Global Markets: TechnipFMC logs profit rise

LNG engineer TechnipFMC reported a rise its third-quarter profit despite a decline in the company’s revenues.

The company’s net income totaled $136.9 million, or $0.30 per share, a rise of 13.1 percent when compared to last year’s third quarter.

Revenue was $3.1 billion, a 24.1 percent decrease year-on-year, while inbound orders rose to $3.6 billion from $2.5 billion in the third quarter last year.

During the quarter, TechipFMC delivered Train 2 of the Novatek-operated Yamal LNG project in the Russian Artcic, approximately six months ahead of schedule.

“LNG volume shipped to date now exceeds 5 million metric tons, a result achieved due to the project’s accelerated delivery. Construction and commissioning of Train 3 is progressing well and is on track for another early delivery,” said Doug Pferdehirt, TechnipFMC CEO.

“LNG remains one of the fastest growing markets in the oil and gas sector. Demand growth suggests a new wave of LNG projects will need to be sanctioned in 2019 and beyond. Our 50+ years of experience has resulted in the delivery of over 20 percent of the world’s operating capacity,” Pferdehirt said.