Technip Q1 financials in line with expectations – CEO

26 Apr '14

2 min read

Technip’s Board of Directors approved the first quarter 2014 consolidated financial statements. These include the first time application of IFRS 10, 11 & 12. Financial statements throughout prior period have also been restated to conform to these new standards, as have the Group’s backlog and other key operating indicators.

First Quarter 2014 Results

-Order intake of €2.8 billion including major Subsea awards such as Block 15/06 in

Angola

-Revenue of €2.5 billion

-Operating margins

-Subsea 5.5% and Onshore/Offshore 5.9%

-Net income of €67 million

-First-time application of IFRS 10, 11 & 12: no significant adjustments except on backlog

Objectives Unchanged For 2014 And 2015

-2014 Subsea revenue growing to between €4.35 and €4.75 billion with operating margin of at least 12%

-2014 Onshore/Offshore revenue growing to between €5.4 and €5.7 billion with operating margin between 6% and 7%

Thierry Pilenko, Chairman and CEO, commented, “Revenue in both Subsea and Onshore/Offshore segments was above expectations in the first quarter and operating margins were in line.

In Subsea, we started commercial production at our new flexible pipe facility in Açu, Brazil. We continued to complete the series of projects in the Gulf of Mexico and ramp-up activity on newer, large projects worldwide. In Onshore/Offshore, we handed some older projects over to clients and also started an intensive period of critical execution phases on newer projects which will continue over the next several quarters.”

Click here to view full results.

Technip

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