• 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 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities
13:31 Damen Shipyards Cape Town joins Women’s International Shipping & Trading Association
12:28 CMA CGM announces rate restoration for Asia to West Africa trade
11:32 APL informs on voil sailing on Asia-Indian Subcontinent Service in August
10:58 Pre-commissioned USCG's Cutter Midgett makes second cocaine seizure within five days

2019 August 16

18:16 Port of Vyborg volumes in Jan-Jul plummet 29% to 687,700 tons
18:06 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
17:36 Norwegian Encore leaves MEYER WERFT's building dock
17:06 Balltec secures North Sea decommissioning contract from Heerema Marine Contractors Nederland
16:35 Canada Infrastructure Bank signs MoU with the Port of Montreal on Contrecoeur port expansion project
16:05 Vår Energi AS awarded an EPCI contract to Rosenberg Worley AS
16:03 Low-sulphur marine fuel sales by Gazprom Neft in the first half of the year increased by 11% to 121,400 tonnes
15:48 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
15:36 Throughout of oil port Primorsk in Jan-Jul 2019 increased 14% to 35.74 million tonnes
15:14 New mid-year record for container volumes through the Port of Vancouver
15:11 USCG repatriates 25 migrants to the Dominican Republic
14:27 Port of Vysotsk throughput in January-July rose 7% to 11.14 million tonnes
14:10 Austal signs A$126 mln contract to export two Cape Class Patrol Boats
13:14 Seven-month cargo volumes of Port of Ust-Luga increase 10% to 62 million tonnes (update)
13:05 NORDEN signs multiple long-term global contracts
12:05 APM Terminals Poti to implement uninterrupted 24/7 operations
11:39 Port of St. Petersburg seven-month volumes rise 2% to 35 million tonnes (update)
11:05 Steel cutting ceremony for the next AIDA LNG cruise ship at MEYER WERFT
10:48 Tekmar Energy selected for Formosa 1 Phase 2
10:44 Port of Hamburg seaborne cargo throughput up 4.1 percent to 69.4 million tons in H1 2019
09:55 Crude futures prices tend upward again: Brent Crude rises to $ 58,88, WTI – to $ 55,16
09:34 Baltic Dry Index leaps 97pts to 2047 points
09:27 Bunker prices show mixed movements at Port of St. Petersburg
08:41 MABUX: Bunker market this morning, Aug 16

2019 August 15

18:48 Seven-month box throughput of Ukraine’s seaports leaps 20% to 545.800 TEUs
18:05 Huntington Ingalls Industries announces leadership changes at shipyards
17:05 Scandlines installs Norsepower’s Rotor Sail solution on board hybrid ferry
16:43 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel facilities
16:35 Kalmar service expertise to enhance safety, performance and productivity at OPCSA’s Las Palmas terminal
16:33 Global Dredging Forum in London to address all current aspects of capital and maintenance dredging as expansion opportunity
16:05 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS
15:47 Neste introduces a new IMO2020-compliant low-sulphur marine fuel
15:43 Stena Bulk's CEO appeals directly to the Leaders of India, Russia, Latvia & the Philippines
14:33 Rotterdam Polymer Hub construction starts
14:20 A.P. Moller - Maersk reports strong improvements in earnings in Q2
14:01 Tuapse Sea Commercial Port JSC 1H net profit drops 3.3 times to RUB 1bn
13:52 Port of Oslo speaker to join Int'l Baltic Transport Forum, Sept. 11
13:05 RS supports PortNews сonference on icebreaking and service fleet, to be held prior to NEVA-2019 trade fair
13:02 CMA CGM announces FAK rates from Asia to North Africa
12:06 LUGAPORT terminal construction kicks off at Port of Ust-Luga
12:03 MOL transports fire engines to Paraguay
11:03 Jan De Nul bags 600MW Kriegers Flak contract
10:17 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Crude futures prices continue to decline: Brent Crude – to $ 59,09, WTI – to $ 54,92
09:57 Latest frigate Admiral Kasatonov enters shipbuilder’s trials final phase
09:12 Baltic Dry Index leaps by 4.61% to hit 1950-pts mark
08:42 MABUX: Bunker market this morning, Aug 15

2019 August 14

23:00 Sergey Mazokhin takes helm at Nordic Engineering JSC
18:09 Icebreaker Novorossiysk escorts Silver Explorer along the Northern Sea Route
18:05 OOCL revises Trans-Pacific service
17:23 Moscord to add Schneider Electric Marine Product Line
16:35 Wärtsilä turns to startups to help solve some of the biggest problems in the maritime industry
16:05 Round table on import substitution in Russian shipbuilding sector slated to be held on August 29 in St. Petersburg
16:04 HHLA H1 2019 performance report: growth with sustainable success
15:33 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS