Technip 2014 results

Highlights

  • Record order intake and backlog.
  • Dividend increased to 2 Euros/share.
  • 4Q order intake of 3.2 billion Euros takes full year to 15.3 billion Euros.
  • Record backlog of 20.9 billion Euros.
  • 4Q adjusted revenue up 14%, full year up 16%.
  • FY adjusted operating income from recurring activities of 825 million Euros.
  • FY adjusted operating margin of 13% in subsea and 4.7% in onshore/offshore.
  • FY adjusted underlying net income of 564 million Euros.

Comments

Thierry Pilenko, Chairman and CEO said, “Technip starts 2015 in a strong position. During 2014, Techip won a record amount of new work with order intake of 15.3 billion Euros resulting in a 21 billion Euros backlog of high quality and diversified projects. Our adjusted revenue grew 16% and adjusted operating profit reached 825 million Euros with particularly strong performance in the technology, services and equipment parts of our business. All our employees focused hard on our quality and our safety programs in 2014, with clear improvements in both areas.”

“In our market commentary in July 2014 we identified significant headwinds in the oil and gas services business, client capex discipline and increasing aggressiveness in negotiating value changes and claims on projects as well as irrational bidding behaviour from some competitors. Since then the oil price fall has added to these concerns and our clients are putting increasing pressure on their supply chains. This implies a prolonged, harsh slowdown in may parts of our industry.”

“Our record level of backlog enabled us to reinforce our bidding discipline, focusing on projects where our particular value added for our clients enables us to earn an appropriate return at acceptable risk: despite the difficult markets, we see continued order intake opportunities in may of our businesses.”

“Regardless of the oil price level, our clients have stressed their need to improve the design and running costs of their facilities. Technip has the conceptual engineering skills and innovative technology which can enable them to improve substantially the returns on their projects, including in deep offshore or frontier areas. Where we have had early engagement with our clients, they have seen our ability to deliver substantial optimisation. We will continue to add expertise to broaden our position as a valued partner for our client base, in particular by working more closely with partners in adjacent areas of subsea.”


Edited from press release by Claira Lloyd

Published on 18/02/2015


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