Revenues continue to rise at Technip
By Sarah McCay31 October 2014
French oilfield services provider Technip has continued to see revenues rise, as the firm posted an 18% increase in third-quarter revenues.
Its figures were €2.8 billion, up from €2.4 billion in 2013, with the company's EBITDA showing a rise at €305.1 million, from €278.8 million for the third quarter of 2013.
However, income did show some decline, with operating income at €207.7 million for the third quarter of 2014, a drop on 2013’s figure of €219.5 million. Net income was €131.6 million down from €150 million for the same period in 2013. The company holds a current backlog of €19.3 billion.
Thierry Pilenko, chairman and CEO, said, “The third quarter showed solid delivery against our objectives, with business won across our segments and geographies.
"We can report a quarter of sales and profit growth, strong order intake, momentum in our cost reduction and good cash generation.”
Subsea delivered revenue growth of 24%, with profitability at 14.3%. Technip reported that the Deep Blue completed its planned maintenance and returned to new projects in the US Gulf of Mexico.
The summer offshore campaign in the North Sea moved forward satisfactorily and in Angola installation progressed well on Block 15/06.
For the Onshore/Offshore segment Technip delivered revenue growth of 13% and €70 million of operating profit. Construction was nearly complete for the Burgas refinery in Bulgaria, while the Heidelberg Spar sailed for the US Gulf of Mexico.
Looking ahead, Technip said its full year guidance is unchanged compared to July.