TechnipFMC plc (FTI): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of how a giant like TechnipFMC plc actually makes its money, moving beyond the headlines to the nuts and bolts of its operations. Honestly, the current structure is built around transforming project economics through integrated execution, which is clearly working given their Q3 2025 backlog hit $16.8 billion and their 2025 Subsea revenue guidance is projected up to $8.8 billion. We've broken down the nine essential components-from their key partnerships in CCS to the costs driving their Surface Technologies segment-so you can see the precise levers they are pulling to capture value in both traditional and new energy markets below.

TechnipFMC plc (FTI) - Canvas Business Model: Key Partnerships

You're looking at how TechnipFMC plc (FTI) builds out its complex energy projects by leaning on specialized partners. Honestly, in this industry, no one does it all alone, so these alliances are critical for de-risking and accelerating delivery, especially in new energy sectors.

The focus in 2025 is clearly on integration and execution, moving beyond just studies. For instance, TechnipFMC has backed its energy transition strategy with a significant capital allocation, committing $1 billion by 2025 to advance technologies like hydrogen and Carbon Capture and Storage (CCS). That's the financial muscle behind these collaborations.

Here's a breakdown of the key relationships shaping TechnipFMC plc (FTI)'s operational landscape as of late 2025:

• Prysmian: Integrated floating offshore wind iEPCI solutions.
• Talos Energy: Strategic alliance for Carbon Capture and Storage (CCS) solutions.
• Halliburton: Collaboration on advanced well intervention technology.
• Vår Energi: Long-term iEPCI collaboration agreement for subsea projects.
• Deep Purple™ Consortium: Partners like Vattenfall and Repsol for green hydrogen pilot.

The partnership with Halliburton on well intervention technology is already yielding industry recognition. Their joint Riserless Coiled Tubing (RLCT) system, which allows for intervention without a riser, was recognized with the 2025 ICoTA Intervention Technology Award and the 2025 Curtis Blount Outstanding Paper Award. This shows their combined tech is field-proven and award-winning this year.

The alliance with Talos Energy for CCS on the US Gulf Coast, though established earlier, is seeing its assets progress. Talos's Bayou Bend CCS project, which is part of the ecosystem this alliance supports, is projected to start $\text{CO}_2$ injections by late 2025. To be fair, Talos sold its CCS subsidiary, including Bayou Bend, to TotalEnergies in March 2024 for $148 million in cash, but the underlying technology and market development framework from the alliance remains relevant.

For offshore wind, the collaboration with Prysmian is central to delivering a complete water column solution via the iEPCI™ model. This combines TechnipFMC plc (FTI)'s system design with Prysmian's subsea cable expertise to accelerate floating wind deployment globally.

The most concrete, near-term financial commitment visible in the traditional energy space is the deal with Vår Energi. This is a five-year agreement, with the possibility of extension, covering future subsea developments in the Gjøa area of the North Sea. This is where you see the numbers that drive near-term revenue.

Here's the quick math on the Vår Energi scope:

Discovery / Scope	Duration	Estimated Gross Resources	Next Major Milestone
Gjøa Nord, Cerisa, Ofelia (SPS & SURF)	Five-year collaboration agreement	Up to 110 million barrels of oil equivalent	Final Investment Decision (FID) planned in 2026

What this estimate hides is that the actual contract value for TechnipFMC plc (FTI) is tied to the execution of the iEPCI scope for these three tie-backs, which is contingent on the 2026 FID.

On the green hydrogen front, the Deep Purple™ pilot project, a collaboration with partners including Vattenfall and Repsol, kicked off in February 2025 in Kongsberg, Norway. This physical land-based pilot is set to run for the next two years, aiming to prove the technology for offshore hydrogen production and storage.

Finance: review the Q3 2025 backlog breakdown to isolate iEPCI revenue contribution by Friday.

TechnipFMC plc (FTI) - Canvas Business Model: Key Activities

You're looking at the core engine of TechnipFMC plc, the things they absolutely must do well to keep the revenue flowing and the backlog growing. It's all about execution and technology deployment in the deepwater space, plus a pivot toward future energy.

Integrated project execution (iEPCI™) for subsea field development.

