(Corrects margin figure in third paragraph)
PARIS Dec 17 French oil services group Technip
said on Tuesday it expected operating margins at its
subsea unit to fall to a minimum of 12 percent next year from
around 14 percent in 2013, before picking up in 2015.
"Before a substantial improvement from the second quarter
onwards, subsea operating margins will be exceptionally low in
the first quarter 2014 at around 5 percent," the group said in a
statement, citing delays in vessel maintenance and the start-up
of its Acu plant in Brazil.
"This enables us to set as a floor an operating margin of at
least 12 percent for the year as a whole."
The group, which supplies pipes, platforms and equipment to
energy producers, said it expected 2014 subsea revenue between
4.35 billion euros and 4.75 billion euros, while sales in its
onshore/offshore unit were expected at up to 5.7 billion euros.
Analysts on average expected full-year 2014 sales of 10.5
billion euros and an EBIT margin of 9.9 percent, according to a
Thomson Reuters I/B/E/S estimate.
(Reporting by Michel Rose; editing by Tom Pfeiffer)