UPDATE 3-Aker Solutions says outlook hazy, shares fall

* Analysts say EBITDA padded out by goodwill, other one-offs

* Say adjusted EBITDA below consensus

* Co needs more contracts to ensure stability until 2011

* Affirms 2009 EBITDA target

* Shares fall 5.7 pct on rising Oslo bourse

(Adds new quotes, scope of one-offs, details, shares)

By Ole Petter Skonnord and Joergen Frich

OSLO, Aug 13 (Reuters) - Norwegian engineering company Aker Solutions (AKSO.OL) said on Thursday the outlook for its core offshore business remained cloudy and its shares sank after adjusted second-quarter core earnings lagged forecasts.

The oilfield services sector has been hit hard by lower energy prices, which squeezed oil and gas producers and led to sharp cuts in investment, although some offshore companies are seeing better prospects with oil back at $70 per barrel.

Analysts said Aker Solutions' core result was padded out by unexpected positive changes in goodwill, inventory revaluations and operations at recent acquisitions Wirth GmbH, Aker Oilfield Services and Midsund Bruk.

"Adjusted for one-offs, the EBITDA (earnings before interest, tax, depreciation and amortisation) result is 10 percent below consensus expectations," Arctic Securities analyst Kjetil Garstad said. "I'm a bit disappointed," he said, but added that he still took a positive view of the stock.

Before adjustments, EBITDA stood at 1.19 billion Norwegian crowns ($190.7 million) in April-June, against 1.13 billion a year ago, and above an average forecast of 1.08 billion from a Reuters survey of 16 analysts.

Aker Solutions, which provides engineering and construction services for the offshore oil and gas industry as well as other sectors, said the one-offs boosted EBITDA by 253 million crowns.

"The offshore construction process has been hit relatively hard compared to the oil and gas business," Chief Executive Simen Lieungh told a news conference.

"The market outlook for (up to and including) 2010 is still uncertain," Lieungh said. "While we have a strong order backlog of 61.9 billion crowns, we need to secure our competitiveness and win more contracts to ensure the stability of our activity levels between now and 2011."

Shares in Aker Solutions were off 5.8 percent at 54.65 crowns at 0947 GMT, lagging a 0.8 percent rise on Oslo's .OSEBX index.

"That (share price fall) is justified. Results were below expectations," Paal Dahl at First Securities said, adding Aker Solutions' management had highlighted uncertainty in its outlook for 2010 and 2011. Aker Solutions affirmed its target for 2009 EBITDA of more than 4.5 billion crowns, up from 3.88 billion in 2008, but said that revenue from its core Subsea division would drop in the second half of this year compared to the first six months.

"We expect the revenue level to drop somewhat in the second half of the year", Chief financial officer Leif Borge told a news conference. The division had 7.6 billion crowns in revenues in the first half, up from 6.5 billion a year ago. ($1=6.240 Norwegian Crown) (With reporting by Wojciech Moskwa, Editing by Hans Peters and Simon Jessop)