Technip does not evaluate further the impact of the spill

Technip Thursday confirmed its financial targets for 2010 despite the downturn in results in the second quarter and said it was too early to evaluate the impact of futures oil spill in the Gulf of Mexico on the group.

The French oil equipment specialist argued that the incident leaden with oil giant BP had induced a moratorium on drilling and that would delay short-term investment decisions.

The group believes nevertheless able to take its game to end by focusing on safety.

"In the longer term we believe that everywhere in the world, operators prefer to work with contractors who have maintained a constant effort of investment in security," he said in a statement Thierry Pilenko, CEO of the group.

Technip has repeated that he was a 2010 turnover of approximately 5.9 to 6.1 billion euros, with sales of Subsea (underwater infrastructure) of about 2.6 to 2.7 billion, a margin of this sector exceeds 15% and stable margins in its Onshore / Offshore.

The company posted second-quarter sales of 1.484 billion euros and a net profit of 106.1 million euros and an EBIT of 160.5 million, results above expectations analysts according to the group.

These three indicators have fallen from the second quarter of 2009 excluding the impact of exchange rate of 14.3%, 8.7% and 18.1% respectively.

The group's operating margin stood at 10.8%, against 11.3% during the same period last year.

The group had to cope with difficult market conditions, particularly with the collapse of the financial crisis in 2008 and falling prices of oil and gas that followed.

The contracts after this period were signed with strong pressure on margins and increased competition between operators.

In late June, the backlog of Technip progressed him to 8.263 billion euros against 6.066 billion at the end of the second quarter of 2009, renewed energy prices encourage new investment.

July 22nd, 2010 in Uncategorized, advertising, blog, connection, plans | tags: , , , ,