Technip bucks trend with US$165m Q2 profits

French contractor sees profits rise by 13% compared to same of 2008

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After a summer of major contract announcements, French oil and gas contractor Technip gave shareholders something else to smile about after it announced that it was one of only a few companies working in the hydrocarbons sector to record a rise in second quarter profits.

Technip’s Q2 profits rose to US$165.6 million , a 13% rise on the corresponding period of 2008. The company said that the rise could be attributed to higher profit margins.

The news comes after a number of rivals, such as Halliburton and Weatherford International, announced a massive reduction in second quarter profits compared to 2008.

The French contractor has been cutting a swathe through the industry recently. The most high profile of its contract are the two multi billion dollar contracts it has won to carry out the engineering, procurement and construction (EPC) of the conversion unit and the offsites and utilities at the Saudi Aramco Total Refining Co (Satorp) oil refinery at Jubail.
 

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