 subsequent events period, this charge was included in our third quarter Form 10-Q filed today.
About TechnipFMC
TechnipFMC is a global leader in subsea, onshore/offshore, and surface projects. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our clients' project economics.
We are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our clients in developing their oil and gas resources.
Each of our more than 37,000 employees is driven by a steady commitment to clients and a culture of purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world's energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains forward-looking statements as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words believe , estimated and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We 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, except to the extent required by law.
Contacts Investor relations
Matt Seinsheimer
Vice President Investor Relations
Tel: 1 281 260 3665
Email: Matt Seinsheimer
Phillip Lindsay
Director Investor Relations (Europe)
Tel: 44 (0) 20 3429 3929
Email: Phillip Lindsay
Media relations
Christophe B lorgeot
Senior Vice President Corporate Engagement
Tel: 33 1 47 78 39 92
Email: Christophe Belorgeot
Delphine Nayral
Director Public Relations
Tel: 33 1 47 78 34 83
Email: Delphine Nayral
North America Stories
27/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
27/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
27/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
27/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
27/03/2026
At NAB Show 2026, Net Insight will showcase the next evolution of Nimbra Edge, its orchestration and control layer designed to manage live media services across...
27/03/2026
Harmonic (NASDAQ: HLIT) today announced powerful new innovations that further elevate the company's sports streaming solution. The advanced capabilities enh...
27/03/2026
Bitmovin, the leading provider of video streaming solutions, today announced significant new capabilities for Player Web X, its next-generation web video player...
27/03/2026
Riedel Communications today announced that Czech-based production company CS live has equipped its newest outside broadcast (OB) van with an integrated Riedel i...
27/03/2026
130 Industry Experts Confirmed as Show Celebrates its 10th Anniversary
MPTS, the UK's largest and most influential event for the media, production and tech...
27/03/2026
Grass Valley today announced the successful completion of a major live production deployment with NVP, a leading European media company specializing in live spo...
27/03/2026
Showcases resilient solutions for satellite-to-IP migration, REMI and hybrid live production
Appear ASA (Appear, OSE:APR), a global leader in live production t...
27/03/2026
San Francisco, California, March 2026 - Microsoft Ignite, a major annual conference hosted by Microsoft for developers, IT professionals, partners and business ...
27/03/2026
Clear-Com is proud to highlight its support for worship teams through professional communication solutions, with the deployment of its EQUIP wireless system a...
27/03/2026
Orban Collaborates with Sage on Virtualized EAS Technology Demo
Brie Clayton March 26, 2026
0 Comments
Sage Alerting Systems (SAS), in cooperation wit...
27/03/2026
Berklee Alums Bring GIANT to Broadway Brian and Dayna Lee BM '13 met and fell in love at Berklee, and now their production companys first Broadway debut i...
26/03/2026
Extron and Audio-Technica have announced that their Design Solutions devices, Ce...
26/03/2026
SPORTEL Asia took place March 24-25 at the Orchard Hotel Singapore, drawing 370 participants representing more than 220 companies from 35 countries. Approximate...
26/03/2026
LTN will demonstrate satellite-to-IP migration solutions for broadcasters, cable networks, MVPDs, and station groups at NAB Show 2026 (Booth W2100).
The C-Ban...
26/03/2026
The Seattle Mariners have partnered with Daktronics to install an upgraded outfi...
26/03/2026
The Esports Foundation (EF) has awarded National Team Partner status to organizations and individuals across more than 100 countries and territories for the Esp...
26/03/2026
Telestream has announced expanded integration between its Vantage workflow platf...
26/03/2026
FOR-A Corporation has announced a partnership with Nippon TV and NVIDIA to distr...
26/03/2026
CBS Sports and the WNBA have expanded their partnership through a new long-term, multiplatform rights agreement. CBS Sports will feature up to 20 regular-season...
26/03/2026
Zac Brown Band will star in the Sunday Night Baseball show open on NBC and Peacock, NBC Sports announced. The open was filmed at American Family Field, home of ...
26/03/2026
Major League Baseball opens the 2026 season with nationally televised games across multiple media partners. Fans can visit MLB.com/Watch for a complete schedule...
26/03/2026
DIRECTV has announced an agreement to carry nine new MLB-operated team channels, covering the Cincinnati Reds, Detroit Tigers (Detroit SportsNet), Kansas City R...
26/03/2026
Nationals.TV, the Washington Nationals' local broadcast channel, is now avai...
26/03/2026
Starting Thursday, March 26, MLB.TV will be available on the ESPN App, giving fans access to more than 2,000 out-of-market regular season games. Fans can also r...
26/03/2026
By Matt Klein
Hello to everyone reading this - whether you're a current YEP, HPA member, or just YEP-curious. I'm Matt Klein, one of the co-chairs of t...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
28 participating companies, from start-ups to blue-chips, lead the UK Group as part of the GREAT Britain and Northern Ireland presence across all the Halls at N...
26/03/2026
Arkona Unveils BLADE//planner and Major Usability Enhancements at NAB 2026
Brie Clayton March 26, 2026
0 Comments
New graphical configuration tool and...
26/03/2026
Bitfocus showcases complete control at NAB Show 2026
Brie Clayton March 26, 2026
0 Comments
Continuing development drives advances in security, availa...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
26/03/2026
Nevion introduces powerful new Panel Builder to enhance VideoIPath broadcast con...
26/03/2026
2026 Oscar Nominated Films Powered by Blackmagic Design
Brie Clayton March 25, 2026
0 Comments
DaVinci Resolve Studio used on 27 of this year's no...
26/03/2026
Leader to present full suite of advanced Test & Measurement solutions at NAB Sho...
26/03/2026
Boston Conservatory to Present New England and Collegiate Premiere of Groundbrea...
26/03/2026
Back to All News
Have a Wish Worth Dying For? Netflix's First Korean YA Hor...
26/03/2026
Back to All News
The Truthers, Starring Jose Coronado and St phanie Magnin, Pre...
26/03/2026
Editor's note: This post is part of Into the Omniverse, a series focused on ...
26/03/2026
That gaming backlog won't clear itself - GeForce NOW is here to help. Stream the latest titles straight from the cloud across a variety of devices.
This we...
25/03/2026
Live match directors Sarah Cheadle (Sky Sports), Rob Levi (TNT Sports), and Andrew Swift (BBC Sport) sit down with the Premier League's Rachel Nightingale t...
25/03/2026
The senior from Upstate New York is manning the mic while also interning for the athletic department's sports-information team
In the live-sports-video ind...
Press release | November 12 2019 
