TechnipFMC reports drop in profit for first half of 2019

London-headquartered oil and gas firm TechnipFMC has reported a significant drop in pre-tax profit for the first half of 2019.

The firm, who have a number bases in Aberdeen, saw profits drop from £245 million in H1 2018 to £75m for the first half of this year.

But TechnipFMC did experience a slight jump in revenues of £5.1 billion, up from £4.9bn in 2018.

The firm said in its overall outlook that the price of crude oil had “been on a gradual upward trend since the cyclical trough experienced in early 2016, although with continued price volatility”.

It added that the sustainability of the price recovery and business activity levels is dependent on “several variables, including geopolitical stability, OPEC’s actions to regulate its production capacity, changes in demand patterns, and international sanctions and tariffs”.

But it said that “as long-term demand is forecast to rise and base production continues to naturally decline”, the firm believes” the macroeconomic backdrop will provide our customers with greater confidence to increase their investments in new sources of oil and natural gas production”.

Source link

Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram