Aker Solutions ASA: First quarter results 2012
9 May 2012 - Aker Solutions' operating revenues in the first quarter of 2012 were NOK 9.8 billion, a 15.7 per cent increase from the first quarter of 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1 002 million with a margin of 10.2 per cent. The positive trend has continued into the second quarter through key strategic events and signing of several important contracts.
Order intake in the quarter was NOK 11 307 million, bringing the order backlog to NOK 42.9 billion at the end of march 2012, up from 40.4 billion twelve months earlier.
"Our performance in the fourth quarter showed that we are on the right track. With a 15.7 per cent year-on-year increase in first quarter revenues and continuous growth in profit margins, it is encouraging to see that we are continuing along this track," says Øyvind Eriksen, executive chairman in Aker Solutions.
"The start of the second quarter has also been inspiring. We have signed a number of new contracts and we have confirmed significant investments in new capacity," Eriksen adds.
The biggest contract signed in the second quarter is the NOK 11 billion contract to provide Cat B well intervention services to Statoil on the Norwegian continental shelf.
Investments in new capacity includes a new umbilical manufacturing plant in Malaysia and added capacity at the company's subsea manufacturing sites in Norway and Malaysia. The total value of these is estimated at NOK 850 million.
"All these elements will be key contributors towards meeting our growth targets for the group as a whole of 9-15 per cent on average per year from 2011 to 2015," says Øyvind Eriksen.
ENDS
For further information, please contact:
Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194.
Astrid Thommesen Sæbø, VP Investor Relations, Aker Solutions. Tel: +47 22 94 63 37, Mob: +47 481 70 035.
Media:
Geir Arne Drangeid, Chief Communications Officer, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 913 10 458.
Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers
Career opportunities:
Visit http://www.akersolutions.com/careers
Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.
Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 23 500 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers' solutions.
Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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