TechnipFMC has announced that it remains focused on taking all necessary steps to ensure the health and well-being of its employees, contractors and partners, and it is taking decisive actions in response to the current market environment. These actions include the following:

• 30% reduction in 2020 capital expenditures to $300 million – a reduction of $150 million when compared to the Company’s previous full-year guidance.
• $100+ million in annualized cost reductions for Surface Technologies – primarily to address the sudden and sharp decline in North American activity.
• $30 million in annualized cost reductions to Corporate expenses – exit run-rate savings to be achieved by year-end, with full recognition in 2021.