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Aker Solutions earnings jump on strong market demand

Industry

Norway-based Aker Solutions has posted strong Q2 2012 results as the engineering firm saw strong demand for its services in most regions of the world with global oil and gas market activity remaining high

 

Aker Solutions said Q2 2012 earnings before interest, taxes, depreciation and amortisation rose 113 per cent to US$229.6mn. Operating revenues hit US$2bn in Q2 2012 and US$3.6bn for the first six months of 2012, which is 33 per cent higher than in the same period in 2011.

"We are pleased to see revenue and margin growth in almost all business segments. This is a reflection of continued improved operational performance in a strong global oil and gas market," said Aker Solutions executive chairman Øyvind Eriksen.

The strong tendering activity in the industry is seen in the company’s order backlog, which jumped by 26 per cent to US$9.13 billion in Q2 2012.

Aker Solutions is taking advantage of the opportunities available in the oil and gas market with acquisitions and investments in the second quarter. The company agreed to acquire NPS Energy for US$460mn, which was part of oilfield services company National Petroleum Services. NPS Energy offers well intervention services and has a strong presence in the Middle East and Africa.

"The acquisition of NPS Energy is particularly important, as this will give Aker Solutions a strong presence and distribution platform for our broad portfolio of products and services into the world's most prolific oil and gas region - the Middle East and North Africa," concluded Eriksen.

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