Aker Solutions ASA: Q3 2012 Results

Press Release
Friday, November 02, 2012

Aker Solutions' operating revenues were NOK 11 158 million in the third quarter of 2012.

Year-to-date revenues are 32 percent higher than in the first nine months of 2011. Quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1,122 million with a margin of 10.1 percent.

"The quarter can be summarized in three headlines: continued stable operational performance, strong order intake and a number of breakthrough contracts," said Øyvind Eriksen, executive chairman of Aker Solutions.

The order intake in the quarter was NOK 16.9 billion. Order backlog at the end of the quarter stood at NOK 59.7 billion, an increase of 44 percent from the beginning of the year.

"For today's Aker Solutions - as a streamlined provider of oilfield products, systems and services - our order backlog is at its highest level ever. Furthermore, the backlog stretches over several years, thereby providing greater visibility of future operations. We remain on track to reach our objective of doubling in size from 2010 to 2015," adds Eriksen.

Aker Solutions were awarded some major contracts during the third quarter. The company signed a USD 250 million deal with Total E&P Angola to provide deepwater well intervention services from the Skandi Aker vessel. A contract was also won to deliver complete drilling equipment packages for six deepwater drillships being built by Jurong Shipyard for the Brazilian market.

Additionally, Aker Solutions was selected as management contractor to provide offshore construction and maintenance services to Brunei Shell Petroleum Co for NOK 2.3 billion.  "Just as important as the size and value of these three contracts is that they represent significant market breakthroughs in their respective segments. They are a result of long-term strategies and investments to get ourselves into winning positions," says Øyvind Eriksen.

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