Technip said its plans to cut spending due to the fall in oil price were ahead of schedule as it reported better-than-expected second quarter earnings.
The company said its cost reduction plan was ahead of schedule with $995.94 million of savings to be delivered by 2016.
It also said it continues to see good interest among clients in investing in downstream facilities in the current environment, but that the prolonged and harsh downturn in oil prices has not ended.
More to follow.
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