Technip’s Q3 revenue down
Paris-based LNG engineer Technip on Thursday posted a 6.1 percent decrease in revenue due to the current downturn in the industry.
Technip’s adjusted revenue stood at €2.91 billion ($3.17 billion) in the third quarter 2016, down from €3.1 billion during the same quarter the previous year.
Order intake during the quarter was at €1.51 billion in line with last quarters, the company said in its report.
The company noted that the onshore/offshore sector remains robust while the subsea sector is showing “pockets of growing demand”. Technip adjusted its subsea guidance as it expects revenues above €5 billion for the full year 2016 while the onshore/offshore guidance remains unchanged.
“We expect to enter 2017 with a good backlog and promising prospects and intend to continue to drive out costs down and focus on solid project execution,” Technip said.
During the quarter under review, Technip said it has completed installation works for the Malikai tension leg platform (TLP) offshore Malaysia, while the Petronas FLNG Satu neared ‘Ready For Start Up’. It also added that in South Korea, integration and commissioning activities continued on the Prelude FLNG.
Speaking of the Yamal LNG work progress, Technip noted that all phase 1 modules, 78 of them have sailed away to Sabetta. So far, 75 have been delivered with the remaining three currently passing through the Northern sea route.