par Fish2 » 28 avr. 2006, 16:10
Un peu d'eau au moulin de sceptique, au sujet du point n° 1, les investissements financiers
=> les projets coûtent de plus en plus cher, le cours de l'action Technip en pâtit
Technip Shares Tumble After Company Says Profit Fell (Update2)
April 28 (Bloomberg) --
Shares in Technip SA, Europe's largest oil-services company, dropped as much as 16 percent after the company said first-quarter profit fell from surging costs to build oil and gas projects.
Technip shares plunged as much as 9.45 euros to 51.2 euros and traded at 52.65 euros at 2:43 p.m. in Paris, the biggest decline since July 2002. Shares of rival Saipem SpA fell as much as 5 percent to 19.40 euros and were trading at 19.69 euros in Milan.
Technip said first-quarter operating profit was lower than a year earlier because costs rose for the steel and other materials used to build liquefied natural gas terminals and refineries.
Oil companies are spending about 35 percent more on average to finish their 100 biggest projects, Goldman Sachs Group Inc. analysts wrote in an April 24 report. The projects average three months behind schedule, Goldman said.
``The market is overheating,'' Daniel Valot, Technip's chief executive officer, said in an interview after the company's annual general meeting in Paris. ``Our biggest risk is on construction. There are so many projects going on at the same time and there's just a limited number of companies that can handle them.''
Technip is maintaining its earnings targets for the full year of 2006, he said. Technip, which reports first-quarter earnings on May 18, said first quarter revenue will rise about 30 percent.
First-quarter order intake was 1.6 billion euros ($2 billion), bringing its backlog to 11 billion euros, just below a record 11.2 billion set at the end of 2005. The first-quarter order backlog was lifted by new natural gas projects in Qatar, which has complained about soaring projects costs.
``The costs can kill projects,'' Qatari Oil Minister Abdullah bin Hamad al-Attiyah said at a conference on April 6 in Paris. ``I met many head of oil services companies and always tell them an Arabic saying: `Let's eat the grape, not kill the goat.'''
Technip said in its statement that closing contracts was becoming more difficult because of higher costs.
Fourth-quarter earnings were hurt by a 71 million-euro charge relating to ``technical incidents'' for a sub-sea gas pipeline, the company said in February. It then said its 2006 target is for revenue of 6.8 billion euros and an operating margin of at least 5 percent.
``We still believe we can reach our targets for the year,'' Valot said today. ``It's going to be more of a challenge than we expected just a few months ago.''
To contact the reporter on this story:
Tom Cahill in Paris at at
tcahill@bloomberg.net
Last Updated: April 28, 2006 08:58 EDT
Avec la flambée des cours actuelle, on s'attend plutôt à des profits en hausse pour tout le secteur parapétrolier ou énergétique en général. Mais c'est loin d'être le cas pour tous les opérateurs, la surchauffe peut générer des mauvaises surprises. Dans la même veine, quoique HS sur ce fil, j'ai lu il y a qq semaines sur Bloomberg que Vestas, 1er constructeur d'éoliennes au monde, a essuyé des pertes importantes en 2005, à cause de la hausse des coûts de l'acier + pénalités de retard sur des grands marchés aux USA. Ils ont même dû décliner des offres plus intéressantes pour pouvoir honorer leurs contrats.
Un peu d'eau au moulin de sceptique, au sujet du point n° 1, les investissements financiers
[b]=> les projets coûtent de plus en plus cher, le cours de l'action Technip en pâtit [/b]
[quote]Technip Shares Tumble After Company Says Profit Fell (Update2)
April 28 (Bloomberg) -- [b]Shares in Technip SA, Europe's largest oil-services company, dropped as much as 16 percent after the company said first-quarter profit fell from surging costs to build oil and gas projects. [/b]
Technip shares plunged as much as 9.45 euros to 51.2 euros and traded at 52.65 euros at 2:43 p.m. in Paris, the biggest decline since July 2002. Shares of rival Saipem SpA fell as much as 5 percent to 19.40 euros and were trading at 19.69 euros in Milan.
Technip said first-quarter operating profit was lower than a year earlier because costs rose for the steel and other materials used to build liquefied natural gas terminals and refineries. [b]Oil companies are spending about 35 percent more on average to finish their 100 biggest projects[/b], Goldman Sachs Group Inc. analysts wrote in an April 24 report. The projects average three months behind schedule, Goldman said.
``The market is overheating,'' Daniel Valot, Technip's chief executive officer, said in an interview after the company's annual general meeting in Paris. ``Our biggest risk is on construction. There are so many projects going on at the same time and there's just a limited number of companies that can handle them.''
Technip is maintaining its earnings targets for the full year of 2006, he said. Technip, which reports first-quarter earnings on May 18, said first quarter revenue will rise about 30 percent.
First-quarter order intake was 1.6 billion euros ($2 billion), bringing its backlog to 11 billion euros, just below a record 11.2 billion set at the end of 2005. The first-quarter order backlog was lifted by new natural gas projects in Qatar, which has complained about soaring projects costs.
``The costs can kill projects,'' Qatari Oil Minister Abdullah bin Hamad al-Attiyah said at a conference on April 6 in Paris. ``I met many head of oil services companies and always tell them an Arabic saying: `Let's eat the grape, not kill the goat.'''
Technip said in its statement that closing contracts was becoming more difficult because of higher costs.
Fourth-quarter earnings were hurt by a 71 million-euro charge relating to ``technical incidents'' for a sub-sea gas pipeline, the company said in February. It then said its 2006 target is for revenue of 6.8 billion euros and an operating margin of at least 5 percent.
``We still believe we can reach our targets for the year,'' Valot said today. ``It's going to be more of a challenge than we expected just a few months ago.''
To contact the reporter on this story:
Tom Cahill in Paris at at tcahill@bloomberg.net
Last Updated: April 28, 2006 08:58 EDT
[/quote]
Avec la flambée des cours actuelle, on s'attend plutôt à des profits en hausse pour tout le secteur parapétrolier ou énergétique en général. Mais c'est loin d'être le cas pour tous les opérateurs, la surchauffe peut générer des mauvaises surprises. Dans la même veine, quoique HS sur ce fil, j'ai lu il y a qq semaines sur Bloomberg que Vestas, 1er constructeur d'éoliennes au monde, a essuyé des pertes importantes en 2005, à cause de la hausse des coûts de l'acier + pénalités de retard sur des grands marchés aux USA. Ils ont même dû décliner des offres plus intéressantes pour pouvoir honorer leurs contrats.