[February 20, 2014] |
|
Technip's Fourth Quarter and Full Year 2013 Results
PARIS --(Business Wire)--
Regulatory News:
On February 18, 2014, Technip's Board of Directors (Paris:TEC)
(ISIN:FR0000131708) (ADR:TKPPY) approved the full year 2013 consolidated
accounts.
€ million (Except Diluted Earnings per Share)
|
|
FY 12*
|
|
FY 13
|
|
Change
|
|
4Q 12*
|
|
4Q 13
|
|
Change
|
Revenue
|
|
8,203.9
|
|
9,336.1
|
|
13.8%
|
|
2,300.5
|
|
2,484.8
|
|
8.0%
|
EBITDA2
|
|
1,023.6
|
|
1,078.0
|
|
5.3%
|
|
290.7
|
|
271.9
|
|
(6.5)%
|
EBITDA Margin
|
|
12.5%
|
|
11.5%
|
|
(93)bp
|
|
12.6%
|
|
10.9%
|
|
(169)bp
|
Operating Income from Recurring Activities
|
|
828.7
|
|
844.5
|
|
1.9%
|
|
239.2
|
|
207.2
|
|
(13.4)%
|
Operating Margin
|
|
10.1%
|
|
9.0%
|
|
(106)bp
|
|
10.4%
|
|
8.3%
|
|
(206)bp
|
Operating Income
|
|
819.2
|
|
844.5
|
|
3.1%
|
|
236.7
|
|
207.2
|
|
(12.5)%
|
Net Income
|
|
543.3
|
|
563.1
|
|
3.6%
|
|
147.9
|
|
134.5
|
|
(9.1)%
|
Diluted Earnings per Share3 (€)
|
|
4.53
|
|
4.68
|
|
3.3%
|
|
1.22
|
|
1.11
|
|
(9.0)%
|
Dividend per Share4 (€)
|
|
1.68
|
|
1.85
|
|
10.1%
|
|
|
|
|
|
|
Order Intake
|
|
11,649
|
|
11,999
|
|
|
|
2,975
|
|
3,188
|
|
|
Backlog
|
|
14,251
|
|
16,581
|
|
|
|
|
|
|
|
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013 1 Operating
income from recurring activities divided by revenue. 2
Operating income from recurring activities before depreciation and
amortization. 3 As per IFRS, diluted earnings per share
are calculated by dividing profit or loss attributable to the Parent
Company's Shareholders, restated from financial interest related to
dilutive potential ordinary shares, by the weighted average number of
outstanding shares during the period, plus the effect of dilutive
potential ordinary shares related to the convertible bonds, dilutive
stock options and performance shares calculated according to the "Share
Purchase Method" (IFRS 2), less treasury shares. In conformity with this
method, anti-dilutive stock options are ignored in calculating EPS.
Dilutive options are taken into account if the subscription price of the
stock options plus the future IFRS 2 charge (i.e. the sum of annual
charge to be recorded until the end of the stock option plan) is lower
than the average market share price during the period. 4
Recommendation of Technip's Board of Directors to be approved during the
Annual General Shareholders' Meeting (AGM) on April 24, 2014.
Thierry Pilenko, Chairman and CEO, commented:
"2013 was a year of both achievements and challenges. In
Onshore/Offshore, our 2013 operational performance was overall in line
with our objectives. We made good progress in completing major projects
such as the Lucius Spar and the Jubail refinery. In Subsea, after 9
months of revenue and profit growth, we had to revise our expectations
for the fourth quarter. However, project delivery was good in many
areas, notably for example the North Sea. It is important to note that
the Group met all its revised financial and operational goals for the
fourth quarter.
Throughout the year, we were able to add value to our clients, thanks to
our sustained recent investments in people, assets, technology and
geographic presence, both organically and by acquisition. Consequently,
we were awarded a record level of orders worth €12 billion. These
include the first orders for our new Açu flexible pipe plant in Brazil,
the Moho Nord project in Congo utilizing our S-Lay fleet, the CP Chem
downstream investment in the US and a major project management
consultancy assignment in Kuwait, both capitalizing on the Stone and
Webster Process Technologies acquisition in 2012.
Our year-end backlog stands at €16.6 billion and is profitable and well
diversified by segment, client and geography. Our relatively high level
of visibility on our business outlook has enabled us to set out
realistic and achievable financial targets for these two years. These
targets are reiterated in full today. Accordingly, following the growth
in 2013 of our revenues, profit and cashflow, we propose to shareholders
a 10% increase in our dividend to €1.85 per share.
Looking forward, our clients' capex continues to increase globally, even
if at a more moderate rate than in the past decade. Some themes remain
clear in our industry - amongst them the fast depletion of older
reservoirs, the abundance of new finds potentially to replace them, a
long-term trend towards gas production, the importance of shale oil and
gas to the US onshore market. For some years now, larger projects have
taken longer to sanction, but recent actual project awards as well as
announcements confirm that our clients remain focused on moving most of
them forward. More and more, they are engaging their supply chain in the
definition and implementation of fit-for-purpose solutions.
Technip is well placed to benefit from its presence in regions such as
Brazil, Africa and North America, as well as technology areas such as
(F)LNG, where client investment is rising. We are consistently able to
help our clients optimize their investments, participating in projects
from conceptual, through to FEED and, notably, value-engineering phases.
We can offer technology and engineering solutions to make projects,
large and small, cost-effective. We see the benefits of our positioning
today in our ability to take many projects on the basis of our
added-value. For the medium-term, this is manifested in a growing number
of long-term alliances with clients and industrial partners, such as
Shell, ExxonMobil, BP, Sasol, COOEC, Huanqiu and Heerema.
Our focus in the year ahead will be on demonstrating our execution
capability, delivering our projects safely and reliably, so as to drive
profitable growth over 2014, 2015 and beyond. We will maintain our
strategic direction - profitability and diversification in our project
portfolio, prudent investment in key assets, development of proprietary
technology, and being closer to our clients through local presence and
investment. We expect the result to be a reinforcement of our leading
position in our industry."
I. PROJECT PORTFOLIO
1. Fourth Quarter 2013 Order Intake
During fourth quarter 2013, Technip's order intake was €3,187.6 million.