This is the flagship activity, combining engineering, procurement, construction, and installation (iEPCI™) under one contract. The success here is visible in the massive pipeline of potential work, with the Subsea Opportunities List exceeding $26 billion in potential inbound opportunities as of early 2025. TechnipFMC plc secured a substantial iEPCI™ contract from Eni SpA for the Maha project offshore Indonesia. The company is confident enough in this model to underpin an outlook in securing $10 billion of Subsea orders in 2026.

The Subsea segment's performance directly reflects this activity:

Metric	Q1 2025	Q2 2025	Q3 2025	Full-Year 2025 Guidance (Subsea Revenue)
Revenue (in millions USD)	$1,936.2	$2,216.3	$2,319.2	$8.4 billion - $8.8 billion
Inbound Orders (in millions USD)	$2,800.0	$2,553.1	$2,400.0	Anticipated to exceed $10 billion in 2025 (Total Subsea Orders)

The iEPCI™ model, coupled with Subsea 2.0®, is noted for providing customers with greater schedule certainty.

Manufacturing and delivery of Subsea 2.0® standardized systems.

TechnipFMC plc manufactures and delivers its Subsea 2.0® standardized systems, which are often integrated into iEPCI™ awards. This configure-to-order (CTO) model helps reduce project timelines and costs by 30-40% compared to older methods. The Shell Gato do Mato project in Brazil and the Eni Maha project in Indonesia both leveraged this Subsea 2.0® CTO technology.

Research and development (R&D) in new energy (hydrogen, floating wind).

The company is actively investing in emerging technologies, including solutions for hydrogen production, such as the Deep Purple solution. Research and development expenses for the twelve months ending September 30, 2025, reached $0.081 billion, representing a 19.85% increase year-over-year. This R&D supports the New Energy business to serve as a system architect and integrator.

Global fleet management and life-of-field Subsea Services.

Services revenue is a component of the Subsea segment, which saw seasonal improvements in Q2 2025. You should note that the backlog figures specifically state that backlog does not capture all revenue potential for Subsea Services. The company returned $271 million to shareholders in Q2 2025 through distributions including share repurchases and dividends, demonstrating cash generation from operations.

• Q2 2025 Services revenue increased sequentially.
• Total Company Free Cash Flow guidance for full-year 2025 is $1.3 billion - $1.45 billion.

Wellhead and surface equipment manufacturing for Surface Technologies.

This covers the Surface Technologies segment, which is a distinct manufacturing and service activity. The full-year 2025 revenue guidance for this segment is projected to be in the range of $1.2 billion - $1.35 billion.

Here's a look at the Surface Technologies segment performance as of Q3 2025:

Metric	Q3 2025 Value
Adjusted EBITDA Margin	16.4 percent
Backlog (in millions USD)	$775.4

The segment's adjusted EBITDA margin for Q3 2025 was 16.4 percent. Honestly, the Surface Technologies backlog at the end of Q3 2025 stood at $775.4 million.

Finance: draft 13-week cash view by Friday.

TechnipFMC plc (FTI) - Canvas Business Model: Key Resources

TechnipFMC plc's competitive advantage is heavily rooted in its intellectual property and integrated execution capabilities. The company is the sole subsea provider capable of integrating the subsea production system (SPS) and subsea umbilicals, risers and flowlines (SURF) scopes, which enables the efficient execution of its proprietary iEPCI™ (integrated engineering, procurement, construction, and installation) campaigns. This model is further enhanced by the Subsea 2.0® platform, a configure-to-order system designed to reduce lead times and lower development costs for clients. These technologies are actively being deployed, such as in the recent substantial iEPCI™ contract for Eni SpA's Maha project offshore Indonesia.

The physical assets supporting TechnipFMC plc's operations are substantial and strategically located. You have a global network of high-tech manufacturing facilities positioned near the world's primary offshore oil and gas basins. These sites handle the fabrication of complex subsea hardware, flexible pipe, and reeled rigid pipe. This infrastructure is complemented by a specialized vessel fleet essential for executing demanding subsea construction, pipeline installation, and diving support activities. It's a capital-intensive foundation that competitors find difficult to replicate quickly.

