• 2019 July 17 12:01

    Aker Solutions announces Second-Quarter and Half-Year results 2019

    Aker Solutions’ revenues strengthened in the second quarter of 2019 as the company won new contracts and made good progress executing projects globally, the company said in its release.

    2Q 2019 Financial Highlights
     Revenue NOK 7.5 billion
     EBITDA NOK 623 million
     EBITDA margin 8.3%
     EBITDA ex. special items NOK 629 million
     EBITDA margin ex. special items 8.4%
     Earnings per share ex. special items NOK 0.56
     Order intake NOK 3.8 billion
     Order backlog NOK 29.5 billion

    Improved operations, cost reductions and generally higher activity helped support margins.

    Orders totaled NOK 3.8 billion in the quarter, bringing the backlog to NOK 29.5 billion. This was down from NOK 33.3 billion at the end of the previous quarter, reflecting the timing of new awards. The company is continuing to grow internationally and has won key orders in targeted growth regions.

    Orders in the quarter included several umbilical contracts for key customers totaling around NOK 1 billion. Aker Solutions was awarded an umbrella contract for engineering services for feasibility studies, conceptual, FEED and detailed design for Petronas. The company also won a new frame agreement for subsea trees for a customer based in Norway.

    Aker Solutions won 46 front-end orders in the period, bringing the total for the first half of the year to 74, compared with 73 in the same period last year. Nearly a third of those orders were from outside the Norwegian continental shelf.

    In the first half of the year, 17 concept studies led to front-end engineering and design (FEED) work and two of the FEEDs led to fully-fledged project work.

    Finances were strong, with a liquidity buffer of NOK 7.2 billion at the end of the quarter.

    Revenue rose to NOK 7.5 billion in the quarter from NOK 6.3 billion a year earlier, driven by generally higher market activity and continued good progress on a number of key projects. Earnings before interest, taxes, depreciation and amortization (EBITDA) were NOK 623 million, compared with NOK 439 million a year earlier.

    The EBITDA margin was 8.3 percent versus 7 percent a year earlier. Excluding special items, the margin was 8.4 percent compared with 7.1 percent a year earlier. EBITDA for 2Q 2019 includes NOK 146 million of lease effects from the new IFRS 16 accounting standard, while comparative figures have not been re-stated. The 2Q EBITDA margin, excluding IFRS 16 and special items, was 6.4 percent.

    Aker Solutions has two reporting segments: Projects and Services. Revenue in Projects rose to NOK 6 billion in the quarter from NOK 4.9 billion a year earlier. Excluding special items, EBITDA margin was 7.9 percent in the quarter (including IFRS 16 effects) versus 6.7 percent a year earlier.

    Revenue in Services rose to NOK 1.5 billion in the quarter from NOK 1.3 billion a year earlier, driven by higher activity and strong operational performance. Excluding special items, the EBITDA margin was 14 percent in the quarter (including IFRS 16 effects) compared with 13 percent a year earlier.

    Outlook

    The market outlook for oil services remains competitive and there is still pressure on pricing. Tendering activity is high in the company’s main markets. Aker Solutions is bidding for contracts totaling about NOK 55 billion. About two-thirds of these are in the subsea area, where the company expects some key projects to be awarded over the next six to 12 months, including in Brazil, Africa and Asia Pacific.

    Aker Solutions sees overall revenue up by around 10 percent in 2019 from 2018, in particular driven by the high activity levels in the Field Design sub-segment in the first half and continued high tendering activity. The company maintains its outlook for full-year underlying EBITDA margins to be up year-on-year including the effects of IFRS 16. Excluding the effects of IFRS 16, the company expects full-year EBITDA margin around current levels.