The breakdown by business segment was as follows:
Order Intake (€ million)
|
|
|
|
4Q 2012
|
|
|
|
4Q 2013
|
Subsea
|
|
|
|
914.1
|
|
|
|
1,596.4
|
Onshore/Offshore
|
|
|
|
2,061.0
|
|
|
|
1,591.2
|
Total
|
|
|
|
2,975.1
|
|
|
|
3,187.6
|
|
|
|
|
|
|
|
|
|
Subsea order intake was supported by the award of T.E.N. in
Ghana, where Technip will supply and install umbilicals, flowlines and
risers. In the North Sea, Technip was also awarded several contracts
that included brownfield works, notably diving operations and subsea
welding for the Edvard Grieg field. In Malaysia, after the Front-End
Engineering Design (FEED), a contract for the installation of 75km of
pipeline for the development of Block SK316 was awarded.
Onshore/Offshore order intake included the full notice to proceed
for the design and supply of two polyethylene production units, with our
construction partner, in the USA. The American downstream market
remained active with the award of a technology and FEED for an ethylene
project, as well as a FEED for a Gas-To-Liquid (GTL) facility, both
located in Louisiana. In Kuwait, Technip was awarded a five-year Project
Management Consultancy (PMC) contract to support its client for the
development of new facilities as well as for the upgrade of existing
ones. In Malaysia, along with the subsea scope, Technip will design,
build and install Block SK316 central processing platform which will be
linked to a well-head platform.
Listed in annex IV (b) are the main contracts announced since October
2013 and their approximate value if publicly disclosed.
2. Backlog by Geographic Area
At the end of the fourth quarter 2013, Technip's backlog rose to
€16.6 billion, compared with €15.9 billion at the end of third quarter
2013, and €14.3 billion at the end of fourth quarter 2012.
The backlog remains diversified in terms of project types, sizes,
technologies and geographical areas as set-out in the table below:
Backlog (€ million)
|
|
|
|
Sept. 30, 2013
|
|
|
|
Dec. 31, 2013
|
|
|
|
Change
|
Europe, Russia, Central Asia
|
|
|
|
3,704
|
|
|
|
4,172
|
|
|
|
12.6%
|
Africa
|
|
|
|
2,466
|
|
|
|
2,778
|
|
|
|
12.6%
|
Middle East
|
|
|
|
1,777
|
|
|
|
1,585
|
|
|
|
(10.8)%
|
Asia Pacific
|
|
|
|
2,785
|
|
|
|
2,638
|
|
|
|
(5.3)%
|
Americas
|
|
|
|
5,119
|
|
|
|
5,409
|
|
|
|
5.7%
|
Total
|
|
|
|
15,851
|
|
|
|
16,581
|
|
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Backlog Scheduling
Approximately 47% of the backlog is estimated to be scheduled for
execution in 2014.
Backlog Estimated Scheduling
as of December 31, 2013 (€ million)
|
|
|
|
Subsea
|
|
|
|
Onshore/Offshore
|
|
|
|
Group
|
2014
|
|
|
|
3,427
|
|
|
|
4,314
|
|
|
|
7,741
|
2015
|
|
|
|
2,913
|
|
|
|
2,596
|
|
|
|
5,509
|
2016+ and beyond
|
|
|
|
2,302
|
|
|
|
1,029
|
|
|
|
3,331
|
Total
|
|
|
|
8,642
|
|
|
|
7,939
|
|
|
|
16,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
II. FOURTH QUARTER 2013 OPERATIONAL & FINANCIAL HIGHLIGHTS
1. Subsea
Subsea main operations for the quarter were as follows:
-
In the Americas:
-
In the US Gulf of Mexico: progress was made on completing
the seven projects whose progress had impacted our fourth quarter
performance. Both the Deep_Blue and the Deep Energy worked
offshore intensively during the quarter. The Deep Energy completed
her first campaign on the Walker Ridge gas gathering system
followed by the installation of umbilicals for the Lucius field.
Meanwhile the Deep_Blue laid flowlines and risers on the Jack and
Saint Malo fields, and continued the installation of risers on
Tubular Bells.
-
In Brazil, delivery of flexible pipes for the Tupi pre-salt field
was completed, while manufacturing of the second batch of
Integrated Production Bundle risers and flowlines for the
Papa-Terra field progressed. Detailed design and procurement for
flexible pipes to be allocated on the Sapinhoa, Lula Nordeste and
Iracema Sul pre-salt fields continued.
-
In Canada, the Hibernia Southern Extension Project was completed,
while the South White Rose Extension project continued.
-
In the North Sea, offshore operations were completed on Gannet
by the Apache II and on Brynhild fields, respectively located in
Scotland and in Norway. The Greater Stella and Quad 204 projects
progressed well, as did the Åsgard Subsea Compression project in
Norway. Meanwhile, engineering and procurement continued on the Bøyla,
Snøhvit CO2 and Gullfaks projects, all located in Norway, and on the
Golden Eagle project in Scotland.
-
In West Africa, engineering activities progressed and initial
purchase orders were placed for the Moho Nord project in Congo. In
Nigeria the design of steel tube umbilicals and flexible pipes
continued for the Egina field. Mobilization and engineering
development started on the T.E.N. project in Ghana.
-
In Asia Pacific, detailed engineering progressed for the subsea
scopes of the Prelude and Malikai projects, respectively located in
Australia and Malaysia. Design of umbilicals continued for the
Wheatstone project in Australia. In the meantime, offshore operations
started on the Gumusut project where the Deep Orient installed steel
tube umbilicals, in Malaysia.
Overall the Group vessel utilization rate for the fourth quarter
2013 was 69%, compared with 78% for the fourth quarter 2012.
Subsea financial performance is set out in the following table.
It was particularly impacted year on year by the projects in the US Gulf
of Mexico, low offshore activities elsewhere and the appreciation of the
euro against all our main operating currencies.
€ million
|
|
|
|
4Q 2012*
|
|
|
|
4Q 2013
|
|
|
|
Change
|
Subsea
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
1,200.4
|
|
|
|
963.1
|
|
|
|
(19.8)%
|
EBITDA
|
|
|
|
220.6
|
|
|
|
183.3
|
|
|
|
(16.9)%
|
EBITDA Margin
|
|
|
|
18.4%
|
|
|
|
19.0%
|
|
|
|
66bp
|
Operating Income From Recurring Activities
|
|
|
|
179.4
|
|
|
|
130.0
|
|
|
|
(27.5)%
|
Operating Margin
|
|
|
|
14.9%
|
|
|
|
13.5%
|
|
|
|
(145)bp
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
Concerning assets, the Deep Energy was commissioned and completed
her first operations. In South Korea the construction of the two 550 ton
flexible pipelay vessels for long-term charter progressed according to
plan. In Brazil the commissioning of equipment started at our Açu
flexible pipe manufacturing plant. Meanwhile the four flexible pipelay
vessels for the pre-salt development entered engineering phase. In the
UK, commissioning of the Newcastle plant upgrade started.
