Profits Fall for Aker Solutions

Norwegian oil services company Aker Solutions has reported net income of NOK 33 million ($4 million), or NOK 0.08 in the second-quarter 2017, versus net income of NOK 131 million ($15.8 million), or 0.37 NOK in the prior-year comparable period.

The company has seen its revenue decline to NOK 5.4 billion in the quarter from NOK 7 billion a year earlier on weak market and as some projects move towards completion.

For the first six months of 2017 Aker Solutions generated revenue of NOK 10.6 billion, down form NOK 13.4 in the first six months last year.

In the ‘Projects’ segment Aker Solutions revenue dropped to NOK 4.2 billion in the quarter from NOK 5.5 billion a year earlier. Subsea revenue fell 44 percent versus last year to NOK 1.9 billion.

In the company’s ‘Services’ segment revenue fell to NOK 1.2 billion in the Q2 2017 from NOK 1.4 billion in Q2 2016, impacted by low activity in subsea services and a maturing production asset services.

Aker Solutions said it is bidding for contracts totaling about NOK 60 billion. The majority of these are in the subsea area, where the company said it anticipates several major greenfield projects to be awarded in the next 12 months.

At the end of the first quarter the order backlog was NOK 30.7 billion, of which NOK 7.7 million in Subsea, compared to close to NOK 35 billion at the end of the year-ago quarter. The order intake was NOK 3 billion versus NOK 3.4 billion a year earlier.

Subsea World News Staff

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