Technip Announces Preliminary Financial Update
Ahead of the publication of its full year 2007 consolidated and audited results on Feb. 21, 2008, Technip is publicly disclosing some preliminary information.
Full year 2007 SURF revenue is estimated to be around U.S. $3.7 billion, up 13% year on year. The operating margin ratio from recurring activities should approach 16% in 2007. The fourth quarter is characterized by a good level of asset utilization and a continuing good subsea project execution. It also benefits from the payment of a U.S. $22.2 million insurance indemnity received for the project executed in the Mediterranean which adversely impacted group results in 2005.
Offshore facilities revenue is anticipated to be around U.S. $1.1 billion on a full year basis, down 37% compared to 2006. The operating income from recurring activities would be around U.S. $52 million. The associated margin ratio would be around 4.7%.
In the industries segment, 2007 revenue is expected to reach approximately U.S. $341 million, a 13% increase compared to 2006. The operating income from recurring activities would be around U.S. $22 million. The associated margin ratio would be around 6.5%.
At the group level, full year 2007 revenue should be close to U.S. $11.8 billion (up around 16% compared to U.S. $10.2 billion in 2006), operating income from recurring activities U.S. $355 million and operating income U.S. $385 million including income from activity disposal.
"As a result of signature of the agreement with Qatargas II, we have reached an important step which significantly clarifies the situation of our gas projects in Qatar," Thierry Pilenko, chairman and CEO, commented. "Our 2007 audited results will be fully disclosed and commented on 21 February, as previously announced. "Concerning 2008, we anticipate stable revenue at the Group level, associated with a SURF/Subsea revenue growth around 10%. SURF/Subsea operating margin ratio from recurring activity should exceed last October's presentation target of 15%. For Offshore and Onshore businesses, the target for operating margin ratio from recurring activities remains at 3.8% on average.
"I am confident in the underlining robustness of the Technip Group and in our capacity to deliver profitable growth following our strategic plan."
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