Aker Solutions Enjoys Strong Second Quarter

Second quarter results from Norwegian oilfield services firm Aker Solutions revealed that it was seeing continued strong demand in most of its markets as well as high bidding activity.

Second quarter revenues increased by 52.5 percent to $2 billion (NOK 11.9 billion) compared to 2Q 2011, while operating profit at the EBITDA level more than doubled to $237 million (NOK 1.4 billion) from $108 million (NOK 636 million) in 2Q 2011, the company reported Tuesday.

This performance was well ahead of Aker's stated growth target of between nine and 15-percent growth per year through to 2015.

Order intake during the quarter was $3.9 billion (NOK 23 billion) and the Aker's order backlog at the end of June stood at $9.2 billion (NOK 54.1 billion) – some $1.4 billion (NOK 8.1 billion) greater than a year earlier.

Aker noted that behind its good performance was a strong trend in terms of the increase of complex and deepwater fields in the global offshore industry. This, it said, has created a strong international demand for conceptual engineering and front-end designed capabilities.

Meanwhile, the subsea market is returning to strong growth and Aker has been tendering for "major opportunities" in the North Sea, Brazil, Asia Pacific and West Africa.

Aker's results statement also highlighted the company's acquisition during the second quarter of NPS Energy – which it believes will give it a strong presence and distribution platform in Middle East markets.

In a recent interview with Rigzone, an Aker spokesman confirmed that the company is looking to significantly expand employment at its engineering hubs in London, Aberdeen and in Norway.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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