Here is a snapshot of the key quantitative resources as of late 2025, based on the latest available figures:

Resource Category	Key Metric	Value / Status
Financial Visibility	Total Backlog (as of Q3 2025)	$16.81 billion
Human Capital	Skilled Employees (Approximate)	Approximately 21,000
Human Capital	Latest Reported Employee Count (2024)	22,848
Strategic Investment	Allocation for Energy Transition Technologies (by 2025)	$1 billion
Technology Platform	Proprietary Execution Model	iEPCI™
Technology Platform	Proprietary Product Platform	Subsea 2.0®

The deep engineering expertise is driven by a large, skilled workforce. You're looking at a team size that, as recently as 2024, stood at 22,848 employees, aligning with the general expectation of approximately 21,000 skilled employees. This human capital is critical for leveraging the proprietary technologies and managing the complex, integrated projects that define TechnipFMC plc's value proposition across both the Subsea and Surface Technologies segments.

A forward-looking resource commitment involves significant capital allocation toward future energy markets. TechnipFMC plc has allocated $1 billion by the end of 2025 to advance key energy transition technologies. This investment is specifically targeting areas like carbon capture and storage (CCS), offshore floating renewables, and hydrogen production, effectively using existing subsea infrastructure expertise to secure future revenue streams.

TechnipFMC plc (FTI) - Canvas Business Model: Value Propositions

You're looking at how TechnipFMC plc delivers superior value to its clients in late 2025. It's all about de-risking and accelerating deepwater energy development, which is why their integrated model is winning big contracts.

Transforming client project economics via integrated execution

TechnipFMC plc is delivering better financial outcomes for clients by combining its capabilities into one package. This integrated approach is clearly reflected in the company's own profitability. For instance, the Subsea segment's adjusted EBITDA margin expanded from $\text{10.4\%}$ in Q2 2023 to $\text{17.3\%}$ in Q1 2025, showing the financial benefit of this execution strategy. In Q3 2025 alone, the Subsea segment posted an operating profit of $\text{US\$401.3 million}$ on revenue of $\text{US\$2.32 billion}$.

The strength of this value proposition is evident in the order book. Subsea inbound orders for Q3 2025 totaled $\text{US\$2.4 billion}$, showing clients are committing capital to these integrated solutions. The company generated $\text{US\$448 million}$ in free cash flow in Q3 2025, which is a direct result of efficient project execution.

Reduced complexity and cycle time with the Subsea 2.0® platform

The Subsea 2.0® platform is designed to simplify the physical assets required for subsea production. A field design using Subsea 2.0® and iEPCI can remove over $\text{half}$ of the traditional subsea structures while keeping the same field operability. This simplification directly translates to lower material costs and a reduced installation phase for the client.

Here's a quick look at how the technology simplifies the hardware:

Value Component	Quantifiable Benefit
Subsea Structures Removed	Over $\text{50\%}$
Engineering Time Reduction (Shell Gato do Mato example)	$\text{40\%}$
Infrastructure and Installation Time	Reduced via removal of hydraulic lines

Schedule certainty and risk reduction through the iEPCI™ model

The integrated Engineering, Procurement, Construction, and Installation (iEPCI™) model is TechnipFMC plc's primary tool for delivering schedule certainty. This model integrates proprietary technology, like Subsea 2.0®, and risk-sharing mechanisms. The sequential revenue improvement in Q3 2025 was largely driven by increased iEPCI™ project activity across regions like Africa, the Americas, and Australia.

The model cuts down the overall project timeline significantly. For example, the Shell Kaikias project saw a $\text{6 month schedule reduction}$ attributed to the combined Subsea 2.0® and iEPCI approach. This reduction in schedule directly lowers the client's exposure to market volatility and accelerates time to first oil.

Solutions for reducing carbon intensity and supporting energy transition

TechnipFMC plc is actively supporting client energy transition ambitions through specific environmental targets and project involvement. The company has a stated commitment to reduce its own Scope 1 and Scope 2 carbon footprint by $\text{50\%}$ by $\text{2030}$, using a $\text{2017}$ Re-Baseline of $\text{312}$ kt $\text{CO2}$ eq. As of the latest scorecard, the actual reduction achieved was $\text{285}$ kt $\text{CO2}$ eq. Furthermore, the target for increasing renewable energy usage to power their facilities is $\text{60\%}$ by $\text{2026}$, with the actual usage at $\text{47\%}$.

