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FTI > SEC Filings for FTI > Form 10-Q on 26-Jul-2013All Recent SEC Filings

Show all filings for FMC TECHNOLOGIES INC



Quarterly Report

Business Outlook
Overall, management remains optimistic about business activity for the remainder of 2013 as global economic growth is supporting 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 the remainder of 2013 and through the first half of 2014. As a result, we currently expect crude oil prices to remain at a level that supports exploration and production activity, especially in subsea markets.
Our strong subsea project backlog as of June 30, 2013, combined with continued demand for subsea services related to exploration and production activity, supports our expectations of improved results during the second half of 2013 as compared to the first half of 2013. Our mix of projects in subsea project backlog is expected to improve, and as a result, we continue to expect significant margin improvement in the latter half of 2013. The subsea market growth in the first half of 2013 is aligning with our expectations of market materialization for our products and services. Our signing of significant service agreements with some of our major customers and achievement of record inbound during the second quarter of 2013 in Subsea Technologies has demonstrated the growth in product and service requirements associated with subsea fields. We expect 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 has prepared us for this overall subsea market growth. While some projects are being economically reassessed by our customers, 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 surface activity in the latter half of 2012, resulting from lower natural gas prices, led to curtailed fracturing capacity expansion. This curtailment continued in the first half of 2013. As a result, the slowdown had a negative impact on segment profits in the first half 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 predicated on an increase in U.S. rig count. We expect overall sales volume and margins to improve in the latter half of 2013 for Surface Technologies.

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