Technip Energies: $4.2 billion of Russia backlog impacted by Ukraine crisis

Amsterdam, March 3 - Neftegaz.RU. Technip Energies has said $4.2 billion of its backlog is linked to projects in Russia, which will be impacted by the crisis in Ukraine.
Looking to the 2022 financial year, the construction & engineering firm said the sum represents contracts expected to be carried out in 2022 – 2026, Energy Voice has reported.
It said:

• The company is closely monitoring the situation in Russia and Ukraine
• The safety of our people and their families is, as always, our 1^st priority

The Russian contracts make up around 23% of the firm’s total backlog.
Chief executive Arnaud Pieton said:

• We have ceased to work on future business opportunities in Russia and are confident in the robustness of Technip Energies’ global and diversified business, balance sheet and our ability to invest and deliver on our strategy

Delivering its full year results for 2021, Technip Energies said it had delivered nearly $11.09 billion in contracts, 94% was outside Russia.
Technip Energies added:

• As a leading and responsible engineering & technology company, we have a long experience of managing contracts in difficult and complex environments
• We understand the contractual mechanisms and protections which are crucial to mitigate risk and to sustain the performance of the company, and our contracting discipline ensures positive cash flows through the project lifecycle
• We have a strong balance sheet, positive project cash flows and relevant contractual protections, which together would limit our exposure to this ongoing situation

Technip Energies reported pre-tax profits $421.6 mln, up 16% on 2020’s $364.3 mln.
The firm completed a planned split from TechnipFMC last year
TechnipFMC has around 21 000 employees worldwide, while Technip Energies employs around 15 000 people.