We continued to selectively dispose of older assets, completing the sale
of the Iroquois and the Hercules during the quarter.
2. Onshore/Offshore
Onshore/Offshore main operations for the quarter were as follows:
-
In the Middle East, we started to handover the Jubail
package 5A to our client, while commissioning activities continued on
package 2A. Still in Saudi Arabia, along with procurement and civil
construction activities, mechanical works on Halobutyl project
started. In Qatar, the PMP project progressed. In Bahrain, engineering
and procurement works continued for the Sulfur Recovery Unit
modification project. Civil works were carried out on the first of
four artificial islands that will receive the Upper Zakum 750
facilities in Abu Dhabi. Mobilization started up on the Umm Lulu gas
treatment project in Abu Dhabi, as well as on the FMB platforms
project in Qatar.
-
In Asia Pacific, in Australia, engineering and procurement
activities for the Wheatstone gas processing platform progressed
towards completion. Those for Ichthys' Floating Production Storage and
Offloading unit (FPSO) continued. The topsides module assembly of the
Prelude FLNG was carried forward. In New Caledonia, the second line of
the Koniambo nickel processing plant started-up. In Malaysia, the hull
and topsides construction, for both Malikai Tension Leg Platform (TLP)
and Petronas FLNG1, continued, while mobilization was initiated for
the engineering and procurement phases of the Block SK316 project.
-
In the Americas, in Canada the Pacific NorthWest LNG FEED
progressed. Mobilisation ramped up on the CP Chem polyethylene
expansion project. Work progressed on a number of conceptual and
early-stage engineering studies for LNG and ethylene projects. In
Mexico, main equipment was delivered and construction works started on
the Ethylene XXI plant. In Brazil the engineering of P-76 FPSO
topsides progressed.
-
Elsewhere, engineering and procurement activities
progressed for the Aasta Hansteen Spar and the Martin Linge platform,
both to be installed in Norway. In Bulgaria construction works were
carried forward at the Burgas refinery. In Finland, at Technip's yard
in Pori, construction of the Heidelberg Spar continued. In India, the
procurement phase continued for the Purified Terephthalic Acid (PTA)
unit and engineering and procurement activities progressed for the
Heera Redevelopment (HRD) process platform project.
Onshore/Offshore financial performance is set out in the
following table:
€ million
|
|
|
|
4Q 2012*
|
|
|
|
4Q 2013
|
|
|
|
Change
|
Onshore/Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
1,100.1
|
|
|
|
1,521.7
|
|
|
|
38.3%
|
Operating Income From Recurring Activities
|
|
|
|
80.3
|
|
|
|
101.9
|
|
|
|
26.9%
|
Operating Margin
|
|
|
|
7.3%
|
|
|
|
6.7%
|
|
|
|
(60)bp
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
3. Group
Technip Group's Operating Income From Recurring Activities
including Corporate charges as detailed in annex I (c) is set out in the
following table:
€ million
|
|
|
|
4Q 2012*
|
|
|
|
4Q 2013
|
|
|
|
Change
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
2,300.5
|
|
|
|
2,484.8
|
|
|
|
8.0%
|
Operating Income From Recurring Activities
|
|
|
|
239.2
|
|
|
|
207.2
|
|
|
|
(13.4)%
|
Operating Margin
|
|
|
|
10.4%
|
|
|
|
8.3%
|
|
|
|
(206)bp
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
In fourth quarter 2013, foreign exchange had a negative impact of
€131 million on revenue and a negative impact of €9 million on operating
income from recurring activities compared to the same period 12 months
ago. The euro appreciated strongly against all our main operating
currencies compared to a year ago, notably in areas such as the North
Sea and Brazil, where we have substantial subsea activity.
4. Group Net Income
Operating income was €207 million in the fourth quarter 2013,
versus €237 million a year ago.
Financial result in fourth quarter 2013 included a €25.8 million
negative impact from changes in the fair market value of hedging
instruments, compared with a €8.7 million negative impact last year.
The variation in Diluted Number of Shares was minimal, being
mainly due to stock options granted to Technip's employees, partially
offset by stock repurchase programs.
€ million, except Diluted Earnings per Share, and Diluted Number of
Shares
|
|
|
|
4Q 2012*
|
|
|
|
4Q 2013
|
|
|
|
Change
|
Operating Income
|
|
|
|
236.7
|
|
|
|
207.2
|
|
|
|
(12.5)%
|
Financial Result
|
|
|
|
(36.2)
|
|
|
|
(35.9)
|
|
|
|
(0.8)%
|
Share of Income / (Loss) of Equity Affiliates
|
|
|
|
1.0
|
|
|
|
0.3
|
|
|
|
nm
|
Income Tax Expense
|
|
|
|
(53.2)
|
|
|
|
(33.4)
|
|
|
|
(37.2)%
|
Effective Tax Rate
|
|
|
|
26.4%
|
|
|
|
19.5%
|
|
|
|
(690)bp
|
Non-Controlling Interests
|
|
|
|
(0.4)
|
|
|
|
(3.7)
|
|
|
|
9.3x
|
Net Income
|
|
|
|
147.9
|
|
|
|
134.5
|
|
|
|
(9.1)%
|
Diluted Number of Shares
|
|
|
|
125,455,066
|
|
|
|
125,993,971
|
|
|
|
0.4%
|
Diluted Earnings per Share (€)
|
|
|
|
1.22
|
|
|
|
1.11
|
|
|
|
(9.0)%
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
5. Cash Flow and Statement of Financial Position
As of December 31, 2013, the Group's net cash position was
€663 million compared to a negative position of €55 million at the end
of September 2013 and positive position of €183 million at end December
2012.
Cash* as of September 30, 2013
|
|
|
|
2,174.2
|
Net Cash Generated from / (Used in) Operating Activities
|
|
|
|
871.8
|
Net Cash Generated from / (Used in) Investing Activities
|
|
|
|
(99.9)
|
Net Cash Generated from / (Used in) Financing Activities
|
|
|
|
352.8
|
FX Impacts
|
|
|
|
(60.3)
|
Cash* as of December 31, 2013
|
|
|
|
3,238.6
|
*Cash and cash equivalents including bank overdrafts
Capital expenditures net of disposals for the fourth quarter 2013
were €100 million compared to €159 million one year ago. This reflects
continued investment in assets such as the Açu facility in Brazil, and
the impact of the sale of assets such as older vessels.