The company is also engaging in Carbon Capture and Storage (CCS) projects, such as the alliance with Talos Energy established in March $\text{2025}$ to provide CCS solutions, combining TechnipFMC plc's subsea expertise with offshore operations experience. The Petrobras HISEP® project in the Mero 3 field is an example that reduces greenhouse gas emissions while optimizing gas processing.

High-pressure, high-temperature (HPHT) surface wellhead systems

While Subsea is the main driver, the Surface Technologies segment provides critical value through its specialized equipment, including systems for HPHT environments. This segment's focus remains on delivering high-margin international activity.

Here are the latest figures for the Surface Technologies segment as of Q3 2025:

• Inbound orders for the quarter were $\text{US\$266.6 million}$.
• The backlog for the segment ended the period at $\text{US\$775.4 million}$.
• The adjusted EBITDA margin for 2025 is guided to be in a range of $\text{16 - 16.5\%}$.

You'll want to track the inbound orders here; a sequential decrease of $\text{4.1\%}$ was noted in Q3 2025, so monitoring the pipeline for new HPHT awards is defintely key.

TechnipFMC plc (FTI) - Canvas Business Model: Customer Relationships

TechnipFMC plc structures its customer relationships around deep integration, particularly through its iEPCI™ (integrated Engineering, Procurement, Construction, and Installation) model, which necessitates long-term commitment from both sides.

Dedicated, long-term strategic alliances for major projects

The company solidifies relationships through formal, long-term frameworks with key clients. For instance, a strategic cooperation agreement was signed with Vår Energi ASA to establish a long-term framework for delivering subsea projects using the iEPCI™ commercial model, supporting Vår Energi's hub strategy in the Gjøa area. This approach is validated by a consistent flow of large awards from established partners.

The scale of these dedicated relationships can be seen in the value of recent major awards:

Client/Project	Award Type/Value Category	Award Quarter/Year	Relevant Metric
Equinor - Johan Sverdrup Phase 3	Large (between $500 million and $1 billion)	Q1 2025	Included in Q1 2025 inbound orders
Shell - Gato do Mato	Major (more than $1 billion)	Q1 2025	Included in Q1 2025 inbound orders
bp - Kaskida	Substantial (between $250 million and $500 million)	Q3 2024	Included in Q3 2024 inbound orders
Northern Endurance Partnership (NEP) - CCS Project	Large (between $500 million and $1 billion)	Q3 2024	First all-electric iEPCI™ award

The total company backlog stood at $16.6 billion as of the end of Q2 2025, with the Subsea segment backlog at $15.8 billion.

High-touch, consultative sales for integrated solutions

Securing integrated solutions like iEPCI™ relies on high-touch, consultative engagement, often starting with an integrated Front End Engineering and Design (iFEED™) study. The President of Subsea noted that the Equinor Heidrun extension iEPCI™ award followed an iFEED™ study and was emblematic of building trust through early engagement. This consultative approach is reinforced through direct client interaction across geographies.

TechnipFMC plc conducted several strategic Technology Days in late 2025 to deepen client intimacy and align capabilities with local priorities. These events included:

• Stavanger, Norway: Reaffirming leadership in established markets.
• Dakar, Senegal: Expanding West African footprint and co-creating the future of energy.
• Windhoek, Namibia: Engaging with clients in frontier markets.
• Johor, Malaysia: Showcasing industrial strength to Asia-Pacific clients.

Life-of-field service contracts for installed base maintenance

Customer relationships extend through the entire asset lifecycle, not just project execution. Life-of-field services are explicitly included in major contract scopes; for example, the major iEPCI™ contract by Equinor for the BM-C-33 project in Brazil covers installation support and life-of-field services. It is important to note that the reported backlog does not capture all revenue potential for Subsea Services.

Direct engagement with C-suite for large-scale iEPCI awards

The largest awards, categorized as 'major' (valued at more than $1 billion), clearly indicate direct engagement at the highest levels. The Q1 2025 inbound orders included a major iEPCI™ contract from Shell for Gato do Mato and a large iEPCI™ contract from Equinor for Johan Sverdrup Phase 3. The company's full-year 2024 inbound orders of $11.6 billion were characterized by a significant level of direct awards. The CEO, Doug Pferdehirt, commented on the strong quarterly results, highlighting the value provided to clients.

