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TechnipFMC: raises synergy target by 50 million euros.

(CercleFinance.com) - Yesterday in Houston, Texas, TechnipFMC hosted a day for investors, during which the group raised its target for synergies stemming from the merger.

According to a presentation entitled "The real change begins now," the oil service group's CEO, Doug Pferdehirt, highlighted the dynamics of the most profitable "subsea" segment (underwater equipment). In this area, TechnipFMC's presentation slide highlighted that it has strong positions in a difficult market, albeit one that is in a recovery phase.

Then the group's CFO Maryann Mannen raised the estimated synergies stemming from the merger between Technip and FMC, which was finalised in mid-January, from 400 million dollars (at end-2018) to 450 million dollars (at end-2019), considering that the target at end-2017, i.e. 200 million euros, has already been reached.

In addition, as provided on 25 October, the group has confirmed its latest business and margin forecasts for 2017 and 2018. TechnipFMC also said that it will publish detailed forecasts for 2018 when it unveils its FY 2017 annual results.

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