Technip today said its first quarter 2012 revenue was €1,765 million.
First quarter 2012 results
Full year 2012 outlook confirmed
Thierry Pilenko, Chairman and CEO , commented: “Our first quarter performance was very much in line with our expectations, which enables us to reiterate our 2012 financial objectives. We saw evidence of the trends highlighted in our February statement, with momentum across nearly all our markets, driven by our customers’ desire to bring new reserves into production and supported by Technip’s strong positions in key regions, technologies and market segments.
The most striking aspect of the quarter was our very strong order intake contributing to a well diversified backlog at a record level. In Subsea, we won several small and medium size contracts, complemented by the large Quad 204 EPIC award in the UK North Sea, reflecting the effectiveness of our integrated business model. In Onshore/Offshore, the Burgas contract highlights Technip’s leadership in refining technology and our strategy to get involved in our customers’ key projects early in their lifecycle. In Malaysia, our capacity to provide highly skilled local content was essential to win the RAPID petrochemical FEED for Petronas, a landmark project for future activity in the region.
Looking forward, although the timing for individual awards can be difficult to predict, bidding continues to run at high levels. We continue to see a favorable orientation of our industry as operators’ investment plans remain very ambitious. Moreover, some operators have started to share their concerns about resource availability, focusing on near-term shortage of deepwater drilling capacity and possible lack of adequatje skilled human resources across the supply chain.
In this promising market, Technip seeks to differentiate through its ability to grow a diversified backlog, whilst keeping a constant focus on profitability and project execution. We are maintaining our investments in technology, assets and notably people in key markets to meet our customers’ growing challenges and requirements.”
[mappress] LNG World News Staff, April 26, 2012; Image: technip