Technip's net income rises for eighth year

Technip SA, Paris, reported its net income rose for an eighth consecutive year to 214 million euros ($191.72 million US) in 2000, compared with 173 million euros ($154.99 million US) for 1999. Daniel Valot, Technip chairman and CEO, said Tuesday he expected larger contracts in 2001 due to higher global exploration and production.

Mar 28th, 2001


By an OGJ Online Correspondent


PARIS, Mar. 28�Technip SA, a Paris-based engineering services group, reported its net income rose for an eighth consecutive year to 214 million euros ($191.72 million US) in 2000, compared with 173 million euros ($154.99 million US) for 1999.

Daniel Valot, Technip chairman and CEO, said Tuesday he expected larger contracts in 2001 because the oil industry is increasing its exploration and production.

He said the Middle East represents about 33% of Technip's activities and is its most important regional market. He said petrochemicals also are a growing market, noting Technip's ethylene steam cracker technology helped the company obtain contracts in Iran.

Valot said Technip has major gas development projects in the Middle East, including engineering contracts for gas extraction plants, liquidified natural gas units, and petrochemical units.

He confirmed Technip reported growth of 65% on net income/share between 1998 and 2001 before accounting for extraordinary items.

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