Record backlog for Technip

US contractor Technip has reported strong third quarter results with revenue up +22.8% year-on-year to € 2.1 billion (US$ 2.7 billion).

Third quarter EBITDA increased +23.5% to € 269.1 million (US$ 350 million), while operating income was up +19.9% to €211.2 million (US$ 275 million) and net income up +20.9% to € 146.3 million (US$ 190 million).

The quarter was buoyed by a strong order intake of € 2.8 billion (US$ 3.6 billion), taking the company’s total backlog to € 13.5 billion (US$ 17.5 billion) – a record figure for Technip. Of this backlog, € 6.1 billion (US$ 7.9 billion) was attributed to subsea projects.

The company adjusted its year-end forecast upwards to € 8 billion (US$ 10.4 billion). Subsea revenue is forecast to hit € 3.5 billion (US$ 4.5 billion), with an operating margin of 15%. Onshore/offshore revenue is predicted to reach € 4.3 billion (US$ 5.6 billion), with an operating margin of between 6.5% and 7%.