France: Technip Confident about Future. Reports Record Net Income

Looking ahead to 2012, Technip, one of the world’s largest provider of specialized services for the oil and gas industry, said today that the company’s clients show confidence in oil and gas prices and continue investing to meet challenging production targets.

Success in their exploration programs, mainly in apparently mature areas, is stimulating fast-track offshore developments and requirements for new technology solutions.

The company today announced results for the fourth quarter 2011, as well as for the full year. The full year 2011 revenue was €6,813 million which represents an increase of 12% compared to 2010. The fourth quarter revenue stood at  €2,014.3 million representing a year-on-year increase of 14.0%.

The subsea revenue for the whole year nearly reached €3 billion driven by a rise of activity in the North Sea, completion of several large African projects and robust activity in Brazil.

According to the report published on the company’s website, Technip generated a record net income of €507 million in 2011.

Technip’s CEO Thierry Pilenko said that the company remains confident, and sees growth opportunities in all the fields it operates, but added that the economic and political uncertainties that have been hitting the world should not be disregarded.

In its optimistic full year 2012 outlook, Technip expects a revenue growth in all areas of its business and hopes to reach an €8 billion figure.

“In 2012, using our strong balance sheet, we will sustain our investments in key assets and local content to meet growing demand. Our Subsea and Onshore/Offshore segments are both expected to deliver revenue growth and we target operating margins of around 15% for Subsea including Global Industries and between 6% and 7% for Onshore/Offshore.” Pilenko said.

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Offshore Energy Today Staff, February 16, 2012