Shareholders' equity as of December 31, 2013, was €4,174 million
compared with €3,962 million as of December 31, 2012, restated.
In October 2013, Technip issued three private placements with long
maturities for general corporate purposes (€125 million and €130 million
over 10 years, €100 million over 20 years) for an aggregate amount of
€355 million.
III. FULL YEAR 2013 FINANCIAL RESULTS
1. Subsea
Subsea revenue in 2013 reflected a mix of deep and shallow water
projects as well as small to very large awards during the year. Most of
the regions where Technip operates showed signs of active business, in
particular West Africa and Brazil. Operational performance was
satisfactory overall in all regions except the Gulf of Mexico which
impacted financial performance in Q4.
Subsea EBITDA margin was 19.1% for full year 2013 versus 19.0% in 2012
and operating margin was 14.3% for full year 2013 versus 15.0% in 2012,
reflecting the progress of large projects in their early phases, the
start-up costs of various assets such as the Deep Energy and Açu
manufacturing plant, and the operational performance on projects in the
Gulf of Mexico in the last quarter of the year.
Subsea financial performance is set out in the following table:
€ million
|
|
|
|
FY 2012*
|
|
|
|
FY 2013
|
|
|
|
Change
|
Subsea
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
4,047.6
|
|
|
|
4,083.0
|
|
|
|
0.9%
|
EBITDA
|
|
|
|
770.4
|
|
|
|
779.6
|
|
|
|
1.2%
|
EBITDA Margin
|
|
|
|
19.0%
|
|
|
|
19.1%
|
|
|
|
6bp
|
Operating Income From Recurring Activities
|
|
|
|
606.2
|
|
|
|
584.6
|
|
|
|
(3.6)%
|
Operating Margin
|
|
|
|
15.0%
|
|
|
|
14.3%
|
|
|
|
(66)bp
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
2. Onshore/Offshore
Onshore/Offshore revenue reflected growth in our backlog and progress on
diversified projects around the world, including onshore downstream
projects in the USA, and offshore production facility projects in the
Gulf of Mexico, Asia Pacific and Middle East.
Onshore/Offshore operating margin was 6.7% for full year 2013 versus
7.1% in 2012.
Onshore/Offshore financial performance is set out in the
following table:
€ million
|
|
|
|
FY 2012*
|
|
|
|
FY 2013
|
|
|
|
Change
|
Onshore/Offshore
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
4,156.3
|
|
|
|
5,253.1
|
|
|
|
26.4%
|
Operating Income From Recurring Activities
|
|
|
|
294.3
|
|
|
|
351.8
|
|
|
|
19.5%
|
Operating Margin
|
|
|
|
7.1%
|
|
|
|
6.7%
|
|
|
|
(38)bp
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
3. Group
Technip Group's Operating Income From Recurring Activities
including Corporate charges as detailed in annex I (c) is set out in the
following table:
€ million
|
|
|
|
FY 2012*
|
|
|
|
FY 2013
|
|
|
|
Change
|
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
8,203.9
|
|
|
|
9,336.1
|
|
|
|
13.8%
|
Operating Income From Recurring Activities
|
|
|
|
828.7
|
|
|
|
844.5
|
|
|
|
1.9%
|
Operating Margin
|
|
|
|
10.1%
|
|
|
|
9.0%
|
|
|
|
(106)bp
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
In 2013, foreign exchange had a negative translation impact of
€355 million on revenue and a negative translation impact of €46 million
on operating income from recurring activities compared to 2012.
4. Group Net Income
Operating income was €845 million in 2013 versus €819 million a
year ago.
Financial result in 2013 included a €84.3 million negative impact
from interest expenses as well as changes in foreign exchange rates and
fair market value of hedging instruments, compared with a €67.3 million
negative impact last year.
The variation in diluted number of shares is mainly due to the
potential dilution of convertible bonds (OCEANE), capital increase for
Technip employees, and share subscription options and performance shares
granted to Technip employees, offset by share repurchase programs.
€ million, except Diluted Earnings per Share, and Diluted Number of
Shares
|
|
|
|
FY 2012*
|
|
|
|
FY 2013
|
|
|
|
Change
|
Operating Income
|
|
|
|
819.2
|
|
|
|
844.5
|
|
|
|
3.1%
|
Financial Result
|
|
|
|
(67.3)
|
|
|
|
(84.3)
|
|
|
|
25.3%
|
Share of Income / (Loss) of Equity Affiliates
|
|
|
|
1.0
|
|
|
|
1.1
|
|
|
|
nm
|
Income Tax Expense
|
|
|
|
(206.2)
|
|
|
|
(191.3)
|
|
|
|
(7.2)%
|
Effective Tax Rate
|
|
|
|
27.4%
|
|
|
|
25.1%
|
|
|
|
(230)bp
|
Non-Controlling Interests
|
|
|
|
(3.4)
|
|
|
|
(6.9)
|
|
|
|
102.9%
|
Net Income
|
|
|
|
543.3
|
|
|
|
563.1
|
|
|
|
3.6%
|
Diluted Number of Shares
|
|
|
|
124,419,663
|
|
|
|
124,777,476
|
|
|
|
0.3%
|
Diluted Earnings per Share (€)
|
|
|
|
4.53
|
|
|
|
4.68
|
|
|
|
3.3%
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
5. Cash Flow and Statement of Financial Position
As of December 31, 2013 the Group's net cash position was €663
million, compared to €183 million at end 2012, reflecting the
profitability of the Group, a good working capital performance in the
second half of the year, and an increase in capital expenditures.
Cash* as of December 31, 2012**
|
|
|
|
2,289.0
|
Net Cash Generated from / (Used in) Operating Activities
|
|
|
|
1,318.6
|
Net Cash Generated from / (Used in) Investing Activities
|
|
|
|
(551.9)
|
Net Cash Generated from / (Used in) Financing Activities
|
|
|
|
324.6
|
FX Impacts
|
|
|
|
(141.7)
|
Cash* as of December 31, 2013
|
|
|
|
3,238.6
|
*Cash and cash equivalents including bank overdrafts ** restated
for retrospective application of amended IAS 19 standard "Employee
Benefits" as of January 1, 2013 and restated with assessment of purchase
price allocation of Stone and Webster Process technologies
Capital expenditures net of disposals in 2013 amounted to €556
million versus €492 million one year ago, underlying our sustained
effort to introduce new differentiating assets. We sold a number of
older vessel assets during the second half of the year.
