TechnipFMC’s profit jumps

LNG engineer TechnipFMC reported a net income of $164.9 million for the second quarter of 2017, up from $55.2 million for the corresponding period in 2016. 

Speaking of the results, Doug Pferdehirt, CEO of TechnipFMC said, “we just passed our six-month anniversary as a new company, and our merger integration efforts are delivering results.”

He added that, while project economics continue to improve, “the recent commodity price uncertainty could result in a slowing of the pace of the recovery.”

Revenue saw a 22.5 percent drop to $3.8 billion for the quarter under review, according to the company’s quarterly report.

TechnipFMC’s order intake for the period was at $3.2 billion, including subsea of $1.8 billion and onshore/offshore of $1.1 billion.

Pferdehirt noted that during the quarter the company has been awarded a “subsea package for Eni’s Coral South floating LNG project in Mozambique.” 

It had also achieved a milestone on Shell’s Prelude FLNG project, with the unit’s sail away from South Korea and its recent arrival in Australian waters.

TechnipFMC said that the last two modules to be fabricated in Indonesia for the Yamal LNG project, sailed away at the end of May, while the fabrication of modules in China, 124 in total, will be completed shortly with the last sail away planned this quarter.

The company noted that 109 modules have already been delivered to the Sabetta construction site.

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