Aker Solutions, Oilfield Services Provider, Sees Profit Increase Despite Lower Revenues

Written by Roberta Souza

Published on 28/10/2020 at 14:36

Empresa Aker Solutions

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Due To The Pandemic, Oil And Gas Operators Reduced Their Activity Levels, But Aker Solutions Sees Profits Increasing

Aker Solutions, a global provider of engineering, design, production systems, and services for the oil and gas industry, was affected by the pandemic just like other oil and gas operators, who reduced their levels of activity. Despite this, the oilfield services provider has noticed an increase in profits even with a decline in revenues.

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The company announced today that it had a total profit of US$ 13 million in the third quarter, showing an increase compared to the same period last year. However, the company’s revenue fell to US$ 513 million in the third quarter, whereas in the same period the previous year, it was US$ 775 million.

According to the company, this occurs because the Covid-19 pandemic and lower oil prices reduced the activity level of the operators.

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Orders in this quarter totaled US$ 775 million, and the backlog reached US$ 3.2 billion. This amount is higher than the US$ 2.9 billion at the end of the previous quarter, reflecting an increase in orders on the Norwegian continental shelf.

Aker Solutions highlighted that the temporary measures introduced in June to promote industrial activities in Norway led to an increase in sanctions, which continued into the third quarter.

Aker’s CEO, Kjetel Digre, said, “This was a transformational quarter for Aker Solutions as we announced our plans to merge with Kvaerner to create a stronger and more robust supply company.”

The company also completed the spin-offs of its carbon capture and offshore wind businesses during the third quarter, which resulted in a one-time gain of NOK 804 million for Aker Solutions in the quarter.

Aker Solutions, Oilfield Services Provider, Sees Profit Increase Despite Lower Revenues

Due To The Pandemic, Oil And Gas Operators Reduced Their Activity Levels, But Aker Solutions Sees Profits Increasing

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Aker Solutions, Oilfield Services Provider, Sees Profit Increase Despite Lower Revenues

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