Aker Solutions spots ‘signs of market recovery’, income drops in 2017

Aker Solutions news
Aker Solutions news

Norwegian energy service firm Aker Solutions said today there were signs of a market recovery after winning the biggest number of contracts in the fourth quarter for four years.

Most were for projects in Norway, including about £366million from Statoil to supply the subsea system and the design of the vessel for the Johan Castberg field.

Aker Solutions, which has hundreds of employees in north-east Scotland, also completed a two-year program to increase efficiency by 30% across the business.

The business is currently bidding for contracts worth about £4.58billion.

But full-year revenues for 2017 dropped to £2billion from £2.3billion a year earlier.

Pre-tax income totalled £36million, down from £25million in 2016.

Aker Solutions chief executive Luis Araujo said: “We’re seeing increasing signs of recovery as break-even costs come down and more projects are sanctioned, particularly offshore Norway where we are well-positioned.

“Our strong execution and continuous improvement efforts are supporting margins.”