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On 06 January 2009, Technip’s common stock price increased significantly and achieved our target price reflecting a rise in oil prices and news of expansion of its manufacturing unit at one of its plant in West Africa. As the stock achieved our target price, we downgrade it from a BUY to a HOLD on a fundamental basis. We will reassess the stock in our next update report, after the company releases its FY 2008…

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Although Technip reported a decline in its top-line during 3Q 08 given weak performance from its Onshore segment, its profitability increased significantly given lower Cost of Sales (COS) incurred during the period. In addition, its margins benefitted from an increased contribution from its high growth Subsea segment. Going forward, although we are cautious of the impact of declining oil prices…

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Technip reported a y-o-y decline in its 2Q 08 revenues given a weak performance from its Subsea and Offshore segments. However, its margins improved significantly with a decline in the company’s cost of sales and effective tax rate....