Hebron field award for Aