TechnipFMC has added a duo of subsea contract opportunities worth potentially more than $2 billion combined to its target list for the next two years which, in total, is estimated at over $26 billion.

The company also reported a small dip in quarterly results, as growth in the subsea division was not enough to compensate a higher than expected decline in surface technologies reflecting lower activity internationally.

According to TechnipFMC chief executive Doug Pferdehirt, new subsea opportunities include the Equinor-operated Groesback development in the North Sea and Petrobras’ Buzios-12 project in the prolific Santos basin offshore Brazil.

The Groesback contract is potentially pegged at between $500 million and $1 billion, while the Buzios-12 subsea gig is worth more than $1 billion.

“Our subsea opportunities list now highlights more than $26 billion of inbound opportunities over the next 24 months when using the midpoint of project values,” said Pferdehirt.

“Putting this into perspective, the value of the list has grown nearly 20% over the last 12 months and represents the third consecutive quarterly increase.”

“The opportunity set is also supported by multiple new frontiers, including Guyana, Suriname, Namibia, Mozambique and Cyprus, all of which present long-term opportunities with development lifecycles that extend well beyond the end of the decade.”

The oilfield services provider posted a net profit of $142 million in the first quarter of 2025, down 9.6% from $157.1 million in the same period a year ago. Net revenues were up 9.4% from $2.04 billion to $2.23 billion.

Adjusted earnings before interest, taxes, depreciation and amortisation increased 36.1% to $343.8 million and in line with analysts’ estimates.

Subsea order totalled $2.79 billion in the period from January to March, thanks in part to awards in Norway and Brazil.

“We continue to believe that offshore will remain a preferred investment of operators, with deepwater attracting a growing share of global capital flows, driven by much-improved economic returns and broad access to these resources,” said Pferdehirt.

“This gives us continued confidence in delivering more than $10 billion of subsea inbound in 2025.”

TechnipFMC also saw its order backlog rise 17.2% in the first quarter of 2025 to a record level of $15.82 billion.