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Aker Solutions forecasts further subsea growth

Aker Solutions  forecasts further subsea growth
Aker Solutions said yesterday its long-term strategy remained firm and it would focus on cold climates, harsh environments and deeper waters.

Aker Solutions said yesterday its long-term strategy remained firm and it would focus on cold climates, harsh environments and deeper waters.

The Norwegian oil and gas industry engineering and construction company also said it planned to capitalise on its installed base in the strong North Sea maintenance and modifications market, where it expected continued high activity.

It said tendering activity was high, but awards were tending to be postponed and pricing was competitive.

It added that it expected growth in subsea infrastructure spending in 2010 and beyond, driven in particular by developments in Brazil, the North Sea, west Africa and south-east Asia.

Rod Buchan, managing director in Aberdeen of Aker Offshore Partner, part of Aker Solutions, which employs about 2,500 in the Granite City, said: “We have seen a slight dip in the volume of business due to market conditions in 2009 but further increases in profitability.”

Aker Solutions reported revenue of £5.88billion for 2009 against £6.33billion the year before. Earnings before interest, taxes, depreciation and amortisation were £474.78million for the year compared with £367.6million the previous year.

Marathon Oil said yesterday its proved oil and gas reserves rose by 40% in 2009, helped by additions from its Athabasca oilsand project in Canada.

New reporting rules from the US Securities and Exchange Commission allow oil companies to report reserve additions from oilsand projects, and Marathon said this lifted its 2009 proved reserves by 603million barrels.

The company’s year-end 2009 net proved reserves totalled 1.679billion barrels oil equivalent, of which 37% was liquids, 36% was synthetic crude and 27% was natural gas.

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