Bankinter | Técnicas Reunidas enjoys a record order book and a healthy balance sheet, including a positive net cash balance. However, margins continue to be tight and this is the main source of uncertainty in the medium term. Furthermore, the reduced visibility of the oil and gas price recovery and the low diversification of its business (focused on the Middle East), leads us to increase our caution.
Tecnicas Reunidas contracts
According to market sources, Tecnicas Reunidas has presented the most competitive offer to construct two gas projects tendered by Saudi Aramco. Other companies involved in the bid are Saipem and Samsung E&C. The result could be announced at the beginning of November.
Técnicas Reunidas has been awarded by Saudi Aramco the contract for the turnkey project Clean Fuels within the Ras Tanura refinery on the east coast of country. No financial details of the contract have been revealed, but it means a good start to the year for the company and strengthens its position in the Middle East market.