Profits down at Technip

Oilfield services provider Technip has reported muted results for the first quarter of 2014, with net income of €67.2 million, compared to €116.2 million for the same period in 2013.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were €180.6 million, down 18.5% on 2013’s €221.6 million.

However, Technip did report growth in revenues, up 23.3% to €2.5 billion, from 2013’s €2 billion, and announced a total backlog of €15.4 billion, with an estimated €7 billion for execution in 2014.

The company said it was confident of improved fortunes in the near future. Its 2014 forecast for onshore/offshore revenue is between €5.4 and €5.7 billion with operating margin between 6% and 7%.