S&P ups TechnipFMC to investment grade

S&P said it raised its ratings for TechnipFMC plc and its senior unsecured notes to BBB- from BB+.

“Tendering activity and offshore project awards picked up pace in 2023, with the company booking $11 billion of inbound orders and building its contracted project backlog to $13.2 billion, as of Dec. 31, 2023. The backlog provides good visibility into revenues and margin improvement, which supports our near-term projections. The company expects it will convert about $5.3 billion of backlog into revenues in 2024 and $3.5 billion in 2025,” S&P said in a press release.

The noted it forecasts TechnipFMC’s FFO to debt will climb to the 80%-90% range in 2024 and 2025 from around 56% in 2023.

The outlook is stable.

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