TechnipFMC held its first analysts day since the merger. The initial run rate cost synergy target ($400m) has already been met halfway and management has raised the target to $450m by the end of 2019. Management is aiming for a 300bp reduction in the effective tax rate, which should start in 2018 with the full benefit in 2019 and beyond. As expected, capital expenditure should slightly increase compared with the guidance for 2017 (approximately $250m).