Aker Solutions' Subsea Business Does Best in Q3 2013
Aker Solutions ASA publish their third-quarter results 2013 showing a fairly even performance in the group's sectors, but in subsea widening its profit margin to 10.9 percent from 8.7 percent a year earlier. Sales were NOK 10.9 billion in the third quarter of 2013, compared with NOK 11.2 in the third quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1.07 billion in the quarter, compared with NOK 1.12 billion in the year-earlier period. The EBITDA margin was 9.8 percent in the quarter, compared with 10.1 percent a year earlier.
Aker Solutions to Provide Services to Statoil
Aker Solutions has entered a long-term agreement with Statoil to provide a full range of heavy well intervention and light-drilling services on the Norwegian continental shelf. The contract period is for eight years with options for three further two-year periods (2+2+2). The contract’s value for the initial eight-year period is approximately USD 1.9 billion. Work will be performed from a new build Category B well intervention rig, which will be owned and operated by Aker Solutions' subsidiary Aker Oilfield Services. "Aker Oilfield Services was set up five years ago to develop cost-effective solutions for vessel-based intervention services,” said Øyvind Eriksen, executive chairman, Aker Solutions.