Aker Solutions maintains growth ambition
8 December 2011 - Aker Solutions will today announce at the company's capital markets day that it is maintaining its ambition of 9-15 percent annual revenue growth for the period 2011-15 due to a favourable market outlook for the oil services industry. The company also maintains its ambitions of 3-4 percentage points EBITDA margin improvement by 2015.
The target for organic revenue growth is 6-10 percent per annum. The order intake has been strong over the past year, increasing Aker Solutions' order backlog by 23 percent (end of Q3 2011 vs Q3 2010). This growth reflects high activity levels in the markets where Aker Solutions operates, and the company expects continued strong markets and tender activity going forward.
"We missed some of our financial targets this year, and the world economy is associated with uncertainties, but our growth targets remain unchanged. The global energy trends project increased demand for oil and gas and high energy prices long term. Aker Solutions is positioned to grow on the back of this. Additionally, we have a potential to increase our market shares and the financial muscle to grow further through acquisitions or partnerships," says Øyvind Eriksen, executive chairman in Aker Solutions.
Aker Solutions is maintaining its ambitions of 3-4 percentage points EBITDA margin improvement by 2015. To facilitate both organic revenue growth and increased margins, the company will accelerate its investments in fabrication capacity and assets for its service businesses.
"We are accelerating our investments in technology and in strengthening our organisation, and we continue to address the quality issues we have identified in the company. This will make it challenging to secure a lift in margins in the near term, but we remain confident in the longer term margin improvement targets we have set out," says Øyvind Eriksen.
The presentation material for the Capital Markets Day is enclosed. All presentations will be available through webcast on www.akersolutions.com.
ENDS
For further information, please contact:
Media:
Geir Arne Drangeid, EVP Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 91310458
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
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
Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers
Career opportunities:
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.
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