Bli medlem
Bli medlem

Du är här

2015-04-29

Aker Solutions ASA: First-Quarter Results 2015

April 29, 2015

Financial Highlights

* Sales NOK 8.5 billion in 1Q 2015 vs NOK 7.5 billion in 1Q 2014
* Earnings before interest, taxes, depreciation and amortization (EBITDA) NOK
591 million vs NOK 666 million a year earlier
* Earnings before interest and taxes (EBIT) NOK 409 million vs NOK 521
million a year earlier
* EBIT margin 4.8% vs 7% a year earlier
* EBIT margin ex. one-off items 5.8% vs 7% a year earlier
* Earnings per share (EPS) NOK 0.79 vs NOK 1.03 a year earlier
* Order intake NOK 9 billion vs NOK 5.9 billion a year earlier
* Order backlog NOK 48.3 billion vs NOK 39.6 billion a year earlier

Aker Solutions' revenue rose 14 percent to NOK 8.5 billion in the first
quarter of 2015 from a year earlier, boosted by progress on major projects
from Angola to Brazil and Norway. Earnings before interest and taxes (EBIT)
fell 22 percent to NOK 409 million in the quarter from a year earlier. The
EBIT margin in the same period narrowed to 4.8 percent from 7 percent.

Earnings were impacted by costs of overcapacity in the maintenance,
modifications and operations (MMO) workforce, a NOK 52 million provision to
cover lease costs for vacated office space and a NOK 26 million write-off on
some subsea technology. The results were also affected by a slow start to the
year for subsea services, particularly in the North Sea, and some unfavorable
outcomes of late-stage commercial discussions on a few subsea projects. These
developments were partly offset by operational improvements and better
capacity utilization in the engineering business. Excluding one-off items,
the EBIT margin was 5.8 percent in the quarter.

Aker Solutions secured NOK 9 billion in orders in the quarter, including a NOK
4.5 billion five-year contract from Statoil to provide engineering,
procurement and management assistance (EPMA) services at the Johan Sverdrup
oilfield in the North Sea. The company also won an order from Statoil for
concept studies on future phases of the development. This helped boost the
order backlog to NOK 48.3 billion at the end of the quarter from NOK 39.6
billion a year earlier. About two-thirds of the backlog came from projects to
be delivered outside Norway.

"The markets continued to be challenging as many of our major clients remain
vigilant in how they allocate their capital,'' said Luis Araujo, Aker
Solutions' chief executive officer. "Still, our healthy order backlog puts
us in a strong position as we face this uncertain outlook. We made good
progress in the quarter on major projects and also benefited from improvement
programs across the business."

Aker Solutions has two reporting segments: Subsea and Field Design. Subsea
revenue rose 24 percent in the quarter to NOK 5.1 billion from a year
earlier, driven mainly by progress on major projects in Angola, Congo and
Brazil. The EBIT margin narrowed to 7 percent in the quarter from 7.2 percent
a year earlier.

Sales in Field Design, comprising the engineering and MMO units, rose 2
percent from a year earlier to NOK 3.5 billion in the quarter. The EBIT
margin in the same period narrowed to 4.4 percent from 6.8 percent as
improved engineering margins were offset by weaker MMO results.

Aker Solutions in February announced plans to reduce its Norwegian MMO
workforce by a potential 300 employees in 2015 through normal turnover,
reassignments to other parts of the business and dismissals. This followed
adjustments last year as activity in the Norwegian MMO market declined.

Underlying factors that support a positive long-term outlook for offshore and
deepwater oil and gas developments remain in place. The company will benefit
in the long term from a shift toward more complex offshore resources. Aker
Solutions maintains a medium-term guidance to grow with its key markets and
at least maintain market share in its core subsea, engineering and MMO
businesses. In subsea, the aim is to gradually move toward peer-group margin
levels. Margins in engineering are expected to remain robust and they are
anticipated to gradually recover in MMO.

ENDS

For further information, please contact:

Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel: +47 67 59
42 71, Mob: +47 480 27 575, E-mail:bunny.nooryani@akersolutions.com

Anne Cecilie Lund-Andersen, Media Relations Manager, Aker Solutions. Tel: +47
22 94 74 52, Mob: +47 99 62 12 13,
E-mail:anne.cecilie.lund-andersen@akersolutions.com

Investor relations:
David Phillips, Head of Industry&Investor Relations, Aker Solutions. Tel: +44
208 811 7111, Mob: +44 7788 338 887, E-mail:david.phillips@akersolutions.com

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30
39, Mob: +47 911 37 194, E-mail:lasse.torkildsen@akersolutions.com

Career opportunities:
Visithttp://www.akersolutions.com/careers

Aker Solutions
is a global provider of products, systems and services to the oil and gas
industry. Its engineering, design and technology bring discoveries into
production and maximize recovery. The company employs approximately 17,000
people in about 20 countries. Go towww.akersolutions.comfor more information
on our business, people and values.

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

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

1Q 2015 Report
http://hugin.info/163509/R/1916182/685111.pdf
1Q 2015 Presentation
http://hugin.info/163509/R/1916182/685124.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aker Solutions ASA via Globenewswire

HUG#1916182

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.