Aker Solutions ASA: Second-Quarter Results 2015
(Thomson Reuters ONE) -
July 15, 2015
Financial Highlights
* Sales NOK 8 billion in 2Q 2015 vs NOK 8.1 billion in 2Q 2014
* Earnings before interest, taxes, depreciation and amortization (EBITDA) NOK
547 million vs NOK 608 million a year earlier
* EBITDA margin 6.8% vs 7.5% a year earlier
* EBITDA margin ex. one-off items 7.6% vs 7.5% a year earlier
* EBIT NOK 376 million vs NOK 472 million a year earlier
* EBIT margin 4.7% vs 5.9% a year earlier
* EBIT margin ex. one-off items 5.5% vs 5.9% a year earlier
* Earnings per share (EPS) NOK 0.73 vs NOK 1.41 a year earlier
* Order intake NOK 3.4 billion vs NOK 21.4 billion a year earlier (includes
NOK 14 billion Kaombo contract)
* Order backlog NOK 44 billion vs NOK 53.9 billion a year earlier
Aker Solutions' revenue was steady at NOK 8 billion in the second quarter of
2015 from a year earlier amid progress on major projects from Africa to Norway
and Brazil. Earnings before interest and taxes (EBIT) were NOK 376 million,
compared with NOK 472 million a year earlier.
Aker Solutions secured NOK 3.4 billion in orders in the quarter, including a key
maintenance, modifications and operations contract from ExxonMobil for
engineering, procurement, construction and maintenance services at the Hebron
oilfield offshore Canada. The company won strategically significant orders for
early-phase studies for existing and potential offshore field developments in
Malaysia, Australia, the Gulf of Mexico and Norway, including the Barents Sea.
The order backlog was NOK 44 billion at the end of the quarter, about two-thirds
of which was for projects to be delivered outside Norway.
"Our strong order backlog and growing international presence stand us well as
markets continue to be challenging with many clients exercising strict capital
control," said Luis Araujo, chief executive officer of Aker Solutions. "We made
good progress in the quarter on major projects and also benefited from
improvement programs across the business."
Results were impacted by overcapacity costs in the MMO workforce and a NOK 58
million provision to cover lease costs for vacant office space. Declining demand
for subsea services in the North Sea weighed on the results. The developments
were partly offset by operational improvements and better capacity utilization
in the engineering business. The EBIT margin narrowed to 4.7 percent from 5.9
percent a year earlier, while excluding one-off items that margin was 5.5
percent in the quarter. The EBITDA margin excluding one-off items widened to
7.6 percent from 7.5 percent.
The company in the quarter also agreed with Baker Hughes to cooperate on early-
phase studies to help customers improve the economics and value of oil and gas
field developments. Initial customer studies are under way.
Reporting Segments
Aker Solutions has two reporting segments: Subsea and Field Design. Subsea
revenue increased in the second quarter to NOK 4.8 billion from NOK 4.7 billion
a year earlier, helped by major projects in Angola, Congo and Brazil. The EBIT
margin narrowed to 7.1 percent from 9.1 percent a year earlier amid high
tendering costs and declining demand for subsea services in Norway.
Sales in Field Design, which consists of Engineering and MMO, declined to NOK
3.3 billion in the quarter from NOK 3.4 billion a year earlier. The EBIT margin
widened to 4.9 percent in the quarter from 3.8 percent a year earlier, boosted
by strong execution and improved capacity utilization in Engineering, as well as
lower capacity costs in MMO.
Aker Solutions in June announced that it would adjust capacity at its subsea
services facility in Ågotnes, Norway, by as many as 200 positions to counter a
market slowdown. The company has since 2014 also reduced its Norwegian MMO
workforce and will remain vigilant on capacity in all parts of the business.
The long-term fundamentals for growth are still robust as demand for Aker
Solutions' offshore products and services is seen growing while output from
existing fields declines and new developments become more complex. The company
expects to grow in key markets in the medium term and aims to at least maintain
its market share in all business areas. Margins will remain stable in
Engineering and gradually recover in MMO. In Subsea, the aim is to move toward
peer-group margin levels.
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(at)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(at)akersolutions.com
Investors:
David Phillips, Head of Industry & Investor Relations, Aker Solutions. Tel:
+44 208 811 7111, Mob: +44 7788 338 887, E-mail:
david.phillips(at)akersolutions.com
Lasse Torkildsen, Senior Advisor, Aker Solutions. Tel: +47 67 51 30 39, Mob:
+47 911 37 194, E-mail: lasse.torkildsen(at)akersolutions.com
Career opportunities:
Visit http://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 to www.akersolutions.com for more information
on our business, people and values.
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.
2Q 2015 Presentation:
http://hugin.info/163509/R/1938753/699109.pdf
2Q 2015 Report:
http://hugin.info/163509/R/1938753/699108.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Aker Solutions ASA via GlobeNewswire
[HUG#1938753]
Unternehmensinformation / Kurzprofil:
Datum: 15.07.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 406844
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contact information:
Town:
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Kategorie:
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