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Aker Solutions records great profits with increased activities in Brazil and abroad

Paulo Nogueira
12-07-2018 08:59:42
in Uncategorized
Aker Solutions Brazil Profit

Norwegian oil services company Aker Solutions reported a rise in profits and revenues as its orders nearly doubled in the second quarter of 2018 compared with a year earlier, amid a rebound in activity.a

In its Q2 2018 report on Thursday, the Aker Solutions reported that its orders totaled NOK 5.7 billion (US $ 703 million) in the quarter, bringing the backlog to NOK 37 billion (US $ 4.6 billion), with the majority of projects coming from Norway. Revenue rose to NOK 6.3 billion in Q2 2018 from NOK 5.4 billion a year earlier, driven by increased North Sea modification work and continued progress on a number of key projects.

The company's net income rose to NOK 117 million from NOK 33 million in the same quarter a year earlier.

Aker Solutions noted that it is on track with its program to increase cost efficiency across the business by at least another 20% in the four years ending December 2021.

“While the market remains very competitive, activity is increasing as lower break-even costs and higher oil prices spur project sanctions,” said Aker Solutions CEO Luis Araujo.

“Our order volume in the quarter was almost double the same period a year ago and we are seeing high activity on offers in our main markets,” said Araujo.

Looking ahead, Aker Solutions said the outlook for oil services remains competitive and there is pressure on prices. Still, there are even more signs of recovery amid lower break-even costs and higher oil prices.

Brazil is one of the main assets

According to the company, bidding activity is high in the company's main markets. Aker Solutions is offering contracts totaling around NOK 50 billion. About two-thirds of these are in the subsea area, where the company expects some major projects to be awarded in the next six to 12 months, including in Brazil, the UK, Africa and Asia-Pacific.

Aker Solutions sees global revenue up by around 10% in 2018 from 2017, helped by strong first-half order intake and continued rise in bidding activity.  Want to work at Aker Solutions? Click here and access some company e-mails.

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Paulo Nogueira
With technical training, I worked in the offshore oil and gas market for a few years. Today, my team and I are dedicated to bringing information from the Brazilian energy sector and the world, always with credible and up-to-date sources.