LNG engineer TechnipFMC reported a drop in net profit for the second quarter of the year as it received record inbound orders boosted by LNG contracts.
The company’s profit reached $97 million, 8.2 percent below the $105.7 million reported in the corresponding quarter last year, the report shows.
However, TechnipFMC’s inbound orders have reached a new high during the quarter at $11.2 billion, with the company’s onshore/offshore sector scoring $8.1 billion in inbound orders, driven by the award of Arctic LNG 2 job.
Technip’s revenue reached $3.4 billion jumping 16 percent compared to the $2.9 billion in the corresponding quarter last year.
Speaking of the results, TechnipFMC chairman and CEO Doug Pferdehirt said, “in onshore/offshore, we are benefiting from the new wave of liquefied natural gas (LNG) projects. The LNG market growth continues to be underpinned by the structural shift towards natural gas as an energy transition fuel.”
He noted the company is expecting additional LNG awards in the coming quarters.
The company has updated its full-year onshore/offshore guidance with revenue in the range of $6-$6.3 billion. Onshore/Offshore EBITDA margin of at least 16.5 percent, which increased from the previous guidance of at least 14 percent.