Technip reports Q2 2015 results
On July 28, 2015, Technip’s Board of Directors approved the second quarter and first half 2015 adjusted consolidated financial statements. Adjusted revenue of Technip in the first quarter 2015 rose 18.5% on Q2 2014 to EUR 3.1 billion, the Company said in a press release.
Adjusted underlying EBITDA increased by 16.5% and ammounted to EUR 353 million. Underlying operating income from recurring activities2 up 17% to €282 million, with €250 million in Subsea and €53 million in Onshore/Offshore sectors.
Performance in line with July 6th announcement with strong revenue growth. Restructuring plan on track: 2Q one-off charge of €570 million. Order intake reached EUR 1.5 billion and backlog was at EUR 18.8 billion.
Thierry Pilenko, Chairman and CEO, commented: “Second quarter results were in line with the expectations we set out in our July 6th announcement. During the quarter, we continued to pursue our key strategy initiatives, to position ourselves on significant new projects and we launched a major restructuring plan across the Group to address the challenging market outlook we anticipate."
"Subsea continued its outperformance: revenue grew 26%, and adjusted operating income from recurring activities of €250 million demonstrated a robust operating margin of 16.1%. During the quarter, good progress was made on projects across the world, as reflected in a strong vessel utilization rate of 89%. After announcing our alliance with FMC Technologies in March, we formally launched the Forsys Subsea joint venture together, on June 1st as planned."
"Onshore/Offshore grew revenues slightly faster than expected at 12%. Adjusted operating income from recurring activities is impacted by the one-off charge announced on July 6th. Stripping this out, underlying operating profits were €53 million, in line with expectations. We have progressed well on some of our key projects, such as Burgas in Bulgaria, Ethylene XXI in Mexico, RAPID in Malaysia and Prelude in Korea.
"Technip booked €1.5 billion of new orders, similar to the first quarter 2015 level, diversified and balanced between Subsea and Onshore/Offshore. This order intake reflects key elements of our strategy: a strong contribution from reimbursable and services contracts; success in areas such as Brazil pre-salt where we have technology leadership; positioning in early phase work for future projects such as the Browse FLNG in Australia and the Alexandria refinery in Egypt."
Technip is a world leader in project management, engineering and construction for the energy industry. From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 38,000 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges. Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
