Technip cut its full-year sales and margin targets for its subsea business, blaming a stronger euro and delays in the Gulf of Mexico. And chief executive Thierry Pilenko said that, while he still expects the market to grow, the company is seeing evidence of tighter cost control by operators. He said that he still expects E&P spending to rise 8% next year but that: "I don't know if we will achieve the same growth as in the past years, but we still are on a very positive growth path.
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