Technip said its revenue in the third quarter of 2013 rose 15.6% to €2.4 billion, compared to the same period a year ago.
THIRD QUARTER 2013 RESULTS
FULL YEAR 2013 OBJECTIVES REVISED
PREVIOUS OBJECTIVES
Thierry Pilenko, Chairman and CEO , commented in detail on the quarter and the outlook: “In the third quarter, Technip’s performance was contrasted between our two activities. On the one hand, Onshore/Offshore was a good performer: segment revenues were up 30% with margins of 6.6% in the middle of our target range. On the other hand, Subsea revenues were up only 2% (after c. €100 million of currency translation effects) although margins were at 14.7%, overall slightly ahead of our expectations at the end of the second quarter. Subsea profitability was affected by around €20 million of currency effects, €10 million of one-off costs (vessel depreciation) and a push-out of projects in the Gulf of Mexico. In particular, the Deep Energy vessel is in the Gulf of Mexico completing what has been, however, a significantly longer final commissioning period than planned. Group cash flow was strong during the quarter with e.g. €165 million of positive working capital, confirming the trend we forecasted at the end of the first semester. Overall, revenues and profit were held back across the Group by currency translation effects (year-on-year around €150 million and €30 million respectively).”
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LNG World News Staff, October 31, 2013; Image: Technip