Tue, Jul. 7, 12:48 PM
- Technip (OTCPK:TNHPF, OTCQX:TKPPY) shares have dropped nearly 8% today after the French oil industry engineering and construction group repositions itself for a long slowdown with a restructuring plan in a cost-cutting program aimed at saving ~€830M ($914M), of which €700M is expected to be delivered in 2016.
- Technip's overhaul bodes ill for oilfield services companies, Heard On The Street's Helen Thomas writes, as questions linger about the chances for an imminent pickup in work for the industry.
- Technip's €650M of one-off restructuring charges is an unspecified amount related to standoffs with clients over payments on existing projects, which will spark existing worries about clients becoming more combative on pricing and raising doubts about how robust backlogs will prove, Thomas writes.
Mon, Jul. 6, 2:57 PM
- Technip (OTCPK:TNHPF, OTCQX:TKPPY) adds its name to a growing list of companies cutting payrolls in the oil and gas services sector this year, saying it will lay off ~6K workers as part of a major restructuring effort aimed at countering an oil and gas market the French company says will get even more challenging in coming months.
- Technip says its global overhaul will target savings of €830M ($919.6M), ~€700M of which will be delivered in 2016; the company expects to take €650M in one-off charges related to the restructuring.
- The company says it plans to reduce its presence through sales or closures and accelerate the reduction of its fleet size, downsizing to 23 vessels from 36 at the end of 2013.
Dec. 15, 2014, 7:45 AM
- CGG -31% in Paris trading after Technip (OTCQX:TKPPY) says it is abandoning its pursuit of the company and will not make an offer directly to investors.
- Last month, Technip offered to acquire the French oil services company for €1.46B ($1.82B) but CGG rejected the approach.
- The proposal would have combined Technip, which provides engineering and construction services to the energy industry, with CGG, a provider of equipment and geological data processing services to the sector.
Nov. 20, 2014, 12:47 PM
- CGG (CGG -5.3%) earlier confirmed it was approached by Technip (OTCPK:TNHPF, OTCQX:TKPPY) with an unsolicited offer - which it rejected - but in the view of Goldman Sachs analyst Henry Tarr, there is not a strong strategic rationale for a deal, and possible synergies are limited.
- Diversification can, as in the Halliburton-Baker Hughes tie-up, have merit, but this deal looks more expansionist than defensive, WSJ's Helen Thomas reports, as CGG’s seismic imaging and exploration services are largely separate from the actual construction of projects.
- Technip seems to be making a long-dated bet on a recovery in activity, Sanford C. Bernstein analysts say, but with the volatile seismic cycle approaching another trough, a deal could put pressure on earnings as fleets lie idle.
Nov. 20, 2014, 7:38 AM
- Technip (OTCPK:TNHPF, OTCQX:TKPPY) says it has made a preliminary takeover offer of €1.46B ($1.83B) for smaller French oil services company CGG, which says it rejected the offer.
- Technip, which says it first approached CGG on Nov. 10, has offered €8.3/share in cash, a 27% premium over CGG’s closing share price yesterday.
- CGG -6.6% premarket after surging more than 22% late yesterday after word of the deal was reported.
Nov. 19, 2014, 3:39 PM
- French seismic surveyor CGG (CGG +24.3%) soars after Bloomberg reports it is weighing a sale of the company after being approached by Technip (OTCPK:TNHPF, OTCQX:TKPPY).
- CGG is said to have rejected an initial offer from Technip as too low, but talks are continuing.
- The French government, whose fund owns stakes in both CGG and Technip, reportedly is pushing for a combination of the companies.
Apr. 16, 2014, 8:24 AM
- Energy group Total (TOT) has been busy awarding lucrative contracts since deciding Monday to go ahead with development of the Kaombo ultra-deep Angolan offshore project.
- A consortium of Technip (TNHPF, TKPPY) and Heerema Marine is awarded a $3.5B contract for underwater engineering work; Technip CEO Thierry Pilenko says the project is the largest subsea contract ever awarded to the company.
- Aker Solutions (AKKVF) earns a $2.4B contract for underwater pipeline fittings and equipment for vertical wells.