Total capital expenditures for 2014 are expected to be modestly lower
than 2013, and will be in particular dedicated to the construction and
delivery of PLSVs. Additional investment will be focused on the
replacement of older vessels.
IV. FULL YEAR 2014 OUTLOOK
-
Subsea revenue growing to between €4.35 and €4.75 billion, with
operating margin of at least 12%
-
Onshore/Offshore revenue growing to between €5.4 and €5.7 billion,
with operating margin between 6% and 7%
V. FULL YEAR 2015 OUTLOOK
-
Subsea revenue to be well above €5 billion, with operating margin
between 15% and 17%
-
Onshore/Offshore revenue growing modestly with stable operating
margin
°
° °
The information package on Fourth Quarter and Full Year 2013 results
includes this press release and the annexes which follow, as well as the
presentation published on Technip's website: www.technip.com
Audit procedures on the consolidated financial statements are complete.
The audit opinion will be issued once all audit procedures required for
the filing of the Reference Document are finalized.
NOTICE
Today, Thursday, February 20, 2014, Chairman and CEO Thierry Pilenko,
along with CFO Julian Waldron, will comment on Technip's results and
answer questions from the financial community during a conference call
in English starting at 9:30 a.m. CET.
To participate in the conference call, you may call any of the following
telephone numbers approximately 5 - 10 minutes prior to the scheduled
start time:
France / Continental Europe:
|
|
|
|
+33 (0)1 70 77 09 35
|
UK:
|
|
|
|
+44 (0)203 367 9462
|
USA:
|
|
|
|
+1 866 907 5923
|
|
|
|
|
|
The conference call will also be available via a simultaneous,
listen-only audio-cast on Technip's website.
A replay of this conference call will be available approximately two
hours following the conference call for 90 days on Technip's website and
for two weeks at the following telephone numbers:
|
|
|
|
Telephone Numbers
|
|
|
|
Confirmation Code
|
France / Continental Europe:
|
|
|
|
+33 (0)1 71 00 15 00
|
|
|
|
285363#
|
UK:
|
|
|
|
+44 (0)203 367 9460
|
|
|
|
285363#
|
USA:
|
|
|
|
+1 877 642 3018
|
|
|
|
285363#
|
|
|
|
|
|
|
|
|
|
Cautionary note regarding forward-looking statements
This presentation contains both historical and forward-looking
statements. These forward-looking statements are not based on historical
facts, but rather reflect our current expectations concerning future
results and events, and generally may be identified by the use of
forward-looking words such as "believe", "aim", "expect", "anticipate",
"intend", "foresee", "likely", "should", "planned", "may", "estimates",
"potential" or other similar words. Similarly, statements that describe
our objectives, plans or goals are or may be forward-looking statements.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied by these
forward-looking statements. Risks that could cause actual results to
differ materially from the results anticipated in the forward-looking
statements include, among other things: our ability to successfully
continue to originate and execute large services contracts, and
construction and project risks generally; the level of
production-related capital expenditure in the oil and gas industry as
well as other industries; currency fluctuations; interest rate
fluctuations; raw material (especially steel) as well as maritime
freight price fluctuations; the timing of development of energy
resources; armed conflict or political instability in the
Arabian-Persian Gulf, Africa or other regions; the strength of
competition; control of costs and expenses; the reduced availability of
government-sponsored export financing; losses in one or more of our
large contracts; U.S. legislation relating to investments in Iran or
elsewhere where we seek to do business; changes in tax legislation,
rules, regulation or enforcement; intensified price pressure by our
competitors; severe weather conditions; our ability to successfully keep
pace with technology changes; our ability to attract and retain
qualified personnel; the evolution, interpretation and uniform
application and enforcement of International Financial Reporting
Standards (IFRS), according to which we prepare our financial statements
as of January 1, 2005; political and social stability in developing
countries; competition; supply chain bottlenecks; the ability of our
subcontractors to attract skilled labor; the fact that our operations
may cause the discharge of hazardous substances, leading to significant
environmental remediation costs; our ability to manage and mitigate
logistical challenges due to underdeveloped infrastructure in some
countries where we are performing projects.
Some of these risk factors are set forth and discussed in more
detail in our Annual Report. Should one of these known or unknown risks
materialize, or should our underlying assumptions prove incorrect, our
future results could be adversely affected, causing these results to
differ materially from those expressed in our forward-looking
statements. These factors are not necessarily all of the important
factors that could cause our actual results to differ materially from
those expressed in any of our forward-looking statements. Other unknown
or unpredictable factors also could have material adverse effects on our
future results. The forward-looking statements included in this release
are made only as of the date of this release. We cannot assure you that
projected results or events will be achieved. We do not intend, and do
not assume any obligation to update any industry information or
forward-looking information set forth in this release to reflect
subsequent events or circumstances.
****
This presentation does not constitute an offer or invitation to
purchase any securities of Technip in the United States or any other
jurisdiction. Securities may not be offered or sold in the United States
absent registration or an exemption from registration. The information
contained in this presentation may not be relied upon in deciding
whether or not to acquire Technip securities.
This presentation is being furnished to you solely for your
information, and it may not be reproduced, redistributed or published,
directly or indirectly, in whole or in part, to any other person.
Non-compliance with these restrictions may result in the violation of
legal restrictions of the United States or of other jurisdictions.
****
°
° °
Technip is a world leader in project management, engineering and
construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most
complex Offshore and Onshore infrastructures, our 40,000 people are
constantly offering the best solutions and most innovative technologies
to meet the world's energy challenges.
Present in 48 countries, Technip has state-of-the-art industrial assets
on all continents and operates a fleet of specialized vessels for
pipeline installation and subsea construction.
Technip shares are listed on the NYSE Euronext Paris exchange and ADR is
traded in the US on the OTCQX marketplace as an American Depositary
Receipt (OTCQX: TKPPY).
