"Our subsea challenges in Brazil are well known. We are working on a number of improvement initiatives, in close dialogue with our customers, to rectify the situation. However, it is encouraging to see that other business segments are delivering solid financial results with improved margins. Particularly our engineering, drilling technologies and mooring & loading systems businesses have had a strong quarter," says Øyvind Eriksen, executive chairman of Aker Solutions.

Third quarter consolidated revenues were NOK 8 561 million, compared with NOK 7 949 million in the same period in 2010. EBITDA for the third quarter of 2011 was NOK 322 million (3.8 percent EBITDA margin), compared to NOK 733 million one year ago. Profits in the quarter were negatively affected by approximately NOK 500 million related to execution challenges in Brazil, as announced on 11 October 2011.

Order intake in the third quarter was NOK 8 billion. At the end of the third quarter Aker Solutions' order backlog was NOK 44.9 billion - an increase of almost 23 percent from third quarter 2010.

"We have a strong order backlog, which reflects that activity levels remain high in all business segments and across all regions of the world. It is worth noting, however, that the North Sea is still the world's biggest offshore market. We have always been buoyant about the many excellent opportunities in the North Sea, but it is still fascinating to witness one of the world's biggest oil discoveries on such a mature continental shelf. There is no doubt that the latest discoveries, combined with the oil companies' efforts to extend the lives of producing fields, will generate a large amount of work the oil service industry for several decades to come," says Eriksen.

Aker Solutions has also taking steps to strengthen the company's organisation in other growth regions, including the US and Brazil.

"We have recently appointed two highly experienced industry professionals in roles as regional managers for North America and Brazil respectively. They will coordinate our presence and develop a joint strategy for Aker Solutions in their region. The aim to build up a strong regional presence to capture the growth opportunities we see coming," adds Eriksen.

The full third quarter report and presentation can be downloaded from www.akersolutions.com and the links to the right.

ENDS

Geir Arne Drangeid, EVP Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 91310458

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 48 17 00 35

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 ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil services company that provides engineering services, technologies, product solutions and field-life solutions for the oil and gas industry. 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 35 billion and employs approximately 18 000 people in about 30 countries.

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.