TechnipFMC Plc Overview
TechnipFMC PLC is an equipment and services company operating in the energy industry with headquarters in London, United Kingdom. It was founded in the year 2017 upon the merger of FMC Technologies of the United States and Technip of France. TechnipFMC PLC operates currently in over 48 countries such as USA, Ghana, Nigeria, India and Malaysia with about 44,000 employees. Its diversified business are primarily focused on the Subsea, Onshore/Offshore and Surface Technologies.
The company has been involved in all UK subsea field decommissioning projects since the first field abandonment of Hamilton Crawford in 1991. It was awarded a lump sum project for the decommissioning of the brownfield development and installation of new subsea equipment, supporting a floating production system located in Mississippi Canyon, Gulf of Mexico, in a water depth of approximately 2,000 meters, by Chevron North America Exploration and Production Company, a division of Chevron U.S.A. TechnipFMC Plc competes with companies such as BP Plc, DeepOcean, Claxton Engineering, Statoil ASA and AF Gruppen.
Strategy
TechnipFMC is working on expansion with a focus on increasing its share in the onshore market. It strategizes to increase inbound orders for pipeline solutions. It aims to achieve an integrated business model for the efficient delivery of wellhead, pipeline, and other integrated systems across onshore and offshore business applications. Moreover, the company aims to minimize operating expenditures to increase spending on research & development of innovative products and services. It invests in the development of leak detection technology in the flexible pipelines for the onshore application to minimize the risk of flow breakdown. Furthermore, the company also invests in collaborations and partnerships with the suppliers to optimize its supply chain infrastructure. This is expected to help the company gain a competitive advantage and improve its market position in the onshore pipeline services market globally.
