PARIS Feb 19 French oil services group Technip
reported on Thursday an 8 percent increase in
fourth-quarter revenue to 2.484 billion euros ($3.42 billion)
and raised its 2013 dividend by 10 percent while confirming
previously lowered targets.
The group posted an operating margin of 8.3 percent in the
three months to end-December, 2.1 percentage points below than
the margin at the same period a year ago.
Technip, which supplies pipes, platforms and equipment to
energy producers, last October cut its full-year sales and
margin targets for its subsea business, hit by a fall in
currencies including the Brazilian real against the euro.
The group then warned in December that it expected lower
operating margins at the unit in 2014, saying it expected at
least 12 percent, down from around 14 percent in 2013, before
picking up in 2015.
Shares in Technip have fallen almost 8 percent since Jan. 1,
following a 19-percent decline in 2013, on fears its oil and gas
majors clients were set to cut their exploration spending after
years of large investment spurred by high oil prices.
French oil major Total confirmed earlier this
month it would start a "soft landing" in capital expenditure in
"Looking forward, our clients' capex continues to increase
globally, even if at a more moderate rate than in the past
decade," Technip Chief Executive Thierry Pilenko said in a
($1 = 0.7271 euros)
(Reporting by Michel Rose; Editing by Andrew Callus)