FTI · CIK 1681459
What TechnipFMC plc told the SEC could break it.
TechnipFMC's risks reflect a global subsea energy-equipment maker exposed on its inputs, its customers and the trade rules it operates under. Its manufacturing depends on globally sourced materials — carbon and stainless steel, aluminum, castings and forgings, plus microprocessors and integrated circuits — where individual projects or regions can lean heavily on particular suppliers, and its revenue is somewhat concentrated despite a 40-plus client base, with two Subsea customers at 15.5% and 14.0% of 2025 consolidated revenue given the large, project-based nature of subsea work. Operating across many jurisdictions, it's also exposed to U.S. and foreign sanctions, export-control licensing and tariffs, plus oil-market dependence on OPEC+ production decisions.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- carbon/stainless steel, aluminum, castings/forgings, microprocessorsmedium
Manufacturing depends on carbon/stainless steel, aluminum, steel castings and forgings, polymers, microprocessors and integrated circuits purchased on the global market, with project-level dependence on certain suppliers in some geographies.
“Our business segments purchase carbon steel, stainless steel, aluminum, steel castings and forgings, polymers, micro-processors, integrated circuits, and various other materials from the global marketplace. We typically do not use single source suppliers for the majority of our raw material purchases; however, certain geographic areas of our businesses, or a project or group of projects, may heavily depend on certain suppliers for raw materials or supply of semi-finished goods.”
Customer concentration
- two Subsea customers (15.5% and 14.0% of revenue)medium
Two unnamed Subsea-segment customers accounted for 15.5% and 14.0% of consolidated revenue in 2025 (~30% combined); the client list exceeds 40, but large project-based subsea customers create concentration.
“Two different customers accounted for 15.5%, and 14.0%, of our consolidated revenue in 2025, respectively. Our list of customers exceeds 40 unique clients, which allows us to diversify our dependence away from any single customer.”
SEC filing →As of 2026
Regulatory & policy
- trade sanctions, export controls and tariffs (oil & gas)medium
Operating in numerous jurisdictions, TechnipFMC is exposed to US/foreign sanctions, export-control licensing, tariffs and trade restrictions, plus oil-market dependence on OPEC+ production decisions.
“Our operations and manufacturing activities are governed by international, regional, transnational, and national laws and regulations in every place where we operate relating to matters such as environmental protection, health and safety, labor and employment, import/export controls (including export control laws and regulations administered and enforced by the U.S. Department of Commerce and the U.S. Department of State), currency exchange, bribery and corruption, taxation, and AI.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Its suppliers
DOF Group ASA
“Dofcon Brasil AS is the joint venture holding company and is owned 50 % by DOF and 50 % by TechnipFMC. Dofcon Brasil AS owns 100 % of both Dofcon Navegacao Ltda and Techdof Brasil AS. All joint venture entities are collectively referred to as “Dofcon.” Dofcon provides Pipe-Laying Support Vessels for work in oil and natural gas fields offshore Brazil.”
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