Aker Solutions Swings to Profit
- Business & Finance
Aker Solutions has reported net income of NOK 19 million, or NOK 0.09 in the fourth-quarter 2017, versus net loss of NOK 268 million, or NOK 1.07 in the prior-year comparable period.
The Norwegian oil services company has ended 2017 in NOK 239 million profit on revenue of NOK 22.4 billion, compared to profit of NOK 152 million on revenue of NOK 25.5 billion in 2016.
For the fourth quarter of 2017, Aker Solutions generated revenue of NOK 6.4 billion ($817 million), up from NOK 6.1 billion ($779) in Q4 2016.
Quarterly EBITDA was NOK 458 million, versus NOK 380 million in the corresponding period in 2016. Full-year 2017 EBITDA came at NOK 1.5 billion, against NOK 1.9 billion at the end of 2016.
At the end of the fourth quarter the order backlog was NOK 34.6 billion, of which NOK 9.5 million in Subsea. The order intake was NOK 13.4 billion, the highest quarterly order intake in nearly four years, backed by Norway contracts.
“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,” said Luis Araujo, Aker Solutions CEO.
The company’s board has proposed that no dividend payment be made for 2017, considering it prudent to exercise caution and conserve cash amid continued uncertainty about the market outlook.
Subsea World News Staff