Aker Solutions extends growth ambitions
5 December 2012 - Aker Solutions today announces at the company's capital markets day that it is on track to meet its 2015 growth targets - and that it expects growth in revenues and margins to continue into at least 2017. Key focus will be on exerting discipline and prioritising resources.
In 2010, Aker Solutions set an ambitious target of doubling the size of the company by 2015. The company is on track to reach this target. Year-to-date revenues (Q3) are 32.2 per cent higher than in the first nine months of 2011. Now the company sees growth continuing beyond 2015.
"Based on our record high order backlog of almost NOK 60 billion, and an estimated 10 per cent annual growth rate in offshore spending over the next five years, Aker Solutions, with its current portfolio of business areas, has the potential to double its revenues again - from 2012 to 2017," says Øyvind Eriksen, executive chairman of Aker Solutions.
Margin improvement
The international oil services company today also outlines an ambition to increase its margins in parallel with the planned revenue growth. The aim is to increase the EBITDA margin further, up to approximately 15 per cent by the end of 2017.
"No-one should expect us to pursue revenue growth at the cost of profitability. Improvement in quality is the most significant contributor to the favourable development in Aker Solutions. Additionally, we will prioritise our financial and human resources harder than what we have done in the past, and develop a better balance in our portfolio of products and services," adds Øyvind Eriksen.
Aker Solutions maintains its dividend policy of 30 - 50 per cent of the net profit, either through cash dividend and/or share buy-back.
The presentation material for the Capital markets day is enclosed. All presentations will be available through a web cast on www.akersolutions.com.
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, E-mail: lasse.torkildsen@akersolutions.com
Media:
Ivar Simensen, Acting Chief Communications Officer, Aker Solutions. Tel: +47 67 59 41 90, Mob: +47 46 40 23 17, E-mail: ivar.simensen@akersolutions.com
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 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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