Aker Kvaerner Posts Record High Results

July 31, 2006

Aker Kvaerner reported record high operating results in the period. The EBITDA for the second quarter of $119m, is an increase of 66 percent compared to the second quarter of 2005. New contract awards in the Subsea, Product & Technology segment and growth in existing contracts, resulted in a $2.5b order intake and an order backlog of $9b at the end of June 2006. Revenues in the second quarter totaled $2.3b, an increase of 44 percent compared with the same quarter last year, reflecting strong markets and high activity in all reporting segments. EBITDA for the three-month period was $119m represents an increase of 66 percent from $71m in the second quarter 2005. The quarterly EBITDA margin was 5.2 percent compared to 4.5 percent in the second quarter last year. Cashflow from operating activities was $27.5m in the second quarter, reflecting a $205.6m increase in net current operating assets. Cash and bank deposits at the end of June amounted to $1b. The liquidity buffer, including undrawn credit facilities of $357m, was a comfortable $1.4b. The company's market capitalization was $5b, an increase of $1.5b from year end 2005. A total of 25 million Aker Kvaerner shares were traded on the Oslo Stock Exchange during the second quarter, which constitutes 45 percent of total outstanding shares.

Aker Kvaerner Posts Record High Results

Related News