By Tara Patel
Nov. 13 (Bloomberg) -- Technip SA, Europe's second-largest oilfield-services provider, said third-quarter profit climbed 59 percent after energy companies spent more money on offshore projects.
Net income rose to 121.1 million euros ($150.9 million) from 76.1 million euros a year earlier, the Paris-based company said today in an e-mailed statement. Technip's Sept. 30 contract backlog was worth 7.7 billion euros, down from 9.4 billion euros a year earlier, it said.
Technip cut its sales target for the year to about 7.3 billion euros from the 7.4 billion euros given on July 31. At the same time, the company reaffirmed its forecast for combined operating margin of 3.8 percent for offshore and onshore businesses in 2008.
The subsea operating margin will be ``well above'' 18 percent in 2008, while the group margin was raised to above 8 percent, it said.
To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net.
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