French oil and gas services firm Technip said Thursday that its clients are showing confidence in oil and gas prices and continue investing to meet challenging production targets.
Reporting results for the fourth quarter of 2011, and last year as a whole, the company said that, while general economic uncertainties should not be ignore, it continues "to see opportunities in nearly all the markets in which we operate".
Technip's revenue for 2011 was $8.8 billion (EUR 6.8 billion) – a 12 percent improvement on 2010. The firm's operating profit was $902 million (EUR 694 million), which was 12.9 percent greater than the previous year.
Technip saw a 14 percent increase in its revenue for 4Q 2011, compared with 4Q 2010, to $2.6 billion (EUR 2 billion). Operating income for 4Q 2011 was 25.7 percent greater at $256 million (EUR 197 million).
"2011 was a year of significant achievement for Technip. We confirmed our growth potential, increasing our backlog by over EUR 1.1 billion, launched key new capex projects and completed three strategic acquisitions, including Global Industries in December. We delivered strong profitability, beyond our initial expectations, with a record net profit of EUR 507 million," said Technip CEO Thierry Pilenko.
"In Onshore/Offshore, we are building on a successful strategy of securing early involvement in projects with strong partners to grow and diversify our project portfolio. In Subsea, we capitalized on our technology leadership and worldwide footprint to build a record backlog of over EUR 4 billion, comprised of a mix of project types and sizes."
Pilenko added that one of Technip's main objectives for 2012 is to integrate Global Industries into the organization. "We are making good progress and our first project wins involving Global Industries' assets confirm the positive reaction of both our clients and our teams to the combination of our businesses."
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