Technip's H1 petchem sales gain 56% to Euro295m

07 September 2000 16:01  [Source: ICIS news]

LONDON (CNI)--French contractor Technip's petrochemicals sales soared by some 56% to Euro295m ($265m) for the first six months of the year, contributing 22% to group sales compared with 15% last time.

Technip said Thursday the performance of its production and petrochemicals businesses accelerated during H1-2000, but refining continued to decline. Earnings figures for the petrochemicals business were not disclosed.

Looking ahead to 2000 and 2001, Technip said it is well positioned to benefit from expected strong development in investments in the deep water offshore sector, plus several other growth markets such as petrochemicals, fine chemicals and life sciences. Although there were no signs of any vigorous recovery in oil and petrochemicals investments during the first half of the year, a recovery is beginning to take place, it added.

"The economic recovery in Asia, the strong price of oil and the acceleration of global economic growth ought to have prompted a resurgence - but this is taking time to materialise, especially on the part of the 'majors', due to the large scale mergers in the oil and petrochemicals industries and the after-affects of the 1998 crises."

The backlog of uncompleted contracts for Technip's petrochemicals business on 30 June 2000 was Euro1.04bn, or 30% of the group's total backlog. In the last full year, petrochemicals contributed 31% to the total backlog.

Technip recorded a 14% rise in first half group operating profits to Euro80.8m and a 27% increase in net profits before goodwill amortisation to Euro51.6m. As previously reported, sales gained 6% to Euro1.34bn and the group's order backlog on 30 June 2000 was Euro3.45bn against Euro3.47bn six months earlier.

By: Anna Jagger
+1 713 525 2653

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