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Revenues and profits up for busy Technip.
(From Lloyds List)
IMPROVEMENTS in offshore contracts boosted Technip's revenues and profits, while increasing its backlog of work by 25%, writes Martyn Wingrove .
The French oil and gas contractor saw its revenues climb 6% to E 4.7bn ($5.86bn) and pre-tax profits jump 30% to E 176m in 2003, compared with profits of E 135m the year before.
'2003 was a solid year for Technip. Significant progress has been achieved since the acquisition of Coflexip two years ago,' said chairman and chief executive Daniel Valot.
'Our backlog at the end of 2003 is 46% larger than the combined backlog at the end of 2001. Cashflow from operations, working capital improvements and disposal of non-core assets have allowed us to slash net debt by 75% in ...
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