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FTI > SEC Filings for FTI > Form 10-Q on 29-Apr-2013All Recent SEC Filings

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Quarterly Report

Business Outlook
Overall, management remains optimistic about business activity for the remainder of 2013 as global economic growth is supporting some signs of a moderate recovery. While expectations of future energy demand remain closely tied to economic activity in major world economies, total world consumption of crude oil and liquid fuels is expected to slightly increase in 2013. As a result, we currently expect crude oil prices to remain at a level that supports strong exploration and production activity, especially in subsea markets.
Our strong subsea project backlog as of March 31, 2013, combined with continued strong demand for subsea services related to exploration and production activity, supports our expectations of higher subsea revenue and increasing margins during the remainder of 2013. The subsea market growth in the first quarter of 2013 is aligning with our expectations of market materialization and continued improvement in pricing for our products and services. Our ability to sign significant service agreements with some of our major customers during the first quarter of 2013 has demonstrated the growth in service requirements associated with subsea fields, and we expect this service demand to continue to grow as more equipment continues to be installed offshore. We believe the workforce we added in the past two years, including increased capacity surrounding supply chain management, has prepared us for this overall subsea market growth. We expect market demand to remain strong for our subsea technologies systems and service offerings worldwide.
Regarding our surface technologies portfolio, the slowdown in North American shale activity during the last half of 2012, resulting from curtailed fracturing capacity expansion, continued in the first quarter of 2013 and is expected to continue for the rest of the year. This slowdown had a negative impact on segment profits in the first quarter of 2013 compared to the prior year; however, we expect the North American shale markets to see some improvements in the latter half of the year, leading to increases in repair and replacement sales for our fluid control business.

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