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Technip reports second quarter results

LNG Industry,

Technip reported Q2 results in which it stated that order intake stood at €7.1 billion, revenue was €2.6 billion (up 9%) and net income was €158 million.

Thierry Pilenko, Chairman and CEO, said: “Technip’s second quarter results 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 us 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.”

A statement from Technip read: “Onshore/offshore revenue expectations for 2014 are increased to between €5.55 and €5.80 billion. Our base case outlook implies a 5% to 6% margin for the full year 2014. There are three factors impacting our margin outlook – the continued impact of the mobilisation on Yamal LNG, the expected impacts of the behaviour of our customers […] and the risks to our business of interruptions caused by geopolitics including sanctions. If our assumptions on these issues were to prove insufficiently cautious, we estimate our margin to be about a percentage point less this year. Concerning 2015, we see segment revenue higher than expected at around € 6 billion with stable margin versus 2014.”

Adapted from press release by Ted Monroe

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