Technip’s deepwater pipelay vessel the Deep Blue

Technip’s deepwater pipelay vessel the Deep Blue

Fortunes have improved for oilfield services provider Technip for the second quarter of 2014, as the company posted revenue of €2.6 billion, up 9% on 2013’s figure of €2.4 billion.

The Paris-based firm recorded order intake for the quarter of €7.1 billion, swelling its backlog to €19.8 billion, a considerable increase on the second quarter of 2013, which saw a backlog at €14.9 billion.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter of this year stood at €303 million, up 5.5% on second quarter 2013. However, net income did report a decline of 2.9% from €157.7 million for the second quarter of 2014 compared with €162.4 million for the year previous.

Technip posted a consolidated second quarter and first half statement, in which it reported first half 2014 revenue of €5.1 billion, up 15.3% on the first half of 2013. However, EBITDA and net income both dropped in the first half, effected largely by a poor first quarter.

First half EBITDA sat at €483.6 million, down 5% on 2013’s first half figure of €508.9 million. Net income dropped 19.3% to €224.9 million, from 2013’s figure of €278.9.

Thierry Pilenko, chairman and CEO, said, “Technip’s second quarter was characterised by a substantial improvement in subsea profitability, exceptionally strong order intake, and the start up of the Yamal LNG project in onshore/offshore.

“These elements enable us to improve the 2014 outlook for subsea and give details on the expected level of operating profit in onshore/offshore for this year. Above all, our performance this year to date confirms the long-term visibility we have in critical parts of our business.”

Technip updated its guidance for its two segments, with Subsea revenue expectations for 2014 increased to between €4.6 and €4.9 billion, reflecting the positive performance of the segment in the first half. Onshore/Offshore revenue expectations for 2014 are increased to between €5.55 and €5.80 billion.

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