A Review of the Nigerian Energy Industry

Technip sees rise in profits

Technip-personnel25 July 2013 – French engineering giant Technip saw profits rise during the second quarter of the year as its backlog grew to a record high.
The company posted a net income of €162.4 million ($214.6 million) for the three months to 30 June, up 19.4% on the €136 million booked during the same period last year.

The rise in profits came as revenue jumped 18.1% to €2.4 billion, compared to the more than €2 billion generated during the second quarter of 2012.

Order intake for the quarter was also up, totaling nearly €2.8 billion, compared to just over €2.5 billion during the second quarter of last year.

Technip chief executive Thierry Pilenko said the order intake reflected strong activity across both the subsea and onshore/offshore business segments.

As of 30 June, the company’s order backlog hit a record high of €15.2 billion, of which Pilenko said €4.4 billion was estimated to be carried out by the end of the year.

“We will be active on projects entering important construction and offshore phases during this period in both segments and, accordingly, Technip’s collective focus remains first and foremost on executing those projects in order to deliver our second half objectives, and for the longer term, continued sustainable and profitable growth,” he added.

Technip maintained its full year objective of 11% to 16% revenue growth, to between €9.1 billion and €9.5 billion.
*Josh Lewis, Upstreamonline.

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