Thread regarding TechnipFMC plc layoffs

Stephenville moving to Saudi Arabia?

Seen this on Technip's quarterly report dated 4/28/2022.
" North America sales and profitability grew sequentially, driven by increased drilling and completion activity and an improved pricing environment. Outside of North America, we are investing in new manufacturing capacity to support the strong Middle East outlook. As previously highlighted, we are transitioning to a new facility in Saudi Arabia, which was expected to be a headwind to our financial results in the period. The qualification of the facility is extensive, and the process has taken us more time than previously anticipated.

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Post ID: @OP+1gZTVI9S

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“Second, we are increasing our capacity to meet the challenge of the upcoming rise in activity planned within Saudi Aramco,” Alabaster said. “Third, we want to have the capabilities in-country to bring the full scope of our Surface Technologies portfolio and integrate in a way that makes the economics of Saudi Aramco’s projects much more favourable.”

Alabaster said he expects the initial investment in the new facility will grow as new capabilities are developed in-country that will allow TechnipFMC to not just supply the local Saudi market but also export from Saudi Arabia.

Post ID: @1spk+1gZTVI9S

honestly it wouldn't surprise me. Currently I think the facility in Saudi Arabia is only for the Surface Wellhead product line. At least that is what has been made public, but with their inability to hire necessary employees here in Stephenville I could see a total move in the near future.

Post ID: @1vqp+1gZTVI9S

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