TechnipFMC plc (FTI) - Canvas Business Model: Channels

You're looking at how TechnipFMC plc gets its complex subsea and surface solutions into the hands of global energy producers. It's not a simple off-the-shelf transaction; it relies on deep, direct relationships and specialized physical infrastructure.

The primary channel for major engineering, procurement, construction, and installation (iEPCI™) work involves a direct sales force and dedicated project teams for securing those massive, multi-year contracts. This high-touch approach is essential for selling integrated solutions. For instance, the company benefits from 'direct awards' alongside its iEPCI™ framework, which together accounted for more than 80% of total Subsea orders in 2024. This direct engagement model is clearly working, as Subsea inbound orders for Q3 2025 totaled $2.4 billion, contributing to a total company backlog of $16.038 billion as of September 30, 2025.

The physical delivery of these solutions is managed through a network of global operating centers and manufacturing hubs. These facilities are crucial for executing the engineering and manufacturing scope of work. For example, Johor, Malaysia, hosts key Subsea 2.0 and Asiaflex facilities, showcasing industrial strength for the Asia-Pacific basin. Similarly, Stavanger, Norway, functions as a 'global hub for subsea innovation,' reinforcing leadership in established markets through client technical sessions.

Aftermarket and ongoing field support are channeled through the Subsea Services segment. This area has proven particularly resilient; Subsea Services inbound orders in Q2 2025 were described as 'particularly robust, representing one of the highest quarterly levels ever achieved.' The company projected Subsea services revenue to grow to $1.8 billion in 2025, up from $1.65 billion in 2024. It's important to note that the reported backlog does not capture all revenue potential for Subsea Services. The segment itself posted a strong Q3 2025 revenue of $2.32 billion with an operating profit margin of 17.3%.

A concrete example of the in-country presence supporting key clients is the work in Guyana. TechnipFMC recently secured a substantial contract from ExxonMobil Guyana Limited (EMGL) for the Hammerhead project. This specific award is valued between US$250-500 million and represents the company's seventh greenfield project award from ExxonMobil Guyana since 2017. This ongoing relationship demonstrates the value of maintaining a dedicated, in-country focus for major operators.

Here's a quick look at the financial scale underpinning these channel activities in late 2025:

Metric	Value (Latest Available Period)	Context
Subsea Services Revenue Projection (2025)	$1.8 billion	Year-over-year growth target.
Subsea Revenue (Q3 2025)	$2.32 billion	Q3 2025 revenue for the segment.
Subsea Operating Profit Margin (Q3 2025)	17.3%	Q3 2025 operating profit margin for Subsea.
Total Company Backlog (Sep 30, 2025)	$16.038 billion	Total order book value.
ExxonMobil Guyana Contract Value (Hammerhead)	$250-500 million	Value of the recent substantial contract.
Total Company Revenue (Q3 2025)	$2.65 billion	Total revenue for the third quarter of 2025.

The company's strategy clearly links its physical assets-the manufacturing hubs-with its direct sales efforts and specialized service offerings. This integration is what drives the high-value iEPCI™ awards.

• Direct sales and project teams secure major integrated contracts.
• Global hubs in Stavanger and Johor support manufacturing and innovation.
• Subsea Services inbound was one of the highest quarterly levels ever achieved in Q2 2025.
• The Guyana presence is solidified by the seventh greenfield award from ExxonMobil Guyana.

TechnipFMC uses its website, www.TechnipFMC.com, as a channel for distributing material company information, alongside social media presence on X (@TechnipFMC).

Finance: review Q4 2025 backlog projections against the $9.8 billion Subsea order target for the year by next Tuesday.

TechnipFMC plc (FTI) - Canvas Business Model: Customer Segments

You're looking at TechnipFMC plc's client base as of late 2025, and honestly, it's still heavily weighted toward the giants of offshore energy. The company's structure, split between Subsea and Surface Technologies, directly reflects where the big money is being spent right now.