- Saipem (SAPMY) is awarded two contracts with a combined value of more than $4B involving engineering, procurement and production as well as commissioning offshore and onshore work for FPSO projects.
- TOT says the Kaombo field has estimated reserves of 650M barrels and should produce 230K bbl/day.
Dec. 18, 2013, 8:56 AM
- Technip (TNHPF, TKPPY) slumps more than 7% in London trading after announcing a profit warning based on downgraded forecasts for its subsea division.
- Technip now expects subsea revenues of €4.1B for 2013 vs. earlier guidance of €4.3B-€4.6B; next year, subsea operating margins will be "exceptionally low" in Q1 at ~5%, while margins for the remaining three quarters of 2014 should improve, allowing for a forecast operating margin of at least 12% for FY 2014.
Oct. 18, 2013, 7:25 AM
- McDermott (MDR) CEO Stephen Johnson will retire in December and be replaced by David Dickson, who has been President of Technip USA (TKPPY.PK) since 2008. He has 23 years of offshore oilfield engineering and construction experience.
- Dickson will join McDermott International at the end of the month. Until he becomes CEO, he will be COO, replacing the retiring John McCormack.
- Former Chevron executive Gary Luquette is joining McDermott's board. (PR)
Oct. 16, 2013, 2:52 PM
- Technip (TNHPF.PK, TKPPY.PK) wins a contract to supply its ethylene technology and front-end engineering design for Sasol's (SSL) planned cracker in Louisiana, which is expected to produce ~1.5M tons/year of ethylene.
- Technip’s operating center in Houston will execute the FEED project, which is scheduled for completion by the end of this year.
Oct. 14, 2013, 2:59 PM
- French engineering company Technip (TNHPF.PK, TKPPY.PK) is developing specialized equipment for tapping complex energy plays in sub-Saharan Africa, as political instability makes it more difficult to work in north Africa and the Middle East where oil is easier to find.
- New plays that are technically difficult but with high potential payoffs are cropping up in countries including Uganda, Kenya, and Ethiopia, CEO Thierry Pilenko says, noting Technip is aiming to use its expertise to build production facilities for these complex African reservoirs.
Aug. 12, 2013, 7:47 AM
- Technip (TNHPF.PK; TKPPY.PK) says its JV with Norway's DOF Installer secured contracts to supply oil servicing equipment to Petrobras (PBR); its share is worth €1.35B ($1.8B).
- The contracts cover the construction of four new pipelay support vessels and operation in Brazilian waters to install flexible pipes.
Jul. 1, 2013, 11:57 AMMcDermott (MDR +1%) is awarded an engineering, procurement and construction contract by Exxon Mobil (XOM) to provide subsea infrastructure for the $4B Julia development in the Gulf of Mexico. MDR's win comes after FMC Tech (FTI), Oceaneering (OII) and Technip picked up other subsea contracts on the development, where Statoil (STO) is a 50% partner. | Jul. 1, 2013, 11:57 AM | 1 Comment
Jun. 27, 2013, 8:15 AMEuropean oil service companies cite issues in Brazil - Petrobras' (PBR) negotiating tactics and government demands - for contributing to a spate of earnings disappointments. The trend continues as Subsea 7 (SUBCY.PK) warns it will miss its 2013 profit forecast due to cost $250M-$300M in overruns at its Guará-Lula project offshore Brazil. | Jun. 27, 2013, 8:15 AM | Comment!
Jan. 4, 2013, 8:28 AMHelix Energy (HLX) is turning into a takeover target after streamlining the company to focus on its expanding operations for offshore oilwell support, Bloomberg writes. Analysts say recent sales of its oil-and-gas unit and a pipe-laying business have made HLX more appealing to a potential suitor such as Aker Solutions, Technip or Diamond Offshore. | Jan. 4, 2013, 8:28 AM | Comment!
Jun. 25, 2012, 12:23 PMSaudi petrochemicals giant SABIC says its JV with ExxonMobil (XOM -1.8%) has awarded an engineering, procurement and construction contract to South Korea's Daelim, France's Technip (TNHPF.PK, TKPPY.PK) and Spain's Tecnicas Reunidas. The contract is for the $3.4B elastomers project at Jubail, and is slated for completion in 2015. | Jun. 25, 2012, 12:23 PM | Comment!
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