Aker Solutions ASA: third quarter results 2012

Fri Nov 2, 2012 2:01am EDT

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2 November 2012 - Aker Solutions' operating revenues were NOK 11 158 million in the third quarter of 2012. Year-to-date revenues are 32 per cent higher than in the first nine months of 2011. Quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1 122 million with a margin of 10.1 per cent.

"The quarter can be summarised in three headlines: continued stable operational performance, strong order intake and a number of breakthrough contracts," says Øyvind Eriksen, executive chairman of Aker Solutions.

The order intake in the quarter was NOK 16.9 billion. Order backlog at the end of the quarter stood at NOK 59.7 billion, an increase of 44 per cent from the beginning of the year.

"For today's Aker Solutions - as a streamlined provider of oilfield products, systems and services - our order backlog is at its highest level ever. Furthermore, the backlog stretches over several years, thereby providing greater visibility of future operations. We remain on track to reach our objective of doubling in size from 2010 to 2015," adds Eriksen.

Aker Solutions were awarded some major contracts during the third quarter. The company signed a USD 250 million deal with Total E&P Angola to provide deepwater well intervention services from the Skandi Aker vessel. A contract was also won to deliver complete drilling equipment packages for six deepwater drillships being built by Jurong Shipyard for the Brazilian market.

Additionally, Aker Solutions was selected as management contractor to provide offshore construction and maintenance services to Brunei Shell Petroleum Co for NOK 2.3 billion.

"Just as important as the size and value of these three contracts is that they represent significant market breakthroughs in their respective segments. They are a result of long-term strategies and investments to get ourselves into winning positions," says Øyvind Eriksen.

ENDS

For further information, please contact:

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194.

Media:
Ivar Simensen, Acting Chief Communications Officer, Aker Solutions. Tel: +47 67 59 41 90, Mob: +47 46 40 23 17, Email: ivar.simensen@akersolutions.com

Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions provides 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.

Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 25 000 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers' solutions.

Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.

This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.





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Source: Aker Solutions ASA via Thomson Reuters ONE

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