Aker Solutions fourth quarter and preliminary annual results show consolidated revenues for the fourth quarter 2008 amounted to NOK 15.5 billion compared with NOK 14.9 billion for the same period in 2007. Full year consolidated revenues amounted to NOK 58.3 billion, slightly higher compared to NOK 58.0 billion in 2007. Full year EBITDA margin was 5.8 percent, compared to 6.8 percent in 2007.

"The quarterly result of our ED&S business area is disappointing, but the negative result in fourth quarter is isolated to the Frigg and H-6e projects. Apart from this, we are pleased with the performance, the second best in our company's history," says Simen Lieungh, President & CEO of Aker Solutions.

Both Subsea and the Products & Technologies business areas delivered strong revenue growth and double digit EBITDA margins for 2008. The Process & Construction business also delivered a solid EBITDA margin of 8.4 percent for the year.

The company expresses confidence, despite all the current uncertainty in the markets.

"Our numbers show that we have a sound balance sheet, a good liquidity situation and no need to refinance our credit lines. We have short term predictability based on our order backlog, and feel prepared to deal with the increased uncertainties in the medium term," says Lieungh.

Over the last year Aker Solutions has restructured the company.

"We are now better structured to meet the trends we see in our markets, and we have consistently improved the flexibility of our cost base to secure our competitiveness. We have also recently strengthened our executive management team to further improve our capacity to lead the company, work with our clients and our suppliers to secure that we can win new jobs and maintain our margin levels," Lieungh ends.

The complete 4th quarter and preliminary annual results 2008 report and presentation is available below and at www.akersolutions.com and www.newsweb.no.

The results presentation will be held at Aker Solutions' headquarters, Fornebu at 9.00 a.m and broadcasted live on http://www.akersolutions.com and http://www.cik.no/aker/090224/090224_aker.php at 9.00 a.m. CET.

It will also be possible to ask questions via e-mail during the presentation.

ENDS

Media:
Jannik Lindbæk, SVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 977 55 622

 

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194

 

Career opportunities:
Visit http://www.akersolutions.com/Internet/CareerCentre

 

Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities. 

Aker Solutions' parent company is Aker Solutions ASA.  Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 23 000 people in about 30 countries.

Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.  

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.