Third quarter results 2010: steady performance
Aker Solutions reported an EBITDA of NOK 880 million in third quarter 2010 compared with NOK 1 008 million in the same quarter last year. Order backlog at the end of September 2010 was NOK 58.5 billion, up from NOK 56.4 billion one year earlier
"The backlog stands at a satisfactory level. We have secured some very significant new orders in the quarter. We have had growth in existing contracts, and activity in front-end studies and concept engineering is high. All business areas are busy tendering for new contracts, but we have experienced that some contract awards have been delayed ", Executive Chairman Øyvind Eriksen says.
Last week Aker Solutions announced delays and additional costs on the Longview coal fired power project in the US. As a consequence of this, the Process & Construction (P&C) business area reported an EBITDA of negative 10 million in the third quarter.
"In terms of operations and financial results, our performance is steady with the exception of the unfortunate situation at Longview", Eriksen adds.
The executive chairman also comments that Aker Solutions is nearing completion of a comprehensive strategy process and that the company has started to implement changes in direction, structure and management.
"We will talk more about strategy later this year at our capital markets day which we now have fixed for 9 December", Eriksen concludes.
More information
Aker Solutions' third quarter report can be downloaded from www.akersolutions.com and the link below. A presentation will be held at our headquarters at Fornebu and broadcast on the web at 09:00 this morning. Please follow this link to watch the webcast: http://cikmedia.serialive.com/no_cast.php?id=56443
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;
Ingrid Aarsnes, VP Investor Relations, Aker Solutions, Tel: +47 22 94 63 37, Mob: +47 950 38 364
Media: Geir Arne Drangeid, EVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 977 55 622
Career opportunities: visit http://www.akersolutions.com/CareerCentre
Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. 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 54 billion and employs approximately 22 000 people in about 30 countries.
Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. Through its majority-owned holding company Aker Holding AS, Aker controls 40.27 percent of the shares in Aker Solutions, and takes an active role in the development of the company.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages
www.akersolutions.com.