Aker Solutions: Biggest Order Backlog Ever

Norwegian oilfield services firm Aker Solutions saw its biggest order backlog ever at the end of the third quarter of 2012.

Reporting its third quarter results Friday, Aker showed that the market for oilfield services was very healthy when it revealed its order backlog at the end of September stood at NOK 59.7 billion ($10.5 billion) – a 44-percent increase over its level at the beginning of the year.

Aker said it saw major contracts awarded during 3Q 2012. These included a $250 million deal with Total E&P Angola to provide deepwater well intervention services from the Skandi Aker vessel, as well as a contract to deliver drilling equipment packages for six deepwater drillships being built by Jurong Shipyard for the Brazilian market. The firm was also selected as management contractor to provide offshore construction and maintenance services to Brunei Shell Petroleum for NOK 2.3 billion ($403 million).

"For today's Aker Solutions – as a streamlined provider of oilfield products, systems and services – our order backlog is at its highest level ever. Furthermore, the backlog stretches over several years, thereby providing greater visibility of future operations. We remain on track to reach our objective of doubling in size from 2010 to 2015," Aker Executive Chairman Øyvind Eriksen said in a statement.

During the summer, Aker revealed details of a major recruitment drive it has embarked on to help it grow its business by between nine and 15 percent annually through to 2015. In the UK, for example, the firm plans to add 1,100 staff to its London engineering hub by 2015 while it wants to add 500 people to its Aberdeen operation during the next two years.

Aker also reported that its operating revenues for 3Q 2012 were NOK 11.2 billion ($2 billion), an improvement of 30 percent over 3Q 2011, while its third quarter profit at the EBITDA level came in at NOK 1.1 billion ($193 million), compared to NOK 322 million ($56 million) during the same period last year.



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