Technip sees pick-up in activity in 2010 or early 2011

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Deep Blue Technip

PARIS  — French oil engineering group Technip expects a “sustained” activity in 2010 and believes it could see a “strong pick-up” beginning at the end of next year, its chief executive told Les Echos on Monday.

“In terms of volumes of awarded projects, we forecast a rather sustained activity in 2010. There could even be a strong pick-up at the end of 2010 or at the start of 2011”, Thierry Pilenko said.

The expected rebound should however be uneven, with a slower pace exected in Africa and Canada and a faster pace in the North Sea and Australia, he added.

“Activity tends to shift toward the South and the East. Our clients are in the Middle East, in Brazil, in Africa and Asia. Downstream in OECD countries, there are almost no more large infrastructure projects”, Pilenko said.

According to the executive, Technip, which posted improved profits during the second quarter despite weak demand in the oil services sector, is not sufficiently present in Russia and in the Caspian sea region and sees China as a future growth market.

Reporting by Matthias Blamont, Dominique Vidalon; Editing by Mike Nesbit

Reuters

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