Technip raises outlook as firms boost budgets

ENERGY service group Technip raised its full-year outlook yesterday, saying it had benefited from increased spending by oil and gas companies to tap new reserves.

The French company, which employs more than 800 people at Westhill, near Aberdeen, posted pre-tax profits of £148million for the second quarter of 2011, a 21.8% year-on-year increase.

Revenue was £1.41billion, up 12.1% from £1.3billion last time.

Onshore projects in the Middle East and offshore Africa helped to drive growth.

Chief executive Thierry Pilenko said a high and fairly stable oil price combined with an increasing demand for gas was driving upstream investments, but added there was still strong competition in the market and the global economic downturn was still affecting some projects.