Oil services provider Technip has recorded a drop in profit during the third quarter of the year, despite rise in revenues.
Net income for the quarter was at €132 million ($166 million), compared to €150 million same time last year. Earnings per share dropped to 1.10 euros from 1.24 euros.
Technip posted revenues for the third quarter of €2.8 billion, an 18 percent rise in contrast to Q3 2013.
Subsea delivered revenue growth of 24%, with profitability at 14.3%. Subsea order intake in the third quarter included Kodiak in the US Gulf of Mexico, Edradour and Kraken in the North Sea, and Bangka in Indonesia.
Thierry Pilenko , Chairman and CEO, commented: “The third quarter showed solid delivery against our objectives, with business won across our segments and geographies. We can report a quarter of sales and profit growth, strong order intake, momentum in our cost reduction and good cash generation.”
The company stated that their full year guidance remains unchanged compared to what was said in July, although there remain reasons to be cautious.
Subsea World News Staff