2019 December 12

18:36 EBRD finances Tekirdag port on Turkey’s Sea of Marmara
18:05 Dutch Drone Delta established with Port of Rotterdam Authority support
17:51 Port of Southampton continues infrastructure investment with £3m crane
17:30 Baltic Workboats shipyard delivers 19 WP Oilrec workboat
17:05 The European Federation of Inland Ports welcomes the Green Deal for Europe
16:46 MOL orders 2 next-generation 'EeneX' coal carriers
16:43 Throughput of port Kaliningrad in Jan-Nov’2019 fell by 21% Y-o-Y to 10.20 million tonnes
16:26 Klaipėda LNG terminal welcomed three large and four small LNG vessels in November
16:05 Air quality sensor in the Port of Rotterdam checks sulphur emissions from shipping
15:57 Throughput of port Vyborg in Jan-Nov’2019 fell by 35% Y-o-Y to 1.12 million tonnes
15:34 Alewijnse wins electrical contracts for two additional Combi Freighters at Damen Yichang Shipyard
15:00 Throughput of port Vysotsk in Jan-Nov'2019 climbed by 6% Y-o-Y to 17.90 million tonnes
14:36 Krasnoye Sormovo shipyard launches dry cargo carrier Pola Anastasia of Project RSD59
14:12 CMA CGM announces FAK Reefer Rates from North Europe to Asia and Middle East
13:53 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
13:31 NLNG signs sales deal with Vitol SA
13:12 Austal USA delivers USNS Puerto Rico to U.S. NAVY
12:49 Throughput of port Primorsk in Jan-Nov’2019 grew by 16% Y-o-Y to 56.25 million tonnes
12:24 Lead nuclear-powered icebreaker of Project 22220, Arktika, left for sea trials
12:00 ABS publishes Fuel Cell Guidance to support industry decarbonization objectives
11:38 Port of Ust-Luga handled 95.31 million tonnes in 11M’18, up 6% Y-o-Y
11:13 Throughput of Port St. Petersburg in 11M'2019 grew by 2% to 55.01 million tonnes
11:10 Verifavia Shipping undertakes IHM services for 29 Attica Group vessels
10:56 Wärtsilä to divest its ELAC Nautik business
10:49 Throughput of port Riga (Latvia) in 11M’2019 fell by 9.4% Y-o-Y to 30 million tonnes
10:26 TransContainer dispatched test train from Korea to Poland
10:05 MABUX: Bunker market this morning, Dec 12
09:47 Brent Crude futures price is up 0.41% to $63.98, Light Sweet Crude – up 0.14% to $58.84
09:31 Baltic Dry Index is down to 1,460 points
09:08 Viking Line’s new vessel to be equipped with Climeon Heat Power System
08:12 Nautilus Labs becomes new Inmarsat fleet data application provider

2019 December 11

18:33 Kongsberg and the Norwegian Society for Sea Rescue join forces to develop new SAR solutions
18:03 DOF Subsea secures integrated FSV contract in Africa
17:50 NCSP Group's consolidated cargo turnover for 10 months of 2019 totaled 121.2 million tons
17:32 Equinor completes the acquisition of a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia
17:25 LNG in the era of decarbonization: the 6th International LNG Congress 2020 brings up environmental questions
17:13 Port Houston sets new records at container terminals in November 2019
16:54 World's first liquefied hydrogen carrier SUISO FRONTIER launches building an international hydrogen energy supply chain aimed at carbon-free society
16:32 Seaspan Shipyards delivers its second offshore fisheries science vessel to the Canadian Coast Guard
16:13 Port of Virginia сargo volume up nearly 4% in November 2019
15:49 Throughput of port Taganrog in 11M'2019 fell by 7% to 2.59 million tonnes
15:32 Aker BP first ever to use new well stimulation method offshore
15:12 Port of Savannah container volumes up 5.4 percent in November 2019
14:51 Sovcomflot named Company of the Year at the 2019 Lloyd’s List Europe Awards
14:32 Aker Solutions secures contract to support the development of BP’s Cypre project, offshore Trinidad and Tobago
14:12 Port of Oakland export volume up 5.8 percent in November 2019
13:50 Bunker prices are flat at the port of Novorossiysk, Russia (graph)
13:32 Belships enters into two letters of intent for the acquisition of two Ultramax bulk carriers
13:11 Port of Los Angeles moves 728,918 TEUs in November 2019
12:47 Dredge Yard receives an order for a customized Cutter Suction Dredger from Western Potash
12:47 Yamal LNG received all 15 Arc7 ice-class tankers
12:25 Wärtsilä & CSSC Huangpu Wenchong Shipbuilding Company Limited agree to jointly develop hybrid vessels for the future
12:23 Admiralteiskie Verfi shipyard starts metal cutting for fourth super trawler ordered by Russian Fishery Company
12:01 ABS and DSME sign digitalization and decarbonization JDP agreement
11:31 New mobile crane increases APM Terminals Yucatán’s productivity by 40%
11:19 Throughput of Russian seaports in 11M'2019 grew by 2.7% to 766.8 million tonnes of cargo (detalization)
11:12 First LNG bunkering delivered concurrent cargo operations in port of Amsterdam
10:59 Port of Long Beach cargo volumes dip 3.5% in November 2019
10:54 Navigation season of 2019 is over on Russia’s IWW with shipping closed in Azov-Don Basin
10:30 MABUX: Bunker market this morning, Dec 11