published Sat, February 18, 2012
Revenue rises and a bigger backlog for Aker
Aker Solutions has raised its game by reporting an 18% rise in revenue and a big boost to its order book during the fourth quarter last year which it says is evidence of rising activity in the oil and gas sector.
According to Offshore.no, operating revenue was up to NOK
11.6 billion (US $2.027 bn) in the fourth quarter 2011 from NOK
9.794 bn in the previous year.
Profit for the period was slightly up to NOK 684 million from
NOK 561 million in 2010.
Also Aker's order intake in the fourth quarter last year was
worth NOK NOK 7.9 bn, giving the contractor a total order backlog
of 41.449 bn at the end of last year.
For the full year, Aker Solutions reported operating revenue up
slightly at NOK 36.474 bn from NOK 33.265 bn, and its profit for
the period more than doubled to NOK 5.254 bn from NOK 2.010 bn in
2010.
This was the first full year of results for Aker Solutions
following the demerger of Kvaerner ASA which listed separately on
the Oslo Stock Exchange in the second quarter last year.
"Our financial performance in the fourth quarter reflects both
the buoyant state of the oil and gas sector and improvements in our
operational performance," declared Aker Solutions chairman Øyvind
Eriksen. "We can see the result of some of the necessary changes we
have implemented, but our full year earnings are still influenced
by the quality issues we faced in 2011. But overall, I see the
fourth quarter numbers as the first sign that we are on the right
track," Eriksen said.
Date: 18/02/2012