Major International Oil Companies (IOCs) like ExxonMobil

Major IOCs are core to the Subsea segment, which posted $\text{\$2,319.2 million}$ in revenue for the third quarter of 2025 alone. These clients rely on TechnipFMC's integrated execution models, like iEPCI™, to bring complex, deepwater projects online with better schedule certainty. For instance, in the third quarter of 2025, inbound orders were significantly bolstered by major awards, including one from ExxonMobil for its Hammerhead Project offshore Guyana, announced in September 2025. The company is clearly focused on these large-scale, high-value developments; they are projecting Subsea revenue to hit a range of $\text{\$9.1 - \$9.5 billion}$ in 2026.

National Oil Companies (NOCs) like Petrobras

National Oil Companies represent a massive, reliable source of activity, particularly in regions like Brazil. Petrobras is a prime example of an NOC customer driving current results. TechnipFMC secured a significant Subsea Production Systems contract and two Flexible Pipe contracts from Petrobras in September 2025. Activity in the Americas, which includes Brazil, was a key driver for the Subsea segment's sequential revenue improvement in Q3 2025. The company's ability to deliver on projects like those with Petrobras helps maintain a strong book-to-bill ratio, which was above $\text{1.0x}$ in Q2 2025. You see this commitment reflected in the $\text{\$2.4 billion}$ in Subsea orders booked in Q3 2025, partly supported by Petrobras awards.

Independent oil and gas exploration and production companies

While the headlines often focus on the majors and NOCs, independent E&P companies are still crucial, especially for the Surface Technologies segment. This segment brought in $\text{\$328.1 million}$ in revenue in Q3 2025. Independents often look for the cost and efficiency benefits that TechnipFMC's configure-to-order Subsea 2.0® platform offers, helping them manage capital expenditure on less prolific, though still important, reservoirs. The company's $\text{\$16.81 billion}$ total backlog as of the end of Q3 2025 provides visibility across all customer types. It's a diverse base, though the IOC/NOC spend definitely moves the needle more significantly.

New energy developers (floating offshore wind, hydrogen)

This is where TechnipFMC plc is actively placing future bets, moving beyond traditional oil and gas. The strategy involves leveraging existing subsea expertise for the energy transition. The company is allocating $\text{\$1 billion}$ by 2025 to advance technologies in carbon capture and storage (CCS), floating renewables, and hydrogen. They are specifically targeting the $\text{\$500 billion}$ hydrogen market by 2035. This segment is still smaller in terms of immediate revenue contribution compared to the legacy business, but it's a strategic imperative. The company's goal is to reduce carbon intensity for these new energy clients while supporting their transition ambitions.

Here's a quick look at how the two main segments, which serve these customer groups, stacked up in Q3 2025:

Metric	Subsea Segment	Surface Technologies Segment	Total Company (Approximate)
Revenue (Q3 2025)	$\text{\$2,319.2 million}$	$\text{\$328.1 million}$	$\text{\$2,647.3 million}$
Operating Profit (Q3 2025)	$\text{\$401.3 million}$	$\text{\$36.8 million}$	$\text{\$438.1 million}$ (Total Segment OP)
Adjusted EBITDA Margin (Q3 2025)	$\text{21.8 percent}$	$\text{16.4 percent}$	$\text{19.6 percent}$ (Total Company)

The reliance on offshore development means customer activity is geographically concentrated, too. You saw Q3 2025 revenue improvement driven by activity in:

• Africa.
• The Americas, including Brazil.
• Australia.

Still, activity in Norway saw a partial offset to that growth. The company is defintely steering its technology-like the iFEED® study that preceded the Equinor Johan Sverdrup Phase 3 award-to lock in these major players early.

Finance: draft 13-week cash view by Friday.

TechnipFMC plc (FTI) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep TechnipFMC plc running, especially given the large-scale nature of their subsea projects. The cost structure is heavily weighted toward project execution and capital deployment for future capacity, so let's look at the hard numbers we have as of late 2025.

The cost associated with the primary value driver-complex subsea equipment and vessels-is reflected in the scale of the Subsea segment's revenue generation. For the third quarter of 2025, the Subsea segment reported revenue of $\text{\$2,319.2 million}$. This revenue base directly correlates with the significant material, fabrication, and vessel mobilization costs that define the Cost of Goods Sold (COGS) for TechnipFMC plc.

