A Substantial Restructuring Plan Total targeted savings of 830 million 700 million to be delivered in 2016 The balance in 2017 Main initiatives Decrease of global workforce by approximately 6,000 Reduction of footprint and asset…
Market Overview in the First Quarter 2015 Projects post-FID(1) continue to advance Tough VO(2) negotiations, notably in Onshore/Offshore Deflation of the cost base/suppliers New projects delayed Strategic projects potentially…
What has Changed: Two Main Themes Lower and Slower Momentum on New Project costs Projects Clients are M&A focused Client costs have come down a long way thanks to pressure on the supply chain Consequences of client management but…
Savings and Cost Reduction Summary Cost Savings Main lines of cost reduction Target of 830 million of savings Our contractor base, which was about Compared to our 2014 cost base 15% of our headcount at the end of 2014 Target 700…
Main Elements of the Plan: Onshore/Offshore Reduction of presence (through sales or closure) in markets where profitable business is unlikely in the medium-term Continue to dispose of non-core activities Necessary remaining amounts…
Main Elements of the Plan: Subsea Cost reduction in markets where new project awards are under pressure Pursue fleet reduction further than originally planned: retire one fully- owned vessel and let go one leased vessel, taking the…
Nature of One-off Charges: 650 million Breakdown Profile and Timing Approximately 60% cash / 40% non-cash Majority taken in the second quarter 2015 split: Some restructuring costs taken in later Restructuring and severance charges…
2015 Financial Outlook Second Quarter 2015 Onshore/Offshore: underlying adjusted operating income from recurring activities at around 50 million(1) Subsea: adjusted operating income from recurring activities above 240 million…
Todays Plan Reinforces Technip Through and Beyond the Oil & Gas Downturn Looking Forward Seizing Opportunities Our clients are actively trying to make Maintain our strategy to projects viable broaden our business base, develop…
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