The company has a backlog of work valued at €20.6 billion, and reported a 61% growth in underlying net income to €108 million, although the good times are coming to an end.
The subsea business brought in revenue at the top of expectations due to resilient demand for the Brazil pre-salt developments, while onshore/offshore revenue was "not satisfactory" at the lower end of expectations, bringing in a profit of just €24 million despite new new work such as a major contract at the Yamal Peninsula mega project in Russia being secured.
Order intake was solid in terms of services contracts with early stage work and project management contracts, but slower in engineering, procurement and construction awards resulted in a low total value booked as order intake.
Pilenko said the company has a strong balance sheet and is looking to reduce costs and improve efficiencies in the current market.
It expects the full year profit will be around €840 million for the subsea business and around €250 million for its onshore/offshore business unit.
Pilenko said international and national oil companies are deferring new projects assess their investment priorities in a durably changed economic environment.
"Projects launched in 2014 and earlier continue to progress but tension along the supply chain is exacerbated by the lack of financial flexibility from some clients and, as we said as early as second quarter last year, negotiations are protracted on contract changes and variations, in particular on onshore/offshore projects," he said.
"However, even as clients put pressure on their supply chain, they also seek innovative and collaborative ways to decrease the cost of their investments; whilst new projects obviously have to be viable to move forward, investment is needed to avoid a dramatic reduction in production in the years to come."
For that reason Technip signed its alliance with FMC Technologies, although discussions started a year ago.
The alliance believes that with early involvement in design, the two companies can significantly reduce development costs for offshore and subsea developments.
"In short, our alliance with FMC Technologies is an enabler for new projects. As of today, the set-up of the alliance and its Forsys Subsea joint venture is progressing as expected and the joint team is being put in place."
Subsea order intake comprised a major contract for the development of the Lula Alto pre-salt field
in Brazil to supply around 200km of high technological flexible pipes and associated equipment, which will be produced in our Vitoria and Acu manufacturing plants.
In the Gulf of Mexico, Technip signed two contracts for the Amethyst field located on Mississippi Canyon 26.
The first includes detailed engineering, procurement, fabrication, assembly and testing of a 5-inch production static riser. The second covers a tieback to the Pompano fixed platform in about 395m of water depth.
In the North Sea, Technip was awarded a brownfield contract for the Triton floating production storage and offloading vessel.
The contract includes the fabrication of a dynamic umbilical to be manufactured at our plant in Newcastle, UK, and the use of the diving support vessel Orelia for the installation campaign.
Onshore/offshore order intake included the recent front end engineering design contract for the first two tension leg platforms for the Liuhua 11-1 and 16-2 joint development project located in the South China Sea.
Technip also signed a contract for its Stone & Webster process technology activities to supply its proprietary technology, detailed engineering and procurement services for a reformer for a hydrogen plant, located near the Socar Turcas Aegean Refinery to be built in Turkey.
