by Daniel J. Graeber
Washington (UPI) Jul 25, 2017
An error in calculations prompted energy services company TechnipFMC to restate its earnings report because of errors in the rates it used for calculation, the company reported on Tuesday.
TechnipFMC reported an initial first quarter net income attributable to the company was $190.8 million. In a statement Tuesday, the company said errors were made in the way it calculated foreign currency impacts on its engineering and construction projects.
"The net income attributable to TechnipFMC in the quarter ending March 31, 2017 was overstated by $209.5 million," its statement read.
In December, the collective shareholders approved a merger between FMC, which specialized in subsea oil and gas operations, and Technip, a leader in submarine pipeline installation and broad-based oil and gas infrastructure development. In a statement on first quarter revenue, CEO Doug Pferdehirt said the unadjusted gains were in part a response to "our reputation of superior project management."
Some revenue segments for the company struggled, though some of that was indicative of the disclosure aspects tied to the first sixteen days of the year when both companies were functioning as individual entities. In a milestone for the first quarter, the company secured a contract from a subsidiary of Exxon Mobil working offshore Guyana awarded for the engineering, manufacturing and delivery of equipment slated for the Liza project in deep waters, one of the more promising prospects in the world.
The quarterly adjustment comes two days before TechnipFMC reports figures for the second quarter. The company said the inadequacies apparent in the first quarter earnings report have been remedied.
"TechnipFMC believes that these changes provide reasonable assurance that the financial statements and other financial information for the three and six month periods ending June 30, 2017, fairly present in all material respects TechnipFMC's financial condition, results of operations and cash flows as of, and for, such periods," it said.
The second quarter has been robust so far for energy companies catering to exploration and production. On Monday, drilling services contractor Halliburton reported total revenue for the second quarter of $5 billion, a 16 percent increase from the previous quarter.
Washington (UPI) Jul 24, 2017
The Chinese appetite for liquefied natural gas increased more than 30 percent from last year, according to the latest government data. The Chinese General Administration of Customs reported LNG imports to China increased dramatically as the country looks to rely less on coal for its energy needs. First half demand was up 38.3 percent from last year. "The growth rate is higher tha ... read more
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