Better than expected for Aker Solutions

Aker Solutions won the Lundin-contractAker Solutions.Photo Norway Today Media

Revenues for Aker Solutions fell by about NOK 1.5 billion during the third quarter of this year compared with the same period last year. Nevertheless, the result was better than analysts expected.

The results presented by the group on Friday shows that operating revenues totalled NOK 5.987 million compared to NOK 7.484 million for the same quarter last year.

This corresponds to a fall of approximately 20 percent compared with the third quarter last year, which was expected due to the situation in the oil industry.

Order reserves have also diminished to NOK 31.7 billion compared to NOK 40.7 billion during the same period last year.

The operating profit was NOK 286 million, down from NOK 329 million during the same period last year.

– We delivered another quarter of strong execution capabilities and operational improvements and maintain stable margins amidst the continued challenges for the entire industry, says CEO Luis Araujo in a statement to the press.

The company profit before tax was NOK 177 million compared to NOK 315 million during the Q3 last year.

Since 2014, Aker Solutions has reduced their work force by approximately one quarter of their employees and an additional reduction of 1,500 employees will be made this year. Cost cuts continue, and the goal is a total reduction of NOK 9 billion by the end of 2017.


Source: NTB scanpix / Norway Today