French subsea EPC specialist Technip has posted a 12% increase in revenue for 2011 and a 21% increase in profit, beating analysts’ forecasts.
The company booked revenue of €6.8 billion ($8.85 billion), of which €3 billion ($3.9 billion) was from subsea work, and net income of €507 million ($660 million). Thomson Reuters I/B/E/S estimates showed net profit at EUR 487 million.
Technip’s groupwide operating margin for the year was 10.4%.
Banner projects in the Middle East over the last year included ongoing construction at the mammoth Jubail refinery in Saudi Arabia, the Plateau Maintenance Project at Ras Laffan in Qatar, the commencement of pre-commissioning works on Asab 3 gas processing facility in Abu Dhabi, and the delivery of equipment and yard fabrication in the ex-Neutral Zone between Kuwait and Saudi Arabia.
The group will soon begin work on the offshore Satah Full Field Development project for Abu Dhabi’s ZADCO.
“2011 was a year of significant achievement for Technip,” said Thierry Pilenko, Chairman and CEO. “We confirmed our growth potential, increasing our backlog by over EUR1.1 billion, launched key new capex projects and completed three strategic acquisitions, including Global Industries in December.”
“In Onshore/Offshore, we are building on a successful strategy of securing early involvement in projects with strong partners to grow and diversify our project portfolio.”
“In Subsea, we capitalized on our technology leadership and worldwide footprint to build a record backlog of over EUR4 billion, comprised of a mix of project types and sizes.”
The company is focusing on winning work in the North Sea, having won major projects from TAQA and Statoil the last year.
Technip is targeting growth of over 15% in 2012 to up to €8 billion ($10.4 billion) after its order intake swelled by 14.6% in 2011 to €7.9 billion ($10.2 billion).
