TechnipFMC’s third-quarter revenue up as profit slumps
LNG engineer TechnipFMC reported an increase in revenue for the third quarter of the year.
In its quarterly report, TechnipFMC said its revenue for the third quarter reached $3.36 billion, 6.1 percent above the $3.14 billion reported in the corresponding quarter last year.
The profit for the quarter plunged 84.1 percent from $136.9 million in the third quarter of 2018 to $21.8 million in the quarter under review.
Subsea reported third-quarter revenue of $1,34 billion, up 11 percent from the prior year. Revenue increased due to higher project-related activity and growth in services, the statement reads.
Onshore/Offshore reported third-quarter revenue of $1,59 billion. Revenue increased 4.2 percent from the prior-year quarter, primarily driven by higher activity on recent awards in the downstream, petrochemical and offshore sectors as well as the first contribution from Arctic LNG 2. The increase was partially offset by lower activity on Yamal LNG as the project nears completion.
Surface Technologies reported third-quarter revenue of $396.6 million, a decrease of 1.4 percent from the prior-year quarter. The revenue decline was driven mainly by lower sales in North America resulting from further reductions in drilling and completion activity, largely offset by revenue growth in international markets.