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Due to the pandemic, oil and gas operators have reduced their activity levels, but Aker Solutions sees profits rising
Aker Solutions, a global supplier of engineering, design, production systems and services to the oil and gas industry, has been affected by the pandemic just like other oil and gas operators, which have reduced their activity levels. Despite this, the oilfield services provider has seen rising profits despite falling revenues.
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The company reported today that it had a total profit of $ 13 million in the third quarter, having an increase compared to the same period last year. However, the company's revenue fell to US$ 513 million in the third quarter, compared to the same period of the previous year, it was US$ 775 million.
According to the company, this is because the Covid-19 pandemic and lower oil prices have reduced the activity level of operators.
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Orders for this quarter totaled $775 million and backlog reached $3,2 billion. This figure is up from 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 temporary measures introduced in June to promote industrial activities in Norway led to an increase in sanctions, which continued into the third quarter.
Aker CEO Kjetel Digre said, “This has been a transformational quarter for Aker Solutions as we announce our plans to merge with Kvaerner to create a stronger and more robust supplier company.”
The company also completed the spin-offs of its carbon capture and offshore wind businesses during the third quarter, which generated a one-off gain of NOK 804 million for Aker Solutions in the quarter.
