France: Technip’s Second Quarter Results in Line with Objectives

French Technip announces that its Board of Directors on July 24, approved the second quarter and first half 2012 consolidated accounts.

At the end of second quarter 2012, Technip’s backlog rose to €12,724 million, compared with €12,344 million at the end of first quarter 2012 and €9,413 million at the end of second quarter 2011.

Thierry Pilenko, Chairman and CEO, commented: “Technip’s second quarter revenue and profit were fully in line with our objectives. In Subsea, activity was strong across all our regions and revenue jumped almost 50% year-on-year. In Onshore/Offshore, major projects continued to move through their construction phases and revenue grew by almost 7%.

Second quarter order intake was again at a high level, reflecting our strong positions in key regions and technologies, and so our backlog grew to €12.7 billion. Order intake in Subsea was diversified geographically and by size. The North Sea and Asia Pacific were notably strong. In Onshore/Offshore, we took a substantial EPC project with high technology content in the Middle East and, in Malaysia, we won our second FLNG project.

The proposed acquisition of the Stone & Webster Process Technologies business that we announced in May is intended to reinforce the range of skills, technologies and services Technip offers. This move would strengthen our ability to provide services from the very start of onshore project life cycle and roughly double the flow of our revenues built around technologies.

Looking ahead, we continue to see strong bidding activity in nearly all our markets, with no impact as yet from either the lower market price of oil or economic issues affecting Europe. Our customers remain focused on solving technology and resource challenges to meet their production objectives. Hence, we are investing to enhance our position, continuously recruiting talents and ramping up our capex program.

In summary, whilst remaining rightly cautious about the economic uncertainties around us, we reiterate our 2012 financial objectives, and are confident in benefiting from the robust growth prospects of our industry.”

Press Release, July 26, 2012

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