French LNG engineer Technip posted a net loss of €306.9 million in the second quarter of this year following a restructuring plan it announced earlier this month.
Technip said on July 6 it plans to reduce its workforce for about 6,000 in a response to the downturn in the oil and gas market.
The restructuring plan included a total one-off charge of €650 million. Of this total, €570 million was booked in the second quarter, Technip said in a statement on Thursday.
During the second quarter, Technip’s order intake was at €1.5 billion, as compared with €7.07 billion a year ago.
“ In our July 6th announcement, we set out in detail our views on the market outlook and these have not changed: the oil and gas industry is likely to be adversely impacted for longer than anticipated by the downturn ,” Thierry Pilenko, Chairman and CEO of Technip said.
LNG World News Staff; Image: Technip