Technip Saw Strong Increase in Orders in 2012

French oilfield services firm Technip announced Thursday a strong increase in its order intake during 2012 as its revenue increased by more than 20 percent.

Technip said that its order intake increased from $10.6 billion to $15.5 billion during 2012, while its order backlog increased by 36.8 percent to $19 billion. The firm's revenue for 2012 amounted to $10.9 billion, compared with $9.1 billion in 2011, while its net income improved 6.4 percent to $718 million.

Technip reported that order intake within its Subsea business sector during the fourth quarter of 2012 was, at $1.2 billion, 24.9-percent lower that the equivalent quarter in 2011. Here, orders included several small and medium-sized contracts on a number of continents. Notable among these was is the second phase of the Total E&P Angola GirRI project.

The firm saw a doubling of orders in its Onshore/Offshore segment during 4Q 2012, which included the first tension leg platform project by Sabah Shell Petroleum Company for the Malikai project in Malaysia.

Technip CEO Thierry Pilenko commented in a statement:

"Technip's performance was in line with our objectives throughout 2012, including the fourth quarter…The projects we delivered and won in 2012 reflect our focus on offering our clients differentiating technologies and on securing involvement in projects early in their life cycle. To support our growth, we have invested in talent worldwide; Technip now employs 36,500 people compared to 31,000 a year ago."

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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