ANNEX I (a)
|
CONSOLIDATED STATEMENT OF INCOME
|
IFRS
|
|
|
|
|
|
|
|
Fourth Quarter
Not audited
|
|
Full Year
Audited
|
€ million
|
|
|
(Except Diluted Earnings per Share, and Diluted Number of Shares)
|
|
2012*
|
|
2013
|
|
Change
|
|
2012*
|
|
2013
|
|
Change
|
Revenue
|
|
2,300.5
|
|
2,484.8
|
|
8.0%
|
|
8,203.9
|
|
9,336.1
|
|
13.8%
|
Gross Margin
|
|
443.2
|
|
408.9
|
|
(7.7)%
|
|
1,551.6
|
|
1,617.4
|
|
4.2%
|
Research & Development Expenses
|
|
(18.5)
|
|
(24.4)
|
|
31.9%
|
|
(68.7)
|
|
(75.5)
|
|
9.9%
|
SG&A and Other
|
|
(185.5)
|
|
(177.3)
|
|
(4.4)%
|
|
(654.2)
|
|
(697.4)
|
|
6.6%
|
Operating Income from Recurring Activities
|
|
239.2
|
|
207.2
|
|
(13.4)%
|
|
828.7
|
|
844.5
|
|
1.9%
|
Non-Current Operating Result
|
|
(2.5)
|
|
-
|
|
nm
|
|
(9.5)
|
|
-
|
|
nm
|
Operating Income
|
|
236.7
|
|
207.2
|
|
(12.5)%
|
|
819.2
|
|
844.5
|
|
3.1%
|
Financial Result
|
|
(36.2)
|
|
(35.9)
|
|
(0.8)%
|
|
(67.3)
|
|
(84.3)
|
|
25.3%
|
Share of Income /
(Loss) of Equity Affiliates
|
|
1.0
|
|
0.3
|
|
nm
|
|
1.0
|
|
1.1
|
|
nm
|
Income / (Loss) before Tax
|
|
201.5
|
|
171.6
|
|
(14.8)%
|
|
752.9
|
|
761.3
|
|
1.1%
|
Income Tax Expense
|
|
(53.2)
|
|
(33.4)
|
|
(37.2)%
|
|
(206.2)
|
|
(191.3)
|
|
(7.2)%
|
Non-Controlling Interests
|
|
(0.4)
|
|
(3.7)
|
|
825.0%
|
|
(3.4)
|
|
(6.9)
|
|
102.9%
|
Net Income / (Loss)
|
|
147.9
|
|
134.5
|
|
(9.1)%
|
|
543.3
|
|
563.1
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Number of Shares
|
|
125,455,066
|
|
125,993,971
|
|
0.4%
|
|
124,419,663
|
|
124,777,476
|
|
0.3%
|
Diluted Earnings per Share (€)
|
|
1.22
|
|
1.11
|
|
(9.0)%
|
|
4.53
|
|
4.68
|
|
3.3%
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
ANNEX I (b)
|
FOREIGN CURRENCY CONVERSION RATES
|
IFRS
|
|
|
|
|
|
|
|
Closing Rate as of
|
|
Average Rate of
|
|
|
Dec. 31, 2012
|
|
Dec. 31, 2013
|
|
4Q 2012
|
|
4Q 2013
|
|
FY 2012
|
|
FY 2013
|
USD for 1 EUR
|
|
1.32
|
|
1.38
|
|
1.30
|
|
1.36
|
|
1.29
|
|
1.33
|
GBP for 1 EUR
|
|
0.82
|
|
0.83
|
|
0.81
|
|
0.84
|
|
0.81
|
|
0.85
|
BRL for 1 EUR
|
|
2.70
|
|
3.26
|
|
2.67
|
|
3.10
|
|
2.51
|
|
2.87
|
NOK for 1 EUR
|
|
7.35
|
|
8.36
|
|
7.37
|
|
8.24
|
|
7.48
|
|
7.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNEX I (c)
|
ADDITIONAL INFORMATION BY BUSINESS SEGMENT
|
IFRS
|
|
|
|
|
|
|
|
Fourth Quarter Not audited
|
|
Full Year Audited
|
€ million
|
|
2012*
|
|
2013
|
|
Change
|
|
2012*
|
|
2013
|
|
Change
|
SUBSEA
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,200.4
|
|
963.1
|
|
(19.8)%
|
|
4,047.6
|
|
4,083.0
|
|
0.9%
|
Gross Margin
|
|
264.5
|
|
212.6
|
|
(19.6)%
|
|
907.1
|
|
903.9
|
|
(0.4)%
|
Operating Income from Recurring Activities
|
|
179.4
|
|
130.0
|
|
(27.5)%
|
|
606.2
|
|
584.6
|
|
(3.6)%
|
Operating Margin
|
|
14.9%
|
|
13.5%
|
|
(145)bp
|
|
15.0%
|
|
14.3%
|
|
(66)bp
|
Depreciation and Amortization
|
|
(41.2)
|
|
(53.3)
|
|
29.4%
|
|
(164.2)
|
|
(195.0)
|
|
18.8%
|
EBITDA
|
|
220.6
|
|
183.3
|
|
(16.9)%
|
|
770.4
|
|
779.6
|
|
1.2%
|
EBITDA Margin
|
|
18.4%
|
|
19.0%
|
|
66bp
|
|
19.0%
|
|
19.1%
|
|
6bp
|
ONSHORE/OFFSHORE
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,100.1
|
|
1,521.7
|
|
38.3%
|
|
4,156.3
|
|
5,253.1
|
|
26.4%
|
Gross Margin
|
|
178.7
|
|
196.3
|
|
9.8%
|
|
644.5
|
|
713.5
|
|
10.7%
|
Operating Income from Recurring Activities
|
|
80.3
|
|
101.9
|
|
26.9%
|
|
294.3
|
|
351.8
|
|
19.5%
|
Operating Margin
|
|
7.3%
|
|
6.7%
|
|
(60)bp
|
|
7.1%
|
|
6.7%
|
|
(38)bp
|
Depreciation and Amortization
|
|
(10.3)
|
|
(11.4)
|
|
10.7%
|
|
(30.7)
|
|
(38.5)
|
|
25.4%
|
CORPORATE
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income from Recurring Activities
|
|
(20.5)
|
|
(24.7)
|
|
20.5%
|
|
(71.8)
|
|
(91.9)
|
|
28.0%
|
Depreciation and Amortization
|
|
-
|
|
-
|
|
nm
|
|
-
|
|
-
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ANNEX I (d)
|
REVENUE BY GEOGRAPHICAL AREA
|
IFRS
|
|
|
|
|
|
|
|
Fourth Quarter
Not audited
|
|
Full Year
Audited
|
€ million
|
|
2012
|
|
2013
|
|
Change
|
|
2012
|
|
2013
|
|
Change
|
Europe, Russia, Central Asia
|
|
629.7
|
|
680.0
|
|
8.0%
|
|
2,414.1
|
|
2,711.1
|
|
12.3%
|
Africa
|
|
222.3
|
|
285.0
|
|
28.2%
|
|
729.0
|
|
802.8
|
|
10.1%
|
Middle East
|
|
352.8
|
|
244.1
|
|
(30.8)%
|
|
1,147.6
|
|
959.9
|
|
(16.4)%
|
Asia Pacific
|
|
393.7
|
|
569.8
|
|
44.7%
|
|
1,331.0
|
|
1,944.4
|
|
46.1%
|
Americas
|
|
702.0
|
|
705.9
|
|
0.6%
|
|
2,582.2
|
|
2,917.9
|
|
13.0%
|
TOTAL
|
|
2,300.5
|
|
2,484.8
|
|
8.0%
|
|
8,203.9
|
|
9,336.1
|
|
13.8%
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
ANNEX II
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
IFRS
|
|
|
|
|
|
|
|
Dec. 31, 2012*
|
|
Dec. 31, 2013
|
€ million
|
|
(audited)
|
|
(audited)
|
Fixed Assets
|
|
6,033.8
|
|
6,136.5
|
Deferred Tax Assets
|
|
333.0
|
|
274.8
|
Non-Current Assets
|
|
6,366.8
|
|
6,411.3
|
Construction Contracts - Amounts in Assets
|
|
454.3
|
|
405.0
|
Inventories, Trade Receivables and Other
