Technip Energies beats core profit estimates in Q1

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(Reuters) – French oil and gas services provider Technip Energies reported a stronger-than-expected first-quarter core profit on Monday, as it looks to ramp up activity outside of Russia this year and benefited from increased interest in liquefied natural gas (LNG).

“Despite near-term volatility in commodity and raw material prices, the attractiveness of LNG, an inherently flexible energy source, has improved and the market opportunity is accelerating,” Chief Executive Officer Arnaud Pieton said in a statement.

In March, Technip Energies said it was renouncing new business opportunities in Russia and excluded ongoing Russian projects from its outlook following Moscow’s invasion of Ukraine.

The group, which specialises in engineering and technology for the energy industry, posted adjusted recurring earnings before interest and taxes (EBIT) of 107.3 million euros ($115.6 million), beating analysts’ forecast of 100.9 million euros.

($1 = 0.9284 euros)

(Reporting by Valentine Baldassari and Diana Mandiá; Editing by Tom Hogue)



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