TechnipFMC profit declines

LNG engineer TechnipFMC saw its net profit sliced by 63 percent reporting a net income of $121 million for the third quarter compared to $327 million in the third quarter of 2016. 

Revenue for the period was at $4.14 billion, dropping 17.8 percent from the $5.03 billion during the third quarter 2016.

TechnipFMC’s CEO Doug Pferdehirt said that the company’s order intake for the quarter reached $2.5 billion, with subsea contributing $1 billion.

“We believe that most major subsea projects can move forward at today’s oil prices, with delays in project sanctioning more a function of near-term price uncertainty than project returns,” he said.

The company is involved in a number of LNG projects, most notably Shell’s Prelude FLNG project offshore Australia and Novatek’s Yamal LNG project in Russia.

TechnipFMC noted that since its arrival off the coast of Australia, Shell’s Prelude FLNG was moored, umbilicals connected and the water intake riser had been installed. Currently, the topsides are undergoing offshore commissioning.

Informing on the Yamal LNG project, the company said that the last of the 142 modules for the three LNG trains were delivered to the site during the quarter. First two gas compressors and the flare have been started up with the Train 1 commissioning nearing completion.

Pferdehirt noted that going forward, the company sees a number of opportunities, and these will be driven by internal initiatives as well as market fundamentals.

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