Aker Solutions Nets $2.3B in 2008, Secures Market Position

Aker Solutions' fourth quarter and preliminary annual results show consolidated revenues for the fourth quarter 2008 amounted to NOK 15.5 billion (around US $2.3 billion), compared with NOK 14.9 billion for the same period in 2007. Full year consolidated revenues amounted to NOK 58.3 billion, slightly higher compared to NOK 58.0 billion in 2007. Full year EBITDA margin was 5.8 percent, compared to 6.8 percent in 2007.

"The quarterly result of our ED&S business area is disappointing, but the negative result in fourth quarter is isolated to the Frigg and H-6e projects. Apart from this, we are pleased with the performance, the second best in our company's history," says Simen Lieungh, President & CEO of Aker Solutions.

Both Subsea and the Products & Technologies business areas delivered strong revenue growth and double digit EBITDA margins for 2008. The Process & Construction business also delivered a solid EBITDA margin of 8.4 percent for the year.

The company expresses confidence, despite all the current uncertainty in the markets.

"Our numbers show that we have a sound balance sheet, a good liquidity situation and no need to refinance our credit lines. We have short term predictability based on our order backlog, and feel prepared to deal with the increased uncertainties in the medium term," says Lieungh.

Over the last year Aker Solutions has restructured the company.

"We are now better structured to meet the trends we see in our markets, and we have consistently improved the flexibility of our cost base to secure our competitiveness. We have also recently strengthened our executive management team to further improve our capacity to lead the company, work with our clients and our suppliers to secure that we can win new jobs and maintain our margin levels," Lieungh ends.