TechnipFMC has expanded its subsea opportunities pipeline to approximately $32 billion, adding four potential offshore projects in Canada, Indonesia, Mexico and Africa as the company targets at least $14.5 billion in new subsea orders through the end of 2027.
The updated Subsea Opportunities List, disclosed alongside the company’s third-quarter results on 29 October 2026, includes two developments with potential subsea contract values exceeding $1 billion each and two others valued at between $250 million and $500 million apiece.
The additions include the Bay du Nord oil development operated by Equinor in the Flemish Pass Basin offshore Newfoundland and Labrador, Canada, and Inpex‘s Abadi natural gas project in Indonesia. Both are classified as opportunities with potential subsea scopes exceeding $1 billion.
The other projects are Zama in Mexico, listed under Harbour Energy, and an African opportunity identified as Manganese under TotalEnergies. Each has an estimated subsea contract value of $250 million to $500 million.
Detailed information about the Manganese project was not established in the available project reporting.
The four additions form part of TechnipFMC‘s wider portfolio of identified subsea opportunities over the coming 24 months. These values are estimates of potential contract scopes and do not represent awards already secured by the company.
According to TechnipFMC’s third-quarter results announcement, the total estimated value of its Subsea Opportunities List increased for the ninth consecutive quarter to $32 billion, calculated using the midpoint of identified project-value ranges.
Chief executive Doug Pferdehirt said the company’s subsea prospects were distributed across a wider range of regions, including South America, Africa, the North Sea, Asia-Pacific and the US Gulf of Mexico.
TechnipFMC expects at least $14.5 billion in Subsea inbound orders during the five quarters from the fourth quarter of 2026 through the end of 2027. This is a forward-looking order expectation rather than an amount already included in the company’s confirmed backlog.
The outlook was announced alongside improved third-quarter financial results. Revenue for the July–September period reached $2.90 billion, up 9.4% from $2.65 billion a year earlier.
Net income rose 35.1% year on year to $418.4 million, compared with $309.7 million in the corresponding quarter of 2025. Diluted earnings per share increased from $0.75 to $1.05.
Adjusted EBITDA reached $627.8 million, an increase of 21% from $518.9 million a year earlier, while the adjusted EBITDA margin increased to 21.7%.
Despite higher revenue and earnings, total inbound orders fell 12.4% year on year to $2.32 billion. The company’s total order backlog stood at $16.07 billion at 30 September 2026, down 4.4% from the same date a year earlier.
Within the Subsea segment, revenue increased 12.1% year on year to $2.60 billion. Operating profit reached $522.6 million, while the segment recorded $2.05 billion in new orders and ended the quarter with a backlog of $15.49 billion.
Subsea awards included flexible flowlines and risers for Azule Energy‘s West Hub Tails project in Angola, flexible pipe systems for Petrobras’ pre-salt developments in Brazil, and an integrated subsea engineering, procurement, construction and installation contract for PETRONAS‘ Limbayong development offshore Malaysia.
All three awards were classified by TechnipFMC as significant contracts, a category covering individual awards valued between $75 million and $250 million.
The company raised its 2026 Subsea revenue guidance to $9.6 billion–$9.8 billion, compared with its previous forecast of $9.2 billion–$9.6 billion.
For 2027, TechnipFMC introduced Subsea revenue guidance of $10.0 billion–$10.4 billion, with an expected adjusted EBITDA margin of 22.5%–24.0%.
Pferdehirt linked the company’s subsea outlook to sustained deepwater development activity, improvements in project economics and continued operator investment in offshore reservoirs.
The projected $14.5 billion in new subsea orders through December 2027 is separate from the approximately $32 billion in identified opportunities and the $16.07 billion in total confirmed backlog reported at the end of September 2026.
