UPDATE 1-Technip confirms 2009 forecast, sees tough 2010

Fri Nov 13, 2009 6:56am GMT
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* Q3 net income 108 million euros

* Group revenue for 2009 seen near 6.4 billion

* Order backlog at 7.541 billion euros

* Trends weigh on industry, future reduction in revenues

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PARIS, Nov 13 (Reuters) - French oil engineering group Technip SA (TECF.PA: Quote, Profile, Research) said on Friday it expected to hit its targets for 2009 but competition for business from cost-conscious oil companies would make 2010 a difficult year.

While revenue for the year will come in around 6.4 billion euros, as the company forecast, Technip said the market remained tough as its oil major clients waited until they could see further ahead and as oil services companies competed for fewer contracts.

"These trends will weigh on the industry in 2010 ... We likewise expect for Technip lower group revenues and margins," Technip said in a statement. The group did not specify by how much revenues would decline.

The company said it would still make its targets for 2009.  Continued...

 

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