LNG News Editor:
TechnipFMC, the energy projects and subsea company, said its Technip Energies division had third-quarter revenues of $1.60 billion and benefited from the continued ramp-up of Novatek’s Arctic LNG II joint venture in Russia and gave updates on other projects.
Technip Energies said the revenues were 0.7 percent up on the same quarter of 2019.
“There was higher activity on downstream projects in Africa, North America and India, which more than offset the anticipated decline in revenue from Yamal LNG,” said TechnipFMC in reference to Novatek’s completed project in Arctic Russia.
TechnipFMC’s subsea division reported revenues of $1.50Bln, an 11.8 percent increase on the $1.34Bln posted in the third quarter of 2019.
The company, a Franco-US business that was the result of a merger, managed to narrow overall quarterly net losses to $3.9 million, down from a $119.1M loss in the 2019 quarter.
TechnipFMC had planned to split again in 2020 but cancelled the move because of the downturn.
The Technip Energies division reported operating profit of $129.5, which was 54.5 percent lower than the prior-year quarter, primarily due to a reduced contribution from Yamal LNG and lower margin realization on early phase projects, including Arctic LNG II.
“Despite the challenging environment, project execution remained strong across the portfolio. Sequentially, operating profit increased 9.7 percent,” said TechnipFMC in relation to Technip Energies.
“For Arctic LNG II (Russia), construction is progressing at all yards in China and on-site in the Gydan Peninsula,” said the company.
The Technip Energies unit also report progress on Italian oil and gas company Eni’s Coral South floating LNG project offshore Mozambique.
“Seven out of 13 modules were installed on the hull in South Korea, confirming the good progress of the module lifting campaign and integration phase,” added the company.