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Wednesday, Dec 182013, 8:56 AM
Wednesday, Dec 182013, 8:56 AM| Comment!
- 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.
Friday, Oct 182013, 7:25 AM
Friday, Oct 182013, 7:25 AM| Comment!
- 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)
Wednesday, Oct 162013, 2:52 PM
Wednesday, Oct 162013, 2:52 PM| Comment!
- 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.
Monday, Oct 142013, 2:59 PM
Monday, Oct 142013, 2:59 PM| Comment!
- 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.
Monday, Aug 122013, 7:47 AM
Monday, Aug 122013, 7:47 AM| Comment!
- 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.
Monday, Jul 12013, 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. |Monday, Jul 12013, 11:57 AM| 1 Comment
Thursday, Jun 272013, 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. |Thursday, Jun 272013, 8:15 AM| Comment!
Friday, Jan 42013, 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. |Friday, Jan 42013, 8:28 AM| Comment!
Monday, Jun 252012, 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. |Monday, Jun 252012, 12:23 PM| Comment!
Monday, May 212012, 4:53 PMShaw Group (SHAW) +1.2% AH after agreeing to sell its energy and chemicals business to Technip (TKPPY.PK) for ~$300M. Shaw says the move will allow it to pursue opportunities in its primary industries, which include providing engineering and facilities management services to oil companies and electric utilities. |Monday, May 212012, 4:53 PM| Comment!
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