Technip Energies reveals 1Q 2024 financial results
Technip Energies, a leading engineering and technology company for the energy transition, has released its unaudited financial results for 1Q 2024.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented, “Our solid first quarter provides a robust platform to deliver our full year guidance. Our two segments achieved year-over-year revenue growth and earnings per share increased by 11% on the strength of the business performance.”
“Operationally, both segments are performing well. In Project Delivery, key LNG projects are ramping up in the Middle East, and in Technology, Products & Services (TPS) we made good progress both in the delivery of ethylene furnaces and in high-value engineering services across our businesses. Likewise, commercial momentum in TPS remained strong with order intake significantly in excess of segment revenue, benefiting from high demand, notably in carbon capture and project management consultancy. Overall, a solid start to 2024, and I want to express my gratitude to our teams that continue to drive our leading performance.
“We advanced on the delivery of our full year priorities, including strengthening our leadership in low-carbon, electrified LNG and net-zero solutions. We were selected for a major low-carbon LNG development on ADNOC's Ruwais project in the UAE, and, in April, were awarded a substantial contract for Marsa LNG in Oman—both are destined to be amongst the lowest-carbon intensity LNG plants ever built. In addition, a T.EN-led consortium was selected for a large carbon capture infrastructure in the UK for bp's Net Zero Teesside, pending final investment decision. These achievements demonstrate T.EN’s commitment to energy supply, net-zero ambitions, and geographic diversification.
“At the same time, we continue to innovate and drive decarbonization in our markets, including ethylene. Together with our partner LanzaTech, we were recognized by the U.S. Department of Energy with an up to $200-MM investment for a commercial facility to produce ethylene from CO2. And, with the launch of EkWil, a joint venture with SBM Offshore, we aim to deliver competitive solutions for the nascent floating offshore wind sector.
“The path to net-zero is multi-dimensional; markets are moving at different paces in different geographies with greater near-term focus on real world issues, namely energy security and affordability. While natural gas remains a global market, cleantech industries—including carbon capture, sustainable fuels and clean hydrogen—are shaping up to be more regionalized.
“As a global delivery partner with local expertise, I am confident that we have the right strategy with the right people and capabilities to capture value in this dynamic environment.”
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