Aker Sees Robust Demand Following Q2 2013 Slip

MarineLink.com
Tuesday, August 27, 2013

Aker Solutions ASA second-quarter results 2013 show earnings, order intake down slightly, but little cause for concern on the horizon

Financial highlights

  • Aker Solutions generated revenue of NOK 11.9 billion in the second quarter of 2013, compared with NOK 11.9 billion in the second quarter of 2012.
  • Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 946 million in the quarter, compared with NOK 1.36 billion in the year-earlier period.
  • The EBITDA margin was 7.9 percent in the quarter, compared with 11.4 percent a year earlier.
  • Earnings per share (EPS) were NOK 0.44 in the quarter, down from NOK 2.50 a year earlier.
  • The order intake was NOK 10.9 billion in the quarter, compared with NOK 12 billion a year earlier. The prior-year figure excludes a Category B rig contract of NOK 11 billion that was cancelled in June.
  • The order backlog was NOK 59.8 billion at the end of the quarter. The year-earlier backlog, excluding the Category B contract, was NOK 43.1 billion.

Aker Solutions' earnings for the second quarter of 2013 were impacted by low capacity utilisation in the engineering business as new orders waned. The result was also pushed down by idle-time at the Aker Wayfarer and the Skandi Aker vessels as well as a minor loss in the umbilicals business. The June cancellation of the Category B rig contract led to a one-time cost of NOK 375 million, of which NOK 361 million was recognised as an investment impairment and the rest booked as an operating cost.

"Aker Solutions in the second quarter resolved execution problems that led to weak results at the start of the year," said Executive Chairman Øyvind Eriksen. "We delivered on key projects, including the Ekofisk Zulu platform and seven umbilical systems, and reduced the risks in our portfolio."

Outlook
Aker Solutions experiences robust demand for its products and services in most markets and is well-positioned in the fast-growing deepwater segment. Tendering activity is high. At the same time, oil companies have delayed some projects amid cashflow concerns, increasing uncertainty about future investments and the timing of contract awards to oil-services providers.
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Naming Ceremony of Evergreen's EVER LYRIC

Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place

Finance

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Underwater Engineering

Taylor to Chair NOIA Board

The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term.

China Constructing Sea Outposts, US Warns

The U.S. military commander for Asia warned that, China could eventually deploy radar and missile systems on outposts it is building in the South China Sea that

Murmansk Region Head for Zoning Arctic Territories

Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1540 sec (6 req/sec)