LNG engineer TechnipFMC reported a plunge in net profit for the year 2017 reaching $113.3 million, 70 percent below the $378.2 million reported in 2016.
Revenue for the period was at $15 billion, dropping 21 percent from the $19 billion reported in 2016, the company’s report shows.
TechnipFMC’s CEO, Doug Pferdehirt said the focus of 2017 was on the project execution, noting that in 2018 the company expects “to see another increase in subsea market activity, driven by major projects as well as a blend of small-to-midsize projects and service opportunities. We remain confident that our inbound orders will grow year-over-year and that as much as 25 percent of these orders will come from iEPCI in 2018.”
The company’s onshore/offshore segment reported a revenue of $2 billion for the fourth quarter of 2017, a 2 percent decline compared to the corresponding quarter in 2016.
“Revenue was modestly lower as we neared completion of the first phase of Yamal LNG, largely offset by increased project activity in the Europe, Middle East, and Asia Pacific regions,” the company’s statement reads.
TechnipFMC noted the start-up of the first liquefaction train at the Yamal LNG project in December adding that the construction and commissioning of Trains 2 and 3 is progressing with the second liquefaction train expected to start up in the second half of 2018.
The company also added that the commissioning is progressing on another major LNG project, Shell’s Prelude FLNG, in the Prelude field, 475km North-North East of Broome, Australia.