Energy Voice | Reduced activity takes its toll on TechnipFMC’s revenues

Energy services giant TechnipFMC saw its income dip in the first half of the year as a result of declining project activity.

Pre-tax income was £47billion, down from £55.8billion in the first six months of 2017.

Revenues also took a hit, down 15.7% to £2.304bn.

TechnipFMC said it was a result of subsea project activity declining in Africa, Asia Pacific and North America as more progressed towards completion.

However, this was partly offset by an incease in onshore/offshore activity in the Middle East and Asia Pacific, as well as increased revenue in the Surface Technologies business due to North American land market recovery.

Overall, the firm said in a statement that it expects the market to improve, following years of decline.

“As long-term demand is forecasted to rise and base production continues to naturally decline, we believe commodity prices should demonstrate an ongoing ability for continued improvement, providing our customers with greater confidence to increase their investments in new sources of oil and natural gas production.”

 

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