• 2017 October 22 15:42

    Aker Solutions ASA posts results for Q3 2017

    Aker Solutions delivered strong execution on major projects globally in the third quarter of 2017 and made good progress on improvement efforts that supported margins, the company said in its press release.

    The company has completed 90 percent of a program aimed at increasing cost-efficiency across the business by at least 30 percent by the end of this year. It is now also targeting an additional improvement of minimum 20 percent by the end of 2021. This compares with the company's 2015 costs and work volumes.

    The company in the quarter won 13 study awards for front-end engineering, giving a record of 84 studies in the first nine months of the year. That compares with a previous high of 81 studies in 2016.

    Orders totaled NOK 2.6 billion in the quarter and included a framework agreement from Shell for brownfield modifications services and maintenance support at the Nyhamna and Draugen facilities in the Norwegian Sea as well as a contract from Statoil for front end engineering and design of a module to increase gas output at the North Sea Troll field. This includes an option for engineering, procurement, construction and installation of the module. The backlog was NOK 27.2 billion at the end of the quarter, about half of which was for projects outside Norway.

    Revenue fell to NOK 5.4 billion in the quarter from NOK 6 billion a year earlier amid the global market slowdown and as some projects neared completion. Earnings before interest, taxes, depreciation and amortization (EBITDA) were NOK 401 million in the quarter, compared with NOK 477 million a year earlier. The EBITDA margin was 7.4 percent versus 8 percent a year earlier. Excluding special items, the margin was 7.8 percent compared with 7.9 percent a year earlier.

    Aker Solutions has two reporting segments: Projects and Services. Revenue in Projects declined to NOK 4.2 billion in the quarter from NOK 5 billion a year earlier amid generally lower market activity and on some projects nearing completion.

    The EBITDA margin was 7.6 percent in the quarter versus 8 percent a year earlier. Revenue in Services rose to NOK 1.2 billion in the quarter from NOK 1 billion a year earlier, driven mainly by growth from the acquisition of C.S.E. Mecânica e Instrumentação in Brazil in December last year. The EBITDA margin expanded to 13.5 percent in the quarter from 11.3 percent a year earlier, helped by strong operational performance and high installation and commissioning activity.




2018 June 20

18:00 Lead landing ship of Project 11711, Ivan Gren, joins the fleet of RF Navy
17:33 Rosatomflot extends its winter-spring navigation period amid challenging ice conditions
17:05 Genco Shipping & Trading Limited completes common stock offering
16:05 Seatruck Ferries to use larger vessels for Warrenpoint service
15:51 Maritime leaders endorse green initiatives for shipping
15:30 Mitsui to make entry into subsea support vessel business through acquisition of shares in AKOFS Offshore
15:04 Eighty-two Crowley vessels honored with Jones F. Devlin Awards in recognition of 613 combined years of safe operations
14:59 GasLog Partners LP announces new charter agreement with Cheniere Energy
14:24 Small icebreakers of Project 22740 can be converted to run on LNG
14:05 Cheniere Energy and Cheniere Energy Partners announce definitive merger agreement
13:13 ABB brings efficiency and sustainability through system integration to two new Indian ferries
12:39 Dredging works commenced at the port of Ust-Luga
12:01 ABP Southampton publishes Air Quality Strategy with package of commitments
11:20 Bunker prices are down up at the port of Novorossiysk, Russia (graph)
11:01 Crowley adds 40 ISO tanks
10:45 Yaroslavsky Shipbuilding Plant completed the series of six boom-laying boats
10:31 GTT receives an order from Hyundai Heavy Industries to design the tanks of a new LNG carrier
10:22 Brent Crude futures price up 0.41% to $75.41, Light Sweet Crude – down 0.59% to $65.3
10:05 Euroports increases pulp & paper warehousing capacity in Tarragona, Spain
10:00 RF Government expands the list of publicly funded projects in seaports and on IWW of Russia
09:37 Bunker prices continue going down at the Port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index down to 1,419 points

2018 June 19

18:06 100 million dollars to link the Nile with Suez Canal Region
17:03 DNV GL partners with the EU and Government of India to bring offshore wind to the Indian market
16:32 CMA CGM deploys its innovative solution for containers tracking, TRAXENS by CMA CGM
16:18 APM Terminals ‘Cool port’ barge service speeds up distribution from Rotterdam
16:02 Multraship acquires an ASD Tug from Med Marine for Terneuzen operations
15:32 Koper remains the most important port for Austria
15:02 CMA CGM announces GRR from East Coast South America to Africa, Gulf and West Coast North of India
14:32 Port of Oakland import volume flat in May 2018
14:25 Europort Romania maintains its position as the premier Black Sea martime event
14:02 British Ports Association comments on new report on Northern ‘Free Ports’ strategy proposal
13:32 Port seeks to double rail volume with Railport Antwerpen
13:02 Rijkswaterstaat awarded Van Oord the contract to dredge Marker Wadden channel
12:32 MOL to make full-scale move into subsea support vessel business by acquiring stake in AKOFS of Norway
12:28 HELCOM Heads of Delegation approve Baltic Sea Action Plan update process and welcome new HELCOM Chair
12:02 Bunker prices continue growing at the Far East ports of Russia (graph)
11:37 Damen and Saab announce partnership to participate on the tender for the Tamandaré Class Corvette
11:34 Saturnus, first vessel in the Evolution series, launched at AVIC
11:09 Marine Technics and Alexeev’s Hydrofoil Design Bureau extend joint projects
10:45 Arctia appoints Senior Vice President for Offshore and Marine Services
10:23 Brent Crude futures price down 0.64% to $74.86, Light Sweet Crude – down 0.62% to $65.28
10:01 Small missile ships of RF Navy’s Caspian Flotilla sail from Sevastopol to Mediterranean Sea
09:40 Rescuers of RF Navy’s Northern Fleet train in rendering assistance to submarine in Kola Bay
09:16 Baltic Dry Index up to 1,442 points

2018 June 18

18:12 Azerbaijan Caspian Shipping Company takes part in TransCaspian/Translogistica 2018
17:57 Legislative amendment promotes automatisation tests in maritime transport with regard to manning and watchkeeping
17:35 First major forum on the new Silk Road organised by the Port of Marseille Fos
17:05 Aker Solutions teams up with SAP for next steps in digitalizing its business
16:45 HMM signs Letter of Intent for its mega containership orders
16:24 Victor Olersky handed in his resignation notice
16:18 European Council extends sanctions on Crimea and Sevastopol for another year
16:05 DryShips announces agreements to sell two older Panamaxes
15:40 Tuapse Commercial Seaport elected seven BoD members
15:33 Poland holds World Maritime Day Parallel Event
15:13 IMO member states must progress on key sulphur cap issues at critical meeting in July
14:59 Average wholesale prices for М-100 HFO down to RUB 17,923 in RF spot market
14:13 Navios Maritime Containers announces acquisition of five containerships and options to acquire four additional containerships
13:35 Maersk launches a new line to the Middle East from Fos
13:00 Aker Arctic demonstrates autonomous vessel in model tests