TechnipFMC PLC One Small Step for Cycle Time Acceleration, One Giant Leap for Subsea Opportunity

Research evidence excerpt

TechnipFMC PLC One Small Step for Cycle Time Acceleration, One Giant Leap for Subsea Opportunity

J P M O R G A N North America Equity Research

28 May 2026

TechnipFMC PLC Overweight

FTI, FTI US

One Small Step for Cycle Time Acceleration, One Giant Price (27 May 26):$67.41

Leap for Subsea Opportunity

Oil & Gas Exploration & Production

JPM View: FTI’s CEO Doug Pferdehirt presented at a competitor conference Arun Jayaram AC

yesterday, which was webcast to the broader investment community. CEO (1-212) 622-8541

Pferdehirt's commentary highlights what we believe is a fundamental inflection arun.jayaram@jpmchase.com

point in offshore project execution, as FTI continues to hit the ground running in Sowmya Vemulapalli

terms of cycle time reduction and prioritizing internal innovation. The company (1-212) 270-4660

has meaningfully accelerated large-scale development, taking up to 1 year off the sowmya.vemulapalli@jpmchase.com

typical infrastructure addition timeline (reducing the cycle from 26 months to just Jason Kim

14 months). This shift is enabled by the Subsea 2.0 configure-to-order model, (1-212) 622-1408

jason.b.kim@jpmchase.com

which replaces the legacy engineer-to-order approach with standardized, modular J.P. Morgan Securities LLC

solutions. By eliminating 9-12 months of engineering per project, FTI has

streamlined manufacturing and installation, allowing clients to move from

architectural design to seabed production in record time. Importantly, this not only

improves project economics and certainty, but also increases capacity without

incremental capital investment, as faster delivery directly translates to higher

throughput.

Regionally, South America remains a chunky growth engine, with Brazil’s

offshore sector, driven by Petrobras and IOCs, showing strong expansion.