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    Victoria McCulloch

    Research Analyst at RBC Capital Markets

    Victoria McCulloch is an Equity Analyst at RBC Capital Markets specializing in European Energy Service and Energy Transition companies, with a focus on names such as TechnipFMC PLC and Technip Energies NV. She has been recognized for her insights by contributing to major industry reports and actively participating in earnings calls, demonstrating a strong grasp of sector fundamentals and market trends. Since joining RBC in 2012, Victoria previously worked at PwC in audit, covering industrial companies and investment trusts, and holds membership with the Institute of Chartered Accountants of Scotland after earning a degree in Financial Economics from the University of St Andrews. Her professional credentials include a chartered accountant designation, providing her with a robust analytical and regulatory background.

    Victoria McCulloch's questions to TechnipFMC (FTI) leadership

    Victoria McCulloch's questions to TechnipFMC (FTI) leadership • Q2 2025

    Question

    Victoria McCulloch of RBC Capital Markets questioned how comments on cost deflation from an operator align with project upsizing and asked about the market potential for the new hybrid flexible pipe outside of Brazil.

    Answer

    CEO & Chair Douglas Pferdehirt clarified that with over 80% of its business being direct-awarded, TechnipFMC focuses on improving overall project returns by shortening cycle times, not on unit pricing. He explained that the new hybrid flexible pipe could be used in all existing flexible pipe markets and potentially expand the market by displacing rigid pipe, thanks to its lighter weight and lower installation costs.

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    Victoria McCulloch's questions to TechnipFMC (FTI) leadership • Q1 2025

    Question

    Victoria McCulloch asked about the company's disciplined approach, likely referring to project bidding and selection, and what conclusions could be drawn from it.

    Answer

    CEO Douglas Pferdehirt affirmed the company maintains a very disciplined approach to winning work. He stated that clients respect this discipline because it results in projects being delivered on time and on budget, a level of execution certainty he claims they do not receive from the rest of the industry. This focus on disciplined, successful project delivery will remain a core part of their strategy.

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    Victoria McCulloch's questions to TechnipFMC (FTI) leadership • Q4 2024

    Question

    Victoria McCulloch from RBC Capital Markets inquired about the impact of internal process industrialization on current financial results and questioned the company's strategy and bidding appetite in Brazil, given that not all projects align with its integrated model.

    Answer

    CEO Douglas Pferdehirt explained that the benefits of their 'Simplification, Standardization, and Industrialization' (SSI) initiative are ongoing and stem from applying lean principles across the entire organization, not just manufacturing. Regarding Brazil, he affirmed a strong commitment, highlighting local R&D and technology development. While stand-alone installation contracts are not a priority, the company continues to execute various projects and strategically bids on tenders, accounting for all commercial risks.

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    Victoria McCulloch's questions to Technip Energies (THNPY) leadership

    Victoria McCulloch's questions to Technip Energies (THNPY) leadership • Q1 2025

    Question

    Victoria McCulloch asked for a reminder of the company's exposure to projects associated with the Hynet CCS cluster, specifically the Viridor and Uniper projects, and whether they are expected to reach FID this year.

    Answer

    CEO Arnaud Pieton clarified the company's involvement in the Teesside hub (Net Zero Teesside and H2Teesside) and confirmed involvement in the Hynet cluster projects with Uniper and Viridor. He stated that the timing for FID on H2Teesside could be this year or next, viewing a 2025 decision as an upside. He noted that the Uniper carbon capture project is very active, and a positive FID would demonstrate that Net Zero Teesside is a replicable model.

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    Victoria McCulloch's questions to Technip Energies (THNPY) leadership • Q1 2025

    Question

    Victoria McCulloch inquired about Technip Energies' exposure to projects within the Hynet CCS cluster, specifically the Viridor and Uniper projects, and asked if they are expected to reach a final investment decision (FID) this year.

    Answer

    CEO Arnaud Pieton confirmed the company's involvement in both the Viridor and Uniper projects, noting similar timeframes. He highlighted that Uniper is very motivated to move forward, which would validate the replicability of the Net Zero Teesside model. Regarding the H2Teesside project with BP, he stated an FID could occur this year, which would be considered an upside, or in 2026, expressing no anxiety over the exact timing.

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    Victoria McCulloch's questions to Technip Energies (THNPY) leadership • Q1 2024

    Question

    Victoria McCulloch questioned the margin implications of the company's CCS and decarbonization capabilities and asked if strategic development costs within the Technology, Products & Services (TPS) segment would continue to weigh on margins.

    Answer

    Executive Arnaud Pieton highlighted that CCS differentiation comes from their Canopy by T.EN technology, integration capabilities, and the ability to provide performance wraps on large-scale projects. Executive Bruno Vibert added that while Q1 TPS margin was impacted by investments in R&D, strategic initiatives, and tendering, the underlying gross margin improved. Both confirmed the company is on track to reach a double-digit EBIT margin for TPS in 2025.

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