French oil services provider, Technip, posted higher fourth-quarter (4Q 2015) net income, boosted by better-than-expected revenue increase.
In the fourth quarter 2015, Paris-based subsea major generated adjusted revenue of €3.11 billion, an increase of about 11% compared to €2,81 billion in 4Q 2014. Subsea revenues were roughly 15% higher for the quarter, at €1.48 billion. Full-year 2015 adjusted revenue increased by some 14% to €12.2 billion.
The company’s adjusted net income for the 4Q 2015 was €102 million (diluted EPS 0.83 euros) versus €80.1 million (diluted EPS 0.68 euros) in the corresponding period in 2014. Net income for the year 2015 was down from €436.6 million in 2014 to €45 million on €635 million one-off charges Technip booked in the previous quarters this year. In addition, the company said it will keep a dividend of €2 per share.
For the fourth quarter 2015, Technip’s order intake was €2.8 billion, out of which €651 million was subsea related. Full-year order intake stood at €7.6 billion
At the end of this quarter, Technip’s backlog stood at €17 billion, compared with €20.9 billion at the end of fourth quarter 2014.
The company said its adjusted revenue objectives for the full-year 2016 are aimed at up to €5 billion in subsea and €6 billion onshore/offshore.