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    Did TechnipFMC’s (FTI) New Captain Field Subsea Award Just Shift Its Investment Narrative?

    Simply Wall St·12/11/2025 12:28:50
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    • TechnipFMC recently announced it has been awarded a “significant” US$75 million to US$250 million contract by Ithaca Energy to design, manufacture, and install flexible risers, flowlines, and associated hardware for the Captain development in the U.K. North Sea.
    • This award deepens TechnipFMC’s long-running role in enhancing the Captain field, following its support for the second phase of the field’s enhanced oil recovery project in 2024.
    • We’ll now examine how this new Captain field contract, expanding TechnipFMC’s subsea project backlog, influences its longer-term investment narrative.

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    TechnipFMC Investment Narrative Recap

    To own TechnipFMC, you need to believe its deepwater Subsea focus and technology can keep the order book healthy despite long term decarbonization headwinds and oil price volatility. The new Ithaca Captain contract modestly adds to backlog support but does not materially change the near term reliance on continued offshore project sanctioning, nor the key risk that longer term fossil fuel demand could constrain its addressable market.

    Among recent announcements, the board’s repeated US$0.05 quarterly dividend and expanded US$3,800 million buyback authorization stand out, underscoring management’s confidence in cash generation from the Subsea backlog that contracts like Captain continue to underpin. For investors, these capital return commitments sit alongside the growing installed base of long duration Subsea service work, which together form an important part of the current TechnipFMC catalyst story.

    Yet against this backdrop, investors should be aware of how long term decarbonization trends could eventually challenge...

    Read the full narrative on TechnipFMC (it's free!)

    TechnipFMC's narrative projects $11.3 billion revenue and $1.2 billion earnings by 2028. This requires 5.8% yearly revenue growth and roughly a $262.5 million earnings increase from $937.5 million today.

    Uncover how TechnipFMC's forecasts yield a $45.75 fair value, in line with its current price.

    Exploring Other Perspectives

    FTI Earnings & Revenue Growth as at Dec 2025
    FTI Earnings & Revenue Growth as at Dec 2025

    Five members of the Simply Wall St Community value TechnipFMC between US$21.65 and about US$67.49, highlighting very different expectations. Set against this wide spread, the company’s reliance on offshore project sanctioning in the face of energy transition risks invites you to weigh several contrasting views on its future performance.

    Explore 5 other fair value estimates on TechnipFMC - why the stock might be worth as much as 46% more than the current price!

    Build Your Own TechnipFMC Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.