Aker Solutions ASA: Second quarter results 2012
14 August 2012 - Aker Solutions' operating revenues were NOK 11.9 billion in the second quarter and NOK 21.7 billion for the first six months of 2012. The latter is 33 per cent higher that the same period in 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding non-recurring items, amounted to NOK 1 192 million with an adjusted margin of 10.0 per cent.
Including non-recurring items, which includes a NOK 165 million gain related to sale of real estate, EBITDA for the quarter was at NOK 1 357 million.
"We are pleased to see revenue and margin growth in almost all business segments. This is a reflection of continued improved operational performance in a strong global oil and gas market," says Øyvind Eriksen, executive chairman in Aker Solutions.
Order intake in the quarter was NOK 23.0 billion, bringing the order backlog to NOK 54.1 billion, an increase of 31 per cent from the beginning of the year. The biggest contract signed in the second quarter is the NOK 11 billion contract to provide well intervention services to Statoil from a newbuild Cat B intervention rig for eight years starting in 2015.
Aker Solutions has announced significant acquisitions and investments in the second quarter. The company targets the Middle East and North Africa through the USD 460 million acquisition of NPS Energy. Capacity in the drilling technologies business will be increased significantly through a new USD 100 million service site in Brazil, and a new USD 60 million manufacturing facility for subsea umbilicals will be built in Malaysia.
"The oil and gas market is buoyant and tendering activity remains high. We are making these and several other investments to support our customers and capitalise on the opportunities available," Eriksen says.
"The acquisition of NPS Energy is particularly important, as this will give Aker Solutions a strong presence and distribution platform for our broad portfolio of products and services into the world's most prolific oil and gas region - the Middle East and North Africa. These are truly exciting times for Aker Solutions," concludes 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
Media:
Geir Arne Drangeid, Chief Communications Officer, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 913 10 458
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
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 25 000 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.
Aker Solutions brings together engineering and technologies for oil and gas drilling, field 25 000 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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