The acquisition of Altus Intervention in 2023 significantly strengthened the OFSE segment's well intervention capabilities, reflecting a strategic focus on enhancing core technology through inorganic growth.

The company has seen significant growth in new energy orders, indicating a successful strategy of positioning for the energy transition by investing in areas such as hydrogen, geothermal, and carbon capture, utilization and storage (CCUS).

The sale of the Nexus Controls business in April 2023 demonstrates a strategic effort to streamline operations and focus on core business activities, which is expected to improve efficiency and profitability.

The company's cost-out initiatives have begun to show results, contributing to the improved income before tax. These initiatives are part of a broader effort to transform how the business operates and improve efficiency.

The restructuring from four operating segments to two (OFSE and IET) is designed to simplify the organizational structure and create better flexibility and economies of scale, reflecting a commitment to operational improvements.

Management acknowledges that while significant progress has been made, there is still more work to be done to simplify operations, create efficiencies, and modernize the business, indicating a commitment to ongoing improvement.

The company acknowledges the potential impact of geopolitical and terrorism threats, including armed conflict, in countries where they operate, which could lead to loss of investment, adverse impacts on employees, and impairment of operations.

The company recognizes the potential adverse effects of the energy transition on demand for its technologies and services, highlighting the need to effectively execute its energy transition strategy.

Disruptions in the supply chain and high costs or unavailability of raw materials, equipment, and supplies could adversely affect the company's ability to execute operations on a timely basis.

The company acknowledges the highly competitive environment for marketing products and services, which requires continuous innovation and differentiation to maintain market share and pricing power.

The company emphasizes technology as a key differentiator, highlighting its commitment to research and development and strategic acquisitions to strengthen its core technology portfolio.

The company believes its principal competitive factors are product range coverage, product technology, efficiency, product reliability and quality, availability, project execution and service capabilities, emissions, and price.

The company's cost-out initiatives have contributed to improved profitability, indicating a focus on operational efficiency and cost management.

The restructuring plan to focus on two operating segments is designed to simplify the organizational structure and create better flexibility and economies of scale, which should improve operational efficiency.

The company acknowledges that disruptions in the supply chain and high costs of raw materials could impact its ability to execute operations on a timely basis, highlighting a potential operational bottleneck.

The company's commitment to R&D, with a $658 million spend in 2023 and over 2,000 patents granted, demonstrates a focus on innovation and maintaining a leadership position through technological advancements.

The company is investing in digital capabilities and artificial intelligence (AI) based solutions, embedding digital elements into core product lines to enhance efficiency, predictability, and customer experience.

The company is investing in foundational technologies such as advanced materials, advanced manufacturing, novel process technologies, and digital technologies to enable its journey for the energy transition.

The company increased its quarterly dividend and repurchased shares, returning $1.3 billion to shareholders in 2023, reflecting a commitment to shareholder value.

The company plans to make capital expenditures at a rate of up to 5% of annual revenue in 2024, indicating a continued investment in the business to support growth.

The company remains committed to a flexible capital allocation policy that balances returning cash to shareholders and investing in growth opportunities, demonstrating a balanced approach to capital management.

The company reported a 28% reduction in Scope 1 and 2 carbon dioxide equivalent emissions compared to its 2019 base year, demonstrating progress towards its net-zero emissions goal by 2050.

The company's formal participation in the UN Global Compact and commitment to its Ten Principles, including human rights, labor, environment, and anti-corruption, highlights its focus on sustainability.

The company is prioritizing DEI initiatives, with a focus on gender representation and supporting diverse talent pipelines, indicating a commitment to a diverse and inclusive workplace.

The company remains balanced on the oil and gas outlook but sees areas of strength across its portfolio despite economic uncertainty, indicating a cautious yet optimistic view of the market.

The company remains optimistic on the LNG market long-term, viewing natural gas as a transition and destination fuel, indicating a positive outlook for this segment.

The company acknowledges that volatility in oil and natural gas prices can impact customers' activity levels and spending, highlighting a potential risk to revenue.