Technip confirmed a 12% profit decline in its third quarter results.
Europe’s largest oilfield-service provider recorded a net income of EUR132million ($160million) compared to last year’s EUR150million. Despite the dip, the service company is still on track to hit its earnings targets for this year and next.
Chief executive Thierry Pilenko said: “Our full year guidance is unchanged compared to what we said in July. Looking further ahead, although there remain reasons to be cautious, such as lower oil price the factors we highlighted in the second quarter, we expect to build on the opportunities that we see for Technip to expand its leadership.”
Pilenko previously adjusted target margins, raising outlook margins for the firm’s subsea division while lowering it for onshore and offshore installations in response to a market demand for lower costs.
The firm’s order intake for the third quarter was EUR2.2billion.
Highlights include two large North Sea wins – the development for the Edradour and Kraken fields.
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