Technip takes profit dive in 1H 2014

On July 22, 2014 Technip’s Board of Directors approved the second quarter and first half 2014 consolidated financial statements.

Technip’s second quarter results were highlighted by an order intake of 7.1 billion euros, revenues of 2.6 billion euros, compared to 2.4 billion same time last year (9% rise) and net income of 158 million euros, compared to 162 million euros in Q2 2013.

Subsea delivered revenue growth of 12.4%, with an operating margin at 15.3%, the top end of the indicated range. As expected, the business confirmed a sharp recovery after the low first quarter.

Onshore/Offshore delivered revenue growth of 5.4% and €73 million of operating profit, but had a more challenging second quarter.

At the end of the second quarter 2014, Technip’s backlog rose to €19.9 billion, compared with €15.4 billion at the end of first quarter 2014 and €14.9 billion at the end of second quarter 2013.

Technip takes profit dive in 1H 2014
Technip’s Appache II awarded two subsea contracts in Denmark.

Overall, the Group vessel utilization rate for the second quarter of 2014 was 88%, compared with 84% for the second quarter 2013, and substantially up on the 69% in the first quarter of 2014.

Thierry Pilenko, Chairman and CEO, commented: “Technip’s second quarter was characterized 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 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.”

Technip recorded net income of 225 million euros in the first half of 2014, a 19% drop compared to 278 million in the first half of 2013.

 July 24, 2014

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply