Technip sees profits rise on strong oil prices

The French oil services company Technip has announced that its Q4 profits have risen by a third and that its net income for 2011 rose by 21.5%. The company has also given forecasts of continued sales growth in the coming year as a result of increased spending by oil companies.

The company expects sales to rise approximately 12 – 17.5% in the coming year from 2011’s US$ 8.9 billion.

Technip’s CEO, Thierry Pilenko said in a statement, “Looking ahead to 2012, our clients show confidence in oil and gas prices and continue investing to meet challenging production targets … Whilst the general economic and political uncertainties should not be ignored, we continue to see opportunities in nearly all the markets in which we operate.”

Technip’s proposed capex for 2012 is expected to be between €350 million and €400 million.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/17022012/technip_profits_rise_on_back_of_strong_oil_prices/