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
16/07/2026
This recent graduate and Georgia native has turned an early fascination with live production into a growing passion for camera work
In the live-sports-video in...
16/07/2026
TNDV is marking the first anniversary of Aspiration 35, a mobile production truck built around ARRI Alexa 35 Live camera systems. Over its first year, the truck...
16/07/2026
ATSC has completed a major revision to its A/85 Recommended Practice: Techniques...
16/07/2026
FloSports has announced an exclusive global media partnership with CrossFit for the 2026 CrossFit Games, presented by Air National Guard, beginning July 21 in S...
16/07/2026
Sennheiser has released firmware version 1.4 for its Spectera wireless system and announced the Spectera Command Button (Cat. No. 701014). The update adds comma...
16/07/2026
ESPN and the Southwestern Athletic Conference (SWAC) have announced a multi-year...
16/07/2026
Audio-Technica has announced the 20 Series Control Application, a Stream Deck plug-in for compatible Audio-Technica USB microphones. The application is compatib...
16/07/2026
The fifteenth season of The Voice - La plus belle voix on TF1 used four Solid St...
16/07/2026
Gray Media and the Atlanta Hawks have announced a broadcast partnership that wil...
16/07/2026
Season 3 of Netflix's docuseries, which dropped this week, follows Jayden Da...
16/07/2026
The Texas Rangers and Rangers Sports Network presented by Progressive (RSN) have announced BZZR as the new direct-to-consumer distributor for Rangers game broad...
16/07/2026
With England's FIFA World Cup 2026 team getting ready to fly home after losi...
16/07/2026
In a return to Royal Birkdale, the team enjoys partnering with ETP and Gravity M...
16/07/2026
Along with a new studio at Ball Arena, the Colorado-based RSN is working with XR...
16/07/2026
Austria was back at the World Cup for the first time in 28 years, and the team d...
16/07/2026
With 42 RF cameras and high-power radio mics deployed, the spectrum environment ...
16/07/2026
June brought stabilization to the television market. Poles spent an average of 3 hours and 36 minutes a day in front of their TV screens exactly the same as i...
16/07/2026
Glensound returns to IBC with a major new addition to its intelligent loudspeaker range, the Greater Divine Supernal studio monitor, alongside recent developmen...
16/07/2026
33 leading exhibitors are taking part in the GREAT Britain and Northern Ireland Pavilions and linked locations across IBC2026 (Amsterdam RAI, 11 14 September)...
16/07/2026
Hitomi Broadcast will introduce Spectra, a new HDR colour verification solution measured in picture, not using VPID, at IBC2026 (Hall 10, Stand A40). Expanding ...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/07/2026
Zixi, a leader in live video delivery and workflow orchestration, and Comcast Technology Solutions (CTS) today announced a strategic new integration to deliver ...
16/07/2026
Blackmagic Design Cameras Capture Immersive Flight for New Cirrus App
Brie Clayton July 15, 2026
0 Comments
Leader in Personal Aviation taps URSA Cin...
16/07/2026
XenData Announces LTO Archive Appliances with both File and S3 Object Storage In...
16/07/2026
Onimusha: Way of the Sword is coming to GeForce NOW at launch, with the playable...
15/07/2026
The 2026 FIFA World Cup is a big deal for DAZN, which has distribution rights in three markets: Italy, Spain, and Japan. Each requires a different editorial app...
15/07/2026
As sports-media organizations manage rapidly growing content libraries and incre...
15/07/2026
HBS director of digital Johannes Franken talks SVG Europe through the operation built to serve FIFA World Cup 2026 rights holders remotely from Stratford, east ...
15/07/2026
IBC has unveiled the conference program for IBC2026, with this year's event ...
15/07/2026
Software-defined wideband RF platform supports 96-kHz monitoring, streamlined fr...
15/07/2026
New AI-powered module enables broadcasters and content owners to extract dialogu...
15/07/2026
Weeklong gathering at EBU headquarters will test new IPMX capabilities and expand certified product ecosystem...
15/07/2026
Force Tech has announced the appointment of Bryan Adams, CTS, as Vice President of Integration. Adams will oversee AV and broadcast integration project delivery...
15/07/2026
USA Sports has announced an exclusive English-language agreement with the Bundes...
15/07/2026
ITV Sport's FIFA World Cup 2026 coverage has been produced from one of the m...
15/07/2026
Program will provide professional camera kits, training, and technical support to participating local newsrooms...
15/07/2026
San Francisco church becomes first U.S. deployment of the 2 M/E production switcher...
15/07/2026
Former ESPN and NFL Network executive to advise startup league on media, distribution, technology, and fan engagement...
15/07/2026
The Houston-based RSN is the live-game home of the Astros and Rockets...
15/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/07/2026
GigaCloud, a leading Ukrainian cloud service provider, and Cubbit, the first geo-distributed cloud storage enabler, today announced a new Business Alliance Part...
15/07/2026
SMPTE, the global society for media professionals, technologists, and engineers, has announced the launch of the SMPTE 110th Anniversary Campaign, a fundraising...
15/07/2026
Studio Technologies, a leading manufacturer of high-quality audio, video, and fiber-optic solutions, unveils the new StudioComm Model 762 Stereo Level Control, ...
15/07/2026
COW Jobs: Producer, Virtual Events - Hybrid, Full Time, Salaried
Brie Clayton July 15, 2026
0 Comments
Producer, Virtual Events (Hybrid | Full-time | ...
Press release | November 12 2019 
