Technip swings to quarterly net loss

French LNG engineer Technip posted a net loss of €306.9 million in the second quarter of this year following a restructuring plan it announced earlier this month.

Technip said on July 6 it plans to reduce its workforce for about 6,000 in a response to the downturn in the oil and gas market.

The restructuring plan included a total one-off charge of €650 million. Of this total, €570 million was booked in the second quarter, Technip said in a statement on Thursday.

During the second quarter, Technip’s order intake was at €1.5 billion, as compared with €7.07 billion a year ago.

In our July 6th announcement, we set out in detail our views on the market outlook and these have not changed: the oil and gas industry is likely to be adversely impacted for longer than anticipated by the downturn,” Thierry Pilenko, Chairman and CEO of Technip said.


LNG World News Staff; Image: Technip