Strong 3Q17 results, share buyback initiated to prepare convertible bond conversion
Maire Tecnimont continued to exhibit strong growth in 3Q17, extending the trend of the first half of the year. While there was no significant new order during 3Q17, year-to-date orders for the Italian engineering company are at a record level of €4.0bn thanks to the €3.8bn gas processing plant award from Gazprom in June. At the end of 3Q17, the backlog was €7.6bn, representing a decent 2.3 years of LTM revenue. Also, since the end of 3Q17, Maire Tecnimont has announced several awards for a total of $273m, including refinery complexity improvement for Lukoil.
Maire Tecnimont is an engineering and contracting group based in Italy. Co. operates worldwide in the oil, gas & petrochemicals, power, infrastructure and civil engineering sectors. Co. also has key competences in licensing and intellectual property (IP), and a specific focus in renewable energy. Co. maintains project management, engineering, procurement and construction (EPC) services for the implementation of complex projects worldwide. Co. has developed and managed EPC projects on a turnkey basis in many different countries and regions. Co. maintains a presence in four continents in more than 30 countries and has over 50 operating companies.
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