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TechnipFMC braces Wall Street for $2.4bn write down in Q4

1 month ago   |   By Energy Voice

Global oilfield service giant TechnipFMC has warned Wall Street to brace for a $2.4 billion hit to the value of the company's assets when it releases its fourth-quarter and 2019 reports Feb. 26.
Citing greater geopolitical uncertainty and lower crude-oil prices, TechnipFMC said it's writing down the value of its subsea assets by $1.7 billion and is reducing the estimated value of its onshore assets by $700 million.
Headquartered in Paris with a large presence in Houston, TechnipFMC attributed the write down for the subsea assets to “reduced market capitalization” while the reduction in...
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