Technip Lifts Profit

French oil services provider, Technip, posted higher third-quarter (3Q 2015) net income, boosted by an overall increase in activity, positioning the company on path to deliver its full-year goals.

In the third quarter 2015, Paris-based subsea major generated adjusted revenue of €3.1 billion, an increase of about 15% compared to €2,8 billion in 3Q 2014. Subsea revenues were roughly 15% higher for the quarter, at €1.54 billion.

The company’s adjusted net income for the 3Q 2015 was €163.9 million (diluted EPS 1.35 euros) versus €131.6 million (diluted EPS 1.10 euros) in the corresponding period in 2014.

During the third quarter 2015, Technip’s order intake was €1.74 billion, out of which €1.27 billion was subsea related, including new flexible pipes orders and Stones project award in the Gulf of Mexico.

At the end of this quarter, Technip’s backlog stood at €17.5 billion, compared with €19.3 billion at the end of third quarter 2014 and €18.8 billion at the end of second quarter 2014.

The company said its profit objectives for the full-year 2015 remain unchanged and that it expects higher revenues than before in both segments, with Subsea aiming at €5.5 billion.