|
|
2,504.1
|
|
3,189.7
|
Cash & Cash Equivalents
|
|
2,289.3
|
|
3,241.0
|
Current Assets
|
|
5,247.7
|
|
6,835.7
|
Assets Classified as Held for Sale
|
|
9.9
|
|
4.0
|
|
|
|
|
|
Total Assets
|
|
11,624.4
|
|
13,251.0
|
|
|
|
|
|
Shareholders' Equity (Parent Company)
|
|
3,948.9
|
|
4,156.8
|
Non-Controlling Interests
|
|
13.2
|
|
17.3
|
Shareholders' Equity
|
|
3,962.1
|
|
4,174.1
|
|
|
|
|
|
Non-Current Financial Debts
|
|
1,705.7
|
|
2,403.4
|
Non-Current Provisions
|
|
229.0
|
|
261.8
|
Deferred Tax Liabilities and Other Non-Current Liabilities
|
|
285.8
|
|
254.1
|
Non-Current Liabilities
|
|
2,220.5
|
|
2,919.3
|
|
|
|
|
|
Current Financial Debts
|
|
400.4
|
|
174.5
|
Current Provisions
|
|
361.0
|
|
220.9
|
Construction Contracts - Amounts in Liabilities
|
|
873.0
|
|
1,721.4
|
Trade Payables & Other
|
|
3,807.4
|
|
4,040.8
|
Current Liabilities
|
|
5,441.8
|
|
6,157.6
|
|
|
|
|
|
Total Shareholders' Equity & Liabilities
|
|
11,624.4
|
|
13,251.0
|
|
|
|
|
|
Net Cash Position
|
|
183.2
|
|
663.1
|
Statement of Changes in Shareholders' Equity (Parent Company)
|
Audited (€ million):
|
|
|
Shareholders' Equity as of December 31, 2012*
|
|
3,948.9
|
Full Year 2013 Net Income
|
|
563.1
|
Full Year 2013 Other Comprehensive Income
|
|
(206.4)
|
Capital Increase
|
|
25.6
|
Treasury Shares
|
|
(38.6)
|
Dividends Paid
|
|
(186.0)
|
Other
|
|
50.2
|
Shareholders' Equity as of December 31, 2013
|
|
4,156.8
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013 and restated with assessment
of purchase price allocation of Stone and Webster Process technologies
ANNEX III (a)
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
IFRS, audited
|
|
|
|
|
|
Full Year
|
€ million
|
|
2012*
|
|
2013
|
Net Income / (Loss) of the Parent Company
|
|
543.3
|
|
|
|
563.1
|
|
|
Depreciation & Amortization of Fixed Assets
|
|
194.9
|
|
|
|
233.5
|
|
|
Stock Options and Performance Share Charges
|
|
48.6
|
|
|
|
46.0
|
|
|
Non-Current Provisions (including Employee Benefits)
|
|
17.2
|
|
|
|
22.9
|
|
|
Deferred Income Tax
|
|
54.3
|
|
|
|
13.8
|
|
|
Net (Gains) / Losses on Disposal of Assets and Investments
|
|
(5.6)
|
|
|
|
(18.7)
|
|
|
Non-Controlling Interests and Other
|
|
30.9
|
|
|
|
36.7
|
|
|
|
|
|
|
|
|
|
|
|
Cash Generated from / (Used in) Operations
|
|
883.6
|
|
|
|
897.3
|
|
|
|
|
|
|
|
|
|
|
|
Change in Working Capital Requirements
|
|
(438.9)
|
|
|
|
421.3
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from / (Used in) Operating Activities
|
|
|
|
444.7
|
|
|
|
1,318.6
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
|
(518.9)
|
|
|
|
(623.0)
|
|
|
Proceeds from Non-Current Asset Disposals
|
|
43.8
|
|
|
|
79.3
|
|
|
Acquisitions of Financial Assets
|
|
(3.3)
|
|
|
|
-
|
|
|
Acquisition Costs of Consolidated Companies, Net of Cash acquired
|
|
(245.0)
|
|
|
|
(8.2)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from / (Used in) Investing Activities
|
|
|
|
(723.4)
|
|
|
|
(551.9)
|
|
|
|
|
|
|
|
|
|
Net Increase / (Decrease) in Borrowings
|
|
(39.8)
|
|
|
|
525.0
|
|
|
Capital Increase
|
|
115.8
|
|
|
|
25.6
|
|
|
Dividends Paid
|
|
(172.6)
|
|
|
|
(186.0)
|
|
|
Share Buy-Back
|
|
(107.9)
|
|
|
|
(40.0)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Generated from / (Used in) Financing Activities
|
|
|
|
(204.5)
|
|
|
|
324.6
|
|
|
|
|
|
|
|
|
|
Net Effects of Foreign Exchange Rate Changes
|
|
|
|
(36.4)
|
|
|
|
(141.7)
|
|
|
|
|
|
|
|
|
|
Net Increase / (Decrease) in Cash and Cash Equivalents
|
|
|
|
(519.6)
|
|
|
|
949.6
|
|
|
|
|
|
|
|
|
|
Bank Overdrafts at Period Beginning
|
|
(0.1)
|
|
|
|
(0.3)
|
|
|
Cash and Cash Equivalents at Period Beginning
|
|
2,808.7
|
|
|
|
2,289.3
|
|
|
Bank Overdrafts at Period End
|
|
(0.3)
|
|
|
|
(2.4)
|
|
|
Cash and Cash Equivalents at Period End
|
|
2,289.3
|
|
|
|
3,241.0
|
|
|
|
|
|
|
(519.6)
|
|
|
|
949.6
|
|
|
|
|
|
|
|
|
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
ANNEX III (b)
|
CASH & FINANCIAL DEBTS
|
IFRS audited
|
|
|
|
|
|
Cash and Financial Debts
|
|
|
Dec. 31, 2012*
|
|
Dec. 31, 2013
|
€ million
|
|
|
|
|
Cash Equivalents
|
|
965.7
|
|
1,580.4
|
Cash
|
|
1,323.6
|
|
1,660.6
|
Cash & Cash Equivalents (A)
|
|
2,289.3
|
|
3,241.0
|
Current Financial Debts
|
|
400.4
|
|
174.5
|
Non-Current Financial Debts
|
|
1,705.7
|
|
2,403.4
|
Gross Debt (B)
|
|
2,106.1
|
|
2,577.9
|
Net Cash Position (A - B)
|
|
183.2
|
|
663.1
|
* restated for retrospective application of amended IAS 19 standard
"Employee Benefits" as of January 1, 2013
ANNEX IV (a)
|
BACKLOG
|
not audited
|
|
|
|
|
|
Backlog by Business Segment
|
|
|
As of
|
|
As of
|
|
Change
|
€ million
|
|
Dec. 31, 2012
|
|
Dec. 31, 2013
|
|
|
Subsea
|
|
6,049.8
|
|
8,642.1
|
|
42.8%
|
Onshore/Offshore
|
|
8,200.8
|
|
7,938.9
|
|
(3.2)%
|
Total
|
|
14,250.6
|
|
16,581.0
|
|
16.4%
|
|
|
|
|
|
|
|
ANNEX IV (b) CONTRACT AWARDS not audited
The main contracts we announced during the fourth quarter 2013
