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The Norwegian Oil Services Company Aker Solutions Recorded an Increase in Profits and Revenues as Orders Nearly Doubled in the Second Quarter of 2018 Compared to the Previous Year Amidst a Recovery in Activity.a
In its Q2 2018 report on Thursday, Aker Solutions reported that its orders totaled NOK 5.7 billion (US $ 703 million) in the quarter, raising the backlog to NOK 37 billion (US $ 4.6 billion), with most projects coming from Norway. Revenue rose to NOK 6.3 billion in the second quarter of 2018, up from NOK 5.4 billion a year earlier, driven by increased modification work in the North Sea and ongoing progress on a number of key projects.
The company’s net profit rose to NOK 117 million, up from NOK 33 million in the same quarter of the previous year.
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Aker Solutions noted that it is on track with its program to increase cost efficiency across the business by at least another 20% over the four years ending in December 2021.
“While the market remains highly competitive, activity is increasing as lower break-even costs and higher oil prices stimulate project sanctions,” said Aker Solutions CEO Luis Araujo.
“Our order volume in the quarter was nearly double that of the same period last year, and we are seeing high bidding activity in our key markets,” Araujo said.
Looking ahead, Aker Solutions said that the outlook for oil services remains competitive and there is pressure on prices. Still, there are even more signs of recovery amid lower break-even costs and higher oil prices.
Brazil Is One of the Key Assets
According to the company, bidding activity is high in the company’s key markets. Aker Solutions is offering contracts totaling about NOK 50 billion. About two-thirds of these are in the subsea area, where the company expects some major projects to be awarded in the next six to 12 months, including in Brazil, the UK, Africa, and Asia-Pacific.
Aker Solutions expects global revenue to rise by about 10% in 2018 compared to 2017, supported by strong order intake in the first half and continued high bidding activity. Want to Work at Aker Solutions? Click Here to Access Some Company Emails.
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