TechnipFMC plc is also making significant investments in its physical capacity to support this backlog. The Capital Expenditures guidance for the full year 2025 is set at approximately $\text{\$340 million}$. This figure represents the planned outlay for maintaining and upgrading the fleet of vessels and manufacturing facilities essential for complex subsea execution.

Personnel and overhead are also material. We have a specific figure for Research and Development (R&D) expenses, which directly covers engineering talent and technology development-a key differentiator for TechnipFMC plc. For the twelve months ending September 30, 2025, Research and Development Expenses totaled $\text{\$81 million}$. This is a significant cost supporting their Subsea 2.0® and iEPCI™ offerings.

The general administrative and overhead costs, categorized as Corporate expenses, are tracked separately. For the third quarter of 2025, TechnipFMC plc reported Corporate expenses of $\text{\$28 million}$. This figure primarily includes corporate staff expenses and share-based compensation expenses.

Financing costs are also a component of the overall structure. The guidance for Net interest expense for the full year 2025 is set in the range of $\text{\$45 million to \$55 million}$.

Here's a quick summary of these key cost and investment components for TechnipFMC plc:

Cost/Investment Category	Specific Metric/Period	Amount (USD)
Capital Expenditures Guidance	Full Year 2025	Approximately $\text{\$340 million}$
Research & Development Expenses	TTM ending September 30, 2025	$\text{\$81 million}$ (or $\text{\$0.081B}$)
Corporate Expenses	Q3 2025 Actual	$\text{\$28 million}$
Net Interest Expense Guidance	Full Year 2025	$\text{\$45 million to \$55 million}$

The scale of the cost base for the core subsea equipment and vessel operations is best represented by the segment revenue, which for Q3 2025 was $\text{\$2,319.2 million}$.

You should also note other significant, though less granularly defined, cost drivers:

• Cost of materials and supplies for complex subsea projects.
• Vessel time and expense, which is sensitive to productivity and weather.
• Labor rates and hours for engineering and execution phases.
• Restructuring, impairment, and other charges (which saw a $\text{\$16.9 million}$ reduction in Q3 2025 for Surface Technologies).

TechnipFMC plc (FTI) - Canvas Business Model: Revenue Streams

You're looking at the core ways TechnipFMC plc brings in money as we head toward the end of 2025. It's all about segment performance and locking in future work now.

The revenue streams are clearly segmented, but the real story is the strong order book driving future recognized revenue, especially in Subsea. Honestly, the integrated project model, iEPCI™, is a big part of how they book that work.

Here's a quick look at the forward-looking revenue guidance for the full year 2025:

Segment	2025 Revenue Guidance Range	Key Metric Context
Subsea	$8.4 billion to $8.8 billion	Anticipated Subsea inbound orders to exceed $10 billion for 2025.
Surface Technologies	$1.2 billion to $1.35 billion	Full-year guidance for Surface Technologies adjusted EBITDA margin raised to 16% to 16.5%.

The Subsea segment is clearly the revenue engine, reinforced by massive order intake. Management has been confident that Subsea inbound orders will exceed $10 billion in 2025, a target they've hit in 15 of the last 6 quarters.

Revenue from services is an important, recurring component, though it shows seasonality. For instance, in Q1 2025, reduced services activity was noted due to typical offshore seasonality, but this reversed in Q2 2025 with a sequential increase in Services revenue. The expectation for the year was that Subsea Services would grow in line with overall Subsea revenue, targeting approximately $1.8 billion for 2025.

The integrated project model, iEPCI™, is key to securing and pacing revenue recognition. These contracts are milestone-driven, meaning payments flow as engineering, procurement, construction, and installation milestones are met.

• The value of iEPCI™ awards grew nearly 25% in 2024.
• A substantial iEPCI™ contract for Eni's Maha project in Indonesia, valued between $250 million and $500 million, was included in the Q2 2025 inbound orders.
• TechnipFMC defines a substantial contract as falling between $250 million and $500 million.

The total company backlog at the end of Q3 2025 stood at $16.8 billion, with Subsea making up the bulk of that future revenue visibility. Finance: draft Q4 2025 revenue recognition schedule by next Tuesday.