Aker Solutions ASA: Second quarter results 2012

Aker Solutions' operating revenues were NOK 11.9 billion in the second quarter and NOK 21.7 billion for the first six months of 2012. The latter is 33 per cent higher that the same period in 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding non-recurring items, amounted to NOK 1 192 million with an adjusted margin of 10.0 per cent. Including non-recurring items, which includes a NOK 165 million gain related to sale of real estate, EBITDA for the quarter was at NOK 1 357 million.
"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," says Oyvind Eriksen, executive chairman in Aker Solutions.
Order intake in the quarter was NOK 23.0 billion, bringing the order backlog to NOK 54.1 billion, an increase of 31 per cent from the beginning of the year. The biggest contract signed in the second quarter is the NOK 11 billion contract to provide well intervention services to Statoil from a newbuild Cat B intervention rig for eight years starting in 2015.
Aker Solutions has announced significant acquisitions and investments in the second quarter. The company targets the Middle East and North Africa through the USD 460 million acquisition of NPS Energy. Capacity in the drilling technologies business will be increased significantly through a new USD 100 million service site in Brazil, and a new USD 60 million manufacturing facility for subsea umbilicals will be built in Malaysia.
"The oil and gas market is buoyant and tendering activity remains high. We are making these and several other investments to support our customers and capitalise on the opportunities available," Eriksen says.
"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. These are truly exciting times for Aker Solutions," concludes Eriksen.
Source: Aker Solutions