Aker Solutions
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oil service company Aker Solutions had a result before the down – and depreciation (ebitda) of nok 477 million in this year’s third quarter, reports the company on Friday. It was expected a profit of 470 million, according to estimates collected by SME Direkt for TDN Finans.
The Kjell Inge Røkke-co-owned the company delivers products and services for the oil and gas industry all over the world
We deliver another quarter with strong implementation capacity and operational improvements, and maintain stable margins amid continued challenges for the entire industry, ” says chief Luis Araujo, Aker Solutions, in a press release Friday.
Ahead of schedule
the Company says that it is ahead of schedule with respect to the effektivitetsforbedringsprogrammet which aims to improve efficiency by at least 30 per cent by the end of 2017. Half of the improvement is expected to be achieved by the end of the year. Previously expected the company to clear only a quarter of the improvement in the year.
Through the reorganization, the company is to simplify the business so that the workflow blr better.
the Company has around 15,000 employees, and has been through major cutbacks in the workforce after oljeprisfallet hit in 2014. In the year, the company has warned that up to 1500 jobs go. Aker Solutions reduced the capacity of 1,000 positions last year, half of which were in Norway.
margins
operating profit came in at 289 million in the third quarter after a turnover of six billion in the quarter. It was expected an operating profit of 245 million on a turnover of nok 6.4 billion.
In the same quarter last year was operating profit of 329 million. The operating margin, which is ebit in relation to revenue, came in at 4.8 per cent in this year’s third quarter, an improvement from 4.4 per cent in the same quarter last year.
operating profit was positively affected by special items at seven million. In comparison, last year’s operating profit was negatively influenced by special items of nok 121 million.
Excluding special items ended net operating income of 280 million, compared to 450 million in the same quarter last year.
the 3.5 bn in new order
the Turnover was down by around 1.5 billion in the quarter, compared with the corresponding quarter last year. The decrease was due to lower demand for oil-related services on a worldwide basis and a reduction in new orders.
the Company received orders for 3.5 billion in the quarter, including two maintenance and modification contracts from Statoil on the Troll and Outland in the north Sea.
Ordrebeholdningen was on the 31,67 billion at the end of the quarter, while it was expected a inventory 31,75 billion, according to estimates SME Direkt has collected for TDN Finans.
About 60 per cent of the portfolio relates to projects outside of the Uk, says the company.
Signs of improvement
the Outlook for the oil service sector is still challenging and the entire industry is still experiencing that projects are being postponed, ” states the company in a press release.
“There are some signs of improvement, primarily in mature fields, in line with expectations that oil prices will stabilize at a higher level in 2017. Cost-cutting in the industry has an effect, with balansepriser that come down on the projects, which perhaps will allow that some major developments will be adopted in the next 12 months,” writes the company.
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