TechnipFMC reports rise in profit

TechnipFMC reports rise in profit

LNG engineer TechnipFMC reported a net income of US$190.8 million for the first quarter of 2017, up from $147.4 million in the corresponding quarter last year. 

Doug Pferdehirt, CEO of TechnipFMC said, “although the global energy market remains challenged, we benefit from the recovery of the short-cycle North America market as well as strong execution on our backlog of longer cycle projects.”

During the first quarter of 2017, the company’s order intake was $1.6 billion, TechnipFMC’s quarterly report shows.

Company’s revenue stood at $3.4 billion for the quarter under review.

The major portion of the revenue came from the onshore/offshore segment that reported $1.8 billion in revenue. TechnipFMC noted that on a pro-forma basis, the revenue declined 19 percent from the fourth quarter 2016, which includes the full consolidation of Yamal LNG.

The company said the revenue was impacted by reduced project activity, notably in the Middle East and Americas.

TechnipFMC started operating as a unified, combined company in January, following completion of the merger of French LNG-engineer Technip and Houston-based FMC Technologies.

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