Energy engineering and construction giant TechnipFMC reported a $137 million profit from the third quarter that jumped 13 percent percent from the same time period last year.
TechnipFMC, which has a Houston headquarters, focuses largely on the offshore sector and equipment manufacturing. However, its biggest growth area is in global liquefied natural gas terminal projects.
TechnipFMC Chef Executive Doug Pferdehirt specifically cited robust earnings from the Yamal LNG project in Russia.
The profit improvement occurred even though the company’s quarterly revenues fell 24 percent from $4.1 billion down to $3.1 billion.
Pferdehirt credited the profit growth in the face of falling revenues to structural cost savings and strong project delivery.
Since Paris-based Technip merged with Houston’s FMC Technologies in the beginning of 2017, the company has shrunk from a combined 44,000 employees worldwide to just more than 37,000 now.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.