Aker Solutions Reports Downturn in Offshore Services

12 August 2009 (Last Updated August 12th, 2009 18:30)

A strong downturn in offshore construction and process provision and energy and development services has severely affected Norwegian engineering company Aker Solutions' outlook, it said today, with the release of its second quarter results. Aker recorded overall revenues of NKr14.3bn an

A strong downturn in offshore construction and process provision and energy and development services has severely affected Norwegian engineering company Aker Solutions' outlook, it said today, with the release of its second quarter results.

Aker recorded overall revenues of NKr14.3bn and an order intake of NKr20.1bn, mostly due to record high levels in its subsea business area (revenues of NKr4bn) and products and technologies (profit NKr3.1bn).

Its service business, however, has suffered as the industry cuts back infrastructure projects, despite the present rise in oil prices.

Aker Solutions president and CEO Simen Lieungh said that he was not sure if the market would pick up in the coming year and that Aker would have to work hard to secure more contracts for the year ahead.

“The market outlook for 2010 is still uncertain,” Lieungh said.

“While we have a strong order backlog of NKr61.9bn, we need to secure our competitiveness and win more contracts to ensure the stability of our activity levels between now and 2011.”