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Technip's subsea unit drives disappointing Q1 results

TechnipFMC PLC reported first-quarter net income of $95.1 million, or 20 cents per share, including after tax charges and credits of $36.4 million, or 8 cents per share.

The global subsea, onshore, offshore and surface technologies company reported total company revenue of $3.1 billion, a decline of 7.8% year on year.

The weaker-than-anticipated performance was driven predominantly by lower-than-anticipated operating profit in the subsea segment.

The subsea segment reported first-quarter revenue of $1.2 billion, down 14.3% from the prior year.

CEO Doug Pferdehirt said losses came as projects in Africa progressed towards completion, partially offset by higher activity in Europe. "Subsea revenue continues to be negatively impacted by prior-period declines in inbound orders related to the market downturn," he said.

Technip posted EPS of 28 cents. This was below S&P Capital IQ estimates of 35 cents per share.