LNG engineer TechnipFMC reported a rise its third-quarter profit despite a decline in the company’s revenues.
The company’s net income totaled $136.9 million, or $0.30 per share, a rise of 13.1 percent when compared to last year’s third quarter.
Revenue was $3.1 billion, a 24.1 percent decrease year-on-year, while inbound orders rose to $3.6 billion from $2.5 billion in the third quarter last year.
During the quarter, TechipFMC delivered Train 2 of the Novatek-operated Yamal LNG project in the Russian Artcic, approximately six months ahead of schedule.
“LNG volume shipped to date now exceeds 5 million metric tons, a result achieved due to the project’s accelerated delivery. Construction and commissioning of Train 3 is progressing well and is on track for another early delivery,” said Doug Pferdehirt , TechnipFMC CEO.
“LNG remains one of the fastest growing markets in the oil and gas sector. Demand growth suggests a new wave of LNG projects will need to be sanctioned in 2019 and beyond. Our 50+ years of experience has resulted in the delivery of over 20 percent of the world’s operating capacity,” Pferdehirt said.