Aker Solutions Extends Growth Ambitions

Aker Solutions announce it is on track to meet its 2015 growth targets, with growth to continue into at least 2017.

The company made its announcement on its recent capital markets day, sayiing that in 2010, Aker Solutions set an ambitious target of doubling the size of the company by 2015. The company is on track to reach this target. Year-to-date revenues (Q3) are 32.2 per cent higher than in the first nine months of 2011. Now the company sees growth continuing beyond 2015.

"Based on our record high order backlog of almost NOK 60 billion, and an estimated 10 per cent annual growth rate in offshore spending over the next five years, Aker Solutions, with its current portfolio of business areas, has the potential to double its revenues again - from 2012 to 2017," says Øyvind Eriksen, executive chairman of Aker Solutions.

The international oil services company today also outlines an ambition to increase its margins in parallel with the planned revenue growth. The aim is to increase the EBITDA margin further, up to approximately 15 per cent by the end of 2017.

"No-one should expect us to pursue revenue growth at the cost of profitability. Improvement in quality is the most significant contributor to the favourable development in Aker Solutions. Additionally, we will prioritise our financial and human resources harder than what we have done in the past, and develop a better balance in our portfolio of products and services," adds Øyvind Eriksen.

The compamy maintains its dividend policy of 30 - 50 per cent of the net profit, either through cash dividend and/or share buy-back.

Aker Solutions business is to provide oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.