The company generated revenues of NOK 11.9Bn ($1.97bn) in the second quarter of 2013, similar to the same period last year. EBITDA amounted to NOK946 in the quarter, compared with NOK 1.36Bn in the year-earlier period, the company said in a statement.
Aker Solutions' earnings for the second quarter of 2013 were impacted by low capacity utilisation in the engineering business as new orders waned. "Aker Solutions in the second quarter resolved execution problems that led to weak results at the start of the year," said chairman Øyvind Eriksen. "We delivered on key projects, including the Ekofisk Zulu platform to ConocoPhillips, and seven umbilical systems, and reduced the risks in our portfolio."
Performance in the three largest business areas - subsea, drilling technologies and maintenance, modifications and operations - were stable in the second quarter.
Aker Solutions said it experienced robust demand for its products and services in most markets and is well-positioned in the fast-growing deepwater segment. Tendering activity is high. At the same time, oil companies have delayed some projects amid cash flow concerns, increasing uncertainty about future investments and the timing of contract awards to oil-services providers.
Capacity utilisation at the company's new engineering hubs in the UK and US was low in the second quarter after the loss of several large contract bids in late 2012 and early 2013. "We see several big opportunities ahead for engineering," Eriksen said. "The current high level of activity in conceptual work indicates a new wave of engineering projects in the years to come."
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