Doubling of Order Intake Leads to Record Backlog Earnings per Share Up 15.6%
Posted: 01 August 2005
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The Board of Directors of Technip approved the unaudited second quarter and first half 2005 consolidated accounts prepared in accordance with IFRS.
Daniel Valot, Chairman and CEO, commented: “Technip's income from operations and earnings per share were up by 13% and close to 16%, respectively, on flat revenues in spite of the tough market conditions created by raw material and maritime freight cost increases. Full year 2005 revenues should surpass EUR 5 billion. As expected, the Group's operating margin should be higher than its 2004 level.
The dominant feature of the first half of 2005 is the robust increase in the Group's backlog. This increase is directly related to the acceleration of global oil and gas capital expenditures and the unique positioning Technip has secured for itself in the fastest growing business segments of our industry: deep offshore developments, LNG, refining and hydrogen, and mega steamcrackers. The overall market environment has become healthier at a time when the pressures from a high Euro and rising raw material prices are decreasing.
After many difficult years for the oil and gas services industry, it appears that a new up-cycle is beginning. Technip plans to take advantage of this trend to continue to enhance shareholder value by leveraging the size and quality of its backlog and prospects.”
Posted by Editor Pipeline Magazine
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