Technip Takes Profit Dive

French oil services provider, Technip, has recorded net income drop of 40% in the fourth quarter after adjusted non-current items, despite revenue growth.

The Company’s adjusted net income fell to 80.1 million euros from 134.5 million euros for the same period in 2013. However, underlying net income rose to 172.1 million euros from 134.5 million euros same time last year.

Net income for the full year 2014 fell 22.5 percent to 436.6 million euros, compared to 563 million euros at the end of 2013.

Furthermore, Technip generated revenues for the quarter of 2.816 billion euros, a rise from 2.476 billion euros a year before. Full-year revenues rose 11.5 percent to 10,724 billion (9,285 billion in 2013).

Despite the difficult markets in 2015, the company said it will rely on its 21 billion backlog to deliver profit growth.

“Technip starts 2015 in a strong position. During 2014, Technip won a record amount of new work with order intake of €15.3 billion resulting in a €21 billion backlog of high quality and diversified projects,” says Thierry Pilenko, Chairman and CEO.

As for the subsea division, the company expects adjusted revenue between €5.2 billion and €5.5 billion and adjusted operating income from recurring activities between €810 million and €840 million.

Commenting on Subsea performance in 2014, Pilenko, said: “Subsea delivered ahead of expectations. Operational performance was strong across all regions and we showed flexibility to adapt to client demands. With an adjusted operating margin of 15.3% in the fourth quarter we delivered 13% for the full year 2014, well ahead of the 12% floor set over a year ago.”

The company proposed an 8 percent increase in 2014 dividend to 2.00 euros per share, with optional scrip dividend benefiting from a 10% discount.

Subsea World News Staff

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