MOSCOW (MRC) -- French oil services company Technip raised its full-year 2016 objectives for its subsea division after revenue and profit for the third quarter beat expectations as it continues to cut costs due to the prolonged fall in oil prices, said Reuters.
Technip's adjusted revenue for the quarter was 2.9 billion euros (USD3.16 billion), while net income for the same period rose 12.4 percent to 184 million euros.
A poll Reuters poll for Technip's net adjusted income was 148 million euros, and revenue of 2.7 billion euros.
"A robust operational performance associated with strong cost reduction measures enabled Technip to record a solid third quarter," Technip's CEO Thierry Pilenko said in a statement.
As MRC informed earlier, Technip has been awarded by Public Joint Stock Company (PJSC) Kazanorgsintez a contract to provide engineering and procurement of three proprietary SMK grassroots furnaces at Kazan, Republic of Tatarstan, Russia.
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our close to 32,500 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges. Present in 45 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
MRC