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Technip beats estimates, plans growth in North Sea investments

Technip news
Technip news

Technip raised its full-year objectives for the year for its subsea division as the firm reported both revenue and profit for the third quarter.

The company has manage to beat expectation and continue to drive down costs.

It comes despite clients cutting back on spending in recent years due to weak oil prices.

Chief Executive Thierry Pilenko said the company was seeing pockets of growth in the North Sea with a number of final investment decisions in new fields, and sustained activity in Brazil, which has enabled it to upgrade its outlook for the year.

Pilenko said the company was tendering on new projects even if the picture is varied in the sector.

He said:”We expect to enter 2017 with a good backlog and promising prospects, and intend to continue to drive our costs down and focus on solid project execution.”

Technip now expects full-year 2016 adjusted revenue above €5 billion euros, compared with between €4.7 and €5 billion stated previously, and adjusted operating income from recurring activities at around 700 million euros, up from around 680 million.

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