Last checked at 
Shares in European oil services companies drop sharply for a second day in arow after both Technip and Petroleum Geo-Services issueprofit warnings, echoing a similar warning on Tuesday morning from Frenchseismic surveying group CGG, as major oil companies push back orders.
Shares in Technip are the hardest hit, sinking 7.8 percent and extendingtheir slide started in late October to 32 percent, to represent a wipeout inmarket capitalisation terms for the CAC 40 blue-chip company of 3.2 billioneuros ($4.3 billion).
After the closing bell on Tuesday, Technip said it expected profitability atits subsea unit to fall next year, blaming delays in vessel maintenance and thestart-up of a flexible pipe factory in Brazil.
"As expected, a more conservative profile for 2014 with the subsea marginunder pressure. The consensus estimates are set to be radically revised down by15-20 percent," a Paris-based trader says.
Petroleum Geo-Services also cut its outlook, trimming its guidance forfull-year earnings this year to between $800 million and $850 million, comparedwith $850 million previously - the second downward revision in two months - andsaid its first-quarter 2014 earnings would be hit by lower demand.
Its shares rise 3.2 percent, bouncing from Tuesday's sharp losses, whileFurgo falls 2.7 percent on Wednesday, John Wood Group Plc drops 2.6 percent, and Subsea 7 sinks 2.3 percent. CGG,which plummeted 17 percent on Tuesday, was down 0.9 percent on Wednesday.
Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net
