Aker Solutions: performing well in declining markets

August 13, 2009 – Aker Solutions’ second quarter results show consolidated revenues of NOK 14.3 billion and an EBITDA of close to NOK 1.2 billion. EBITDA margin for the quarter was 8.3 percent and order intake was NOK 20.1 billion.“These results show that we are on track to deliver according to plan in 2009. In this period of continued uncertainty we are pleased to show a strong order intake, adding large and strategically important new contracts to our order backlog,” says Simen Lieungh (photo), President & CEO of Aker Solutions.

The Subsea business area recorded high levels of activity with operating revenues close to NOK 4 billion. An EBITDA of NOK 507 million represents a growth of 35 percent compared to same period last year, giving an EBITDA margin of 12.8 percent for the quarter. The Products & Technologies business area delivered revenues of NOK 3.1 billion, with an EBITDA of NOK 403 million and EBITDA margin of 13.1 percent.

The Process & Construction business area experienced a severe downturn, as its markets for process and construction services have shown particular vulnerability. The Energy Development & Services business area delivered below expectations, due in large part to additional costs associated with finalising the delivery of the H-6e rigs. At the same time, the business area secured a very significant order intake with contracts for the Kashagan field and the gravity base structure (GBS) part of the Sakhalin-1 project.

“The market outlook for 2010 is still uncertain. While we have a strong order backlog of NOK 61.9 billion, we need to secure our competitiveness and win more contracts to ensure the stability of our activity levels between now and 2011,” says Lieungh.

Source: Aker Solutions

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