Aker Solutions 3Q Results

Friday, October 24, 2008

  • Good operations, steady performance (EBITDA increased by 15%, EBITDA margin of 8.5%)
  • 12 drilling equipment packages awarded YTD 2008
  • Strategically important agreements on Kashagan and Ekofisk
  • 100 percent ownership of Aker Marine Contractors
  • Structural changes in Subsea and P&T business areas

Aker decided to change the set-up of the two business and Products & Technologies to reinforce its deepwater position.

The changes involve an integration of Aker Marine Contractors and our Well Service and Geo business units into the Subsea business area. In combination with our ownership and cooperation with Aker Oilfield Services, the new structure will also leverage Aker’swell intervention services offering. Until now these business units have been part of the Products & Technologies business area. In addition the drilling riser business will be transferred from Subsea to the Products & Technologies business area.

On 22 August Aker Solutions ASA acquired an additional 30 percent of the shares in Aker Marine Contractors from for USD 80.30 million. Another 10 percent of the shares were acquired on 22 October for USD 26.76 million from Aker Capital. After these transactions Aker Marine Contractors is a fully owned subsidiary of the group.

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