Technip has raised its full-year profitability targets today on the back of a strong set of Q2 results.
Technip posted a recurring operating profit of 175.6 million euros ($252.6 million) for the second quarter against 160.5 million ($230.39 million) in the year-ago period. Sales rose 14.5 percent to 1.66 billion ($238.99 billion).
The French oil services group has as it reported a forecast-beating rise in quarterly earnings, fuelled by higher spending by oil companies.
Technip, which builds oil rigs and refineries, said it now expected a 2011 profit margin of 16.5 to 17 percent in its subsea business, against a previous goal for 15 percent.
It confirmed its full-year forecast for sales growth of at least 7 percent to 6.5-6.7 billion euros ($9.4-$9.7 billion).
Analysts had expected on average a recurring operating income of 157 million euros and sales of 1.59 billion, according to Thomson Reuters I/B/E/S data.
Subsea revenue declined 4.1% over Q2 2010 to 659.7 million euros ($948.1 million), while onshore/offshore revenue climbed 26% to 1,004 million euros ($1,443 million).Â
Vessel utilization increase to 80% from 70% in Q2 2010. Â
