Surface work drags on FMC

by on October 23, 2012 9:30 pm BST

The Houston-based service specialist reported net income of $98.9 million compared with $121.1 million in the year-ago period.

“Execution has improved and we expect continued solid performance in the coming quarters,” chief executive John Gremp said in a statement.

“We remain positive on the overall subsea market outlook, and expect subsea technologies’ revenue to approach $4 billion in 2012.”

Overall quarterly revenue grew 10% to $1.4 billion; meanwhile, backlog was listed at $5.3 billion.