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.