Technip posted an increase in revenue and a strong order backlog for its third quarter results.
The service firm saw its adjusted revenue rise by 10% to €3.1billion.
Its order intake for the quarter €1.7billion, adding to its €17.5billion backlog.
Adjusted operating income from recurring activities up 21% to €292million, with €232million in subsea and €76million in onshore and offshore.
Chief executive Thierry Pilenko said: “Technip’s focus in the third quarter was first and foremost on execution: of the projects in our backlog and of our restructuring plan. The results of the quarter demonstrate progress on both fronts. Our revenues and profits grew and we are accordingly on track to deliver our full year objectives.”
Plink said the firm was looking onshore during the oil price slide.
“The expectation of a low oil price for longer means our clients continue to reduce their new capex,” he said.
“Price deflation in all parts of oil services, as well as in our supply chain and in raw materials, will help bring down costs on new projects.
“While there are pockets of resilience in offshore and subsea markets, we see more opportunities at the moment in onshore – in North America as well as in Eastern Europe and in Africa / Middle East. Overall, we reiterate our expectations for a prolonged and harsh downturn.”
The financial update comes after the firm announced two rounds of job cuts at its Aberdeen base.