Technip Cuts Unit Margin Goal, Cites Russia Sanctions Risk
French oil services firm Technip on Thursday cut its operating margin target for its onshore/offshore unit for this year and next, citing the possible impact of sanctions on Russia on the Yamal LNG project in Siberia. At its onshore/offshore unit - which builds oil rigs, refineries and liquefied natural gas (LNG) plants - Technip said it saw an operating margin of about 5-6 percent in the next two years, down from a target of 6-7 percent. Chief Executive Thierry Pilenko cited the impact of tighter spending by its oil major clients and risks of business interruptions caused by politics, including
Arctic Energy Exploration Efforts Heat Up
shuttle operations between Murmansk and Dudinka on the Arctic coast. The first vessel, Norilsky Nikel, was delivered in 2006, followed by Monchegorsk, Zapolyarny, Talnakh, Nadezhda and Enisey. Aker Arctic has also designed a fleet of DAS icebreaking LNG tankers for the joint Novatek/Total Yamal LNG project in Northern Russia on the Ob River where the river meets the Arctic Ocean. When all 16 ships are complete, the company says a ship will arrive to take on cargo every 38 hours and carry the product to Asian markets. According to Yamal LNG, the Sabetta seaport— which
February 2025
