Loss Widens for Aker Solutions

Norwegian oil services company Aker Solutions has reported net loss of NOK 268 million, or NOK 1.07 in the fourth quarter 2016, versus net loss of NOK 250 million, or 0.83 NOK a year earlier.

The earnings were negatively impacted by special items of NOK 574 million, of which NOK 130 million is related to costs of reducing capacity and restructuring, and NOK 414 million in impairment charges on technology and plant property, the company noted.

Revenue declined to NOK 6.1 billion in the quarter from NOK 7.9 billion a year earlier on continuously weak market. Full-year revenue fell to NOK 25.6 billion in 2016 from NOK 31.9 billion the prior year.

In Subsea segment Aker Solutions revenue dropped to NOK 3.4 billion in the quarter from NOK 4.8 billion a year earlier.

In the company’s Field Design segment, which includes MMO and Engineering, revenue fell to NOK 2.8 billion in the Q4 2016 from NOK 3.2 billion in Q4 2015.

At the end of the fourth quarter the order backlog was NOK 31.2 billion, compared to close to NOK 40 billion at the end of the year-ago quarter. The order intake was NOK 4.1 billion versus NOK 6.4 billion a year earlier.

Aker Solutions ended the 2016 in profit of NOK 152 million, down some 60 per cent from profit in 2015.

The company’s board has proposed no dividend payment for 2016 amid continued uncertainty about the outlook for the oil and gas industry.

Subsea World News Staff

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