Technip’s first quarter profits up
PARIS, April 23, 2015 – French project management, engineering and construction company Technip saw profits rise in the first quarter of 2015, attributed to the robust performance of its subsea business.
Adjusted net income for the first three months of the year stood at €86.1 million, up 26.8 percent from €67.2 million recorded in the first quarter of 2014. Adjusted first quarter revenue rose to €2.88 billion, up 16.8 percent year-on-year from €2.47 billion.
The company’s subsea division posted an adjusted revenue of €1.29 billion, representing an increase of 27.6 percent, while adjusted operating profit increased from €55.2 million to €165 million.
Thierry Pilenko, Technip’s CEO, described the company’s first quarter results were “solid,” despite industry concerns caused by lower oil prices, adding that Technip has revised its 2015 guidance.
“Our expectations for the group overall remain unchanged but, recognising that at this point subsea is outperforming and onshore/offshore underperforming, we raise our expectation for adjusted operating profit for subsea to the top of the announced range at around €840 million and lower onshore/offshore to around the bottom of the announced range, so around €250 million,” Pilenko was reported as saying.