Aker Solutions Posts 1Q 2013 Results

SeaDiscovery.com
Wednesday, May 08, 2013

Aker Solutions released its first quarter 2013 financial results.

Financial Highlights

Aker Solutions generated revenue of NOK 11.1 billion in the first quarter of 2013, compared with NOK 9.8 billion in the first quarter of 2012.

Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 868 million in the quarter, compared with NOK 1,040 million in the year-earlier period.

The EBITDA margin was 7.8 percent in the quarter, compared with 10.6 percent a year earlier.

Earnings per share (EPS) amounted to NOK 1.00 in the quarter.

The order intake was NOK 25.5 billion in the quarter, up from NOK 11.3 billion a year earlier.

The order backlog reached an all-time high of NOK 71.7 billion at the end of the quarter, an increase of 67 percent from a year earlier.

Key Developments

Earnings were impacted in the quarter by increased costs of about NOK 70 million at the Ekofisk Zulu platform project as work was accelerated to deliver the platform in mid-June. In addition, the umbilicals business area lost NOK 63 million in the quarter after Aker Solutions wrote down the value of several projects. The oilfield services and marine assets business area lost NOK 54 million as the vessels Aker Wayfarer and Skandi Aker were idle.

The company's order backlog was bolstered by new contract awards for subsea production systems in key markets such as Brazil, West Africa and Norway. The subsea business accounted for 27 percent of total revenue at the end of the first quarter, followed by the maintenance, modifications and operations business with 26 percent and the drilling technologies business with 21 percent.

Positive Long-Term Trend

Demand for Aker Solutions' products and services remains high in most regions. Tendering activity is also strong.

"The long-term trend in our main markets is positive," says Øyvind Eriksen, executive chairman of Aker Solutions. "At the same time, we have recently seen that some customers are taking longer to make final decisions to award contracts. This makes it more difficult to predict short-term market developments."

As communicated in a stock exchange release on 29 April, Aker Solutions expects earnings to be higher in the third and fourth quarters of 2013 compared with the same quarters a year earlier. The expectations are based in part on anticipated contract awards, particularly within the subsea business area.

www.akersolutions.com

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

People & Company News

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

NAO Expedition to Study Walruses

From Naryan-Mar complex expedition started "Investigation Atlantic walrus habitat" for the study of animal southeastern Barents Sea. The expedition of seven

Rolls-Royce Takes Davies on Board

Rolls-Royce today announces the appointment of Alan Davies as a Non-Executive Director. He will join the Board with effect from 1 November 2015 and will become

Finance

WGMA Urges Participation in Menhaden Survey

The West Gulf Maritime Association (WGMA) is urging its members with ships arriving at any port in the western US Gulf to participate in the Menhaden survey.

ExxonMobil 3Q Dividend Unchanged

The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of 73 cents per share on the Common Stock, payable on September 10, 2015 to

South Korea Okays Casinos on Cruise Ships

South Korea has given the go-ahead for cruise ships to operate onboard casinos for foreign guests, , reports the Korea Joongang Daily newspaper.   South Korean

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.4367 sec (2 req/sec)