Technip’s Full Year Objectives Maintained in First Quarter (France)

On April 23, 2013, Technip’s Board of Directors approved the unaudited first quarter 2013 consolidated financial statements.

Thierry Pilenko, Chairman and CEO, commented: “In the first quarter we grew revenue in both our segments, reflecting the strong project awards over the last two years. Subsea performance reflected the early phases of recently won large contracts, the absence of major projects completing and some disruptions to offshore operations including for weather. In Onshore/Offshore there was steady progress on projects, including those in later phases such as the Lucius Spar and the Jubail refinery.

We also made significant progress on our Capex program, with the delivery of the Deep Orient to her first project and the start of sea trials for the Deep Energy. We started to cut steel on the first 550-ton pipelay vessel for Petrobras, and we signed the project financing for these vessels. Construction of Technip’s second flexible pipe manufacturing plant in Açu, Brazil, is advancing and employees are training at our existing plant in Vitória.

Order intake was strong in Subsea, as the West African market saw some long-awaited projects sanctioned. Technip has also its first orders for technology-rich flexible pipes for the Sapinhoa and Lula Nordeste Pre-salt developments. Technip continues to differentiate through commitment in the early stages of projects across the Group by bringing expertise notably for downstream petrochemicals in North America. We won a number of important FEED contracts in the quarter such as The Mosaic fertilizer plant. Our early-stage involvement in the Yamal LNG project highlights many of our key strengths: technology, project execution track record in frontier areas, in-country partnerships. Whilst there has been more volatility in underlying commodity prices during the last few weeks, we continue to see good opportunities for new orders in all our regions, even if the timing of individual awards remains uncertain.

The next few months are important in terms of operations. In Subsea, we continue to ramp up our newer projects notably into procurement, and are in the critical phases of 2013 subsea projects notably in Venezuela, the North Sea, Mexico and Australia. In the Onshore/Offshore segment, the Lucius Spar is set to sail-away to the Gulf of Mexico. With all the above in mind, we maintain the full year objectives we set out in mid-February.”

Full Results

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Press Release, April 25, 2013