Technip has seen its adjusted operating income rise by 38% after the company made margin improvement in both its onshore and offshore business.
The company said its adjusted revenue in the first quarter of this year was €2.8billion balanced between both business segments.
The French firm also had a backlog intake of €15billion with an order intake of €930million.
Thierry Pilenko, chief executive, said: “At the start of the year, Technip set out to execute our projects, sustain our balance sheet strength , reduce our costs and progress our strategy – all in response to the harsh and prolonged downturn in our industry.
“The first quarter shows that our teams are following through on these objectives.
“On revenues down 4.2%, we improved our profitability – the group’s OIFRA margin was 8.6% compared to 6% in Q1 2015.
“In subsea, our manufacturing plans were bust and so were out vessles on West African onshore campaigns in particular driving a record 82% vessel utilisation rate for a first quarter.”
More to follow.
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