Technip Making Progress on Billions of Dollars in Projects Worldwide

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Researched by Industrial Info Resources (Sugar Land, Texas)--Technip (OTC:TKPPY) (Paris), one of Europe's largest oil-field-services contractors, said during a recent earnings conference call that it is making significant progress on several projects worldwide. Industrial Info is tracking 115 active projects involving Technip worth an estimated $43.1 billion.

In the first quarter, Technip posted a profit of 99 million euros (about $132 million), up 10% compared with 90 million euros (about $120 million) in the same period last year. Another notable achievement during the quarter was work on the Perdido Development, operated by Shell (NYSE:RDS.A) (The Hague, The Netherlands), in the Gulf of Mexico. "We set a world record in the Gulf of Mexico on Shell's Perdido Development with the installation of the deepest reeled flowline at a water depth of 2,961 meters (9,713 feet), and the deepest reeled steel catenary riser at a water depth of 2,469 meters (81,00 feet)," Technip said in a statement.

The company said three of its major subsea projects are "proceeding well" and according to plan: the ABO project in Nigeria, the Pazflor project in Angola and the Cascade Chinook project in the Gulf of Mexico. Onshore, the company said it has reach agreements for two liquefied-natural-gas trains for the Qatargas III and IV projects. Trains 4 and 5 for Qatargas II went online in April, Technip said. Details on the Qatargas projects can also be found in Industrial Info's International Industrial Database. Projects identified range from a $5 million unit addition to a $3.5 billion grassroot crude oil refinery.

Looking forward, Technip said many project investments could be delayed, considering the current economic environment. "Nonetheless, the flow of new business continues -- our order intake in the quarter held up well, reflecting our strategy to focus on a broader range of potential business, both geographic and with regard to size," the company stated. "Some of our larger customers have confirmed their intention to proceed with a number of key, large projects which we have on our radar screen, in particular, onshore."

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Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.