were the following:
Subsea Segment:
-
Contract for the development of the Delta House field; covering more
than 200 kilometers of infield, export flowlines and risers at water
depths of approximately 100 to 2,000 meters: LLOG Exploration Offshore
L.L.C, Mississippi Canyon area, Gulf of Mexico, USA,
-
Two contracts for the engineering, fabrication and installation of
flexible pipes, rigid flowlines and umbilicals for the T.E.N. field,
at water depths reaching 2,000 meters, in a consortium with Subsea 7:
Tullow Ghana Limited, offshore Ghana,
-
Four contracts for Subsea maintenance services including inspection,
repair, maintenance, decommissioning, asset integrity management and
brownfield construction: Shell UK, North Sea,
-
Important framework contract aimed to connect the oil pipeline from
the Edvard Grieg platform to the existing Grane oil export pipeline,
towards the Sture terminal. The Platform will link the Utsira high gas
pipeline to the Scottish Area Gas Evacuation: Statoil, Edvard Grieg
field, Norway,
-
Joint-venture agreement, five years, to target engineering,
procurement, construction and installation Subsea, Umbilicals Risers
and Flowlines (SURF) projects at a water depth greater than 200
meters: China Offshore Oil Engineering Co. Ltd, China.
Onshore/Offshore Segment:
-
Substantial contract for the design, supply and installation of two
polyethylene plants with capacity of 500,000 metric tons per annum, in
a partnership with Zachry Industrial called Gulf Coast Partners:
Chevron Phillips Chemical Company LP (Chevron Phillips Chemical), Old
Ocean, Texas, USA,
-
Contract to supply proprietary ethylene technology and FEED for a
world-class grassroots ethane cracker which will produce an estimated
1.5 million tons per annum of ethylene: Sasol, Lake Charles,
Louisiana, USA,
-
Contract awarded for the engineering, procurement, installation and
commissioning for the important FMB offshore project comprising a
living quarter platform and a utility platform connected by a bridge:
Qatar Petroleum, offshore Qatar,
-
Major engineering, procurement, construction, installation and
commissioning (EPCIC) contract for the development of two gas fields
in Block SK316 at a water depth of 100 meters, in a joint venture with
Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE): Petronas
Carigali, North of Bintulu, Sarawak, Malaysia,
-
A FEED contract awarded for a gas-to-liquids (GTL) facility with a
capacity of more than 96,000 barrels per standard day: Sasol,
Louisiana, USA,
-
Extension of its long-standing agreement with BP in the purified
terephthalic acid (PTA). Technip to become also the exclusive provider
of the Inside Battery Limit (ISBL) FEED to BP for third-party
licensing: BP, worldwide agreement,
-
Contract for consultancy services, project management and engineering
for the next five years, with an option for an additional period of
one year, to build new oil and gas infrastructure facilities, as well
as the upgrading of existing facilities: Kuwait Oil Company, Kuwait,
-
Contract for the supply of its proprietary ethylene technology and
process design package for a grassroots 1,000 kilo-ton per annum. It
also covers technical support during detailed engineering,
pre-commissioning and start-up: CNOOC Oil & Petrochemicals Company
Ltd, Huizhou, China.
Since December 31, 2013, Technip has also announced the award of
the following contracts, which were included in the backlog as of
December 31, 2013:
Subsea Segment:
-
Two ultra-deep water contracts for the supply of flexible pipes
intended to use at a water depth of up to 2,500 meters: Petrobras,
Santos Basin, Brazil,
-
Substantial contract for future intervention services on the Asgard
Subsea Compression Stations: Statoil, Norwegian Sea, Norway,
-
Substantial EPCI contract for the construction and installation of the
Jalilah B platform and 110 kilometers of pipelines at a water depth
reaching 60 meters: Dubai Petroleum Establishment, offshore Dubai,
United Arab Emirates.
Onshore/Offshore Segment:
-
Contract for project management consultancy services for the EPC
phases of the Zakum Oil Line Replacement Project-Phase 1 (ZKOL). The
first phase consists of about 90 kilometers of oil pipelines
replacement and associated wellhead towers modification work: Abu
Dhabi Marine Operating Company, offshore Abu Dhabi, United Arab
Emirates.
Since December 31, 2013, Technip has also announced the award of
the following contracts, which were not included in the backlog
as of December 31, 2013:
Onshore/Offshore Segment:
-
Contract to supply proprietary furnace technology and services for a
grassroots furnace at Kazan. The project consists of the engineering
and procurement of an SMKTM double-cell cracking furnace: Open Joint
Stock Company Kazanorgsintez, Republic of Tatarstan, Russia.
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