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Aker Solutions posts higher profit as orders double amid pickup in activity

Aker Solutions posted an increase in profit and revenues as its orders almost doubled in the 2nd quarter of 2018.


Lysaker (Norway), July 12 - Neftegaz.RU. Norwegian oilfield services company Aker Solutions posted an increase in profit and revenues as its orders almost doubled in the 2nd quarter of 2018 compared to a year earlier amid a pickup in activity.

 

In its 2Q 2018 report today Aker Solutions said that its orders totaled NOK 5.7 billion ($703 million) in the quarter, bringing the backlog to NOK 37 billion ($4.6 billion), with most projects coming from Norway.

 

Revenue rose to NOK 6.3 billion in the Q2 2018 from NOK 5.4 billion a year earlier, driven by increased North Sea modifications work and continued progress on a number of key projects. The company’s net income rose to NOK 117 million from NOK 33 million in the prior-year quarter.

 

Aker Solutions noted it is on track with its program to boost cost-efficiency across the business by at least another 20 % in the 4 years ending December 2021.

 

«While the market remains very competitive, activity is picking up as lower break-even costs and higher oil prices spur project sanctions,» said Aker Solutions’ CEO Luis Araujo. «Our order intake in the quarter was almost double the same period a year earlier and we’re seeing high tendering activity in our main markets».

 

Aker Solutions sees overall revenue up by close to 10 % in 2018 from 2017, helped by the strong order intake in the 1st half and continued high tendering activity.

 

Source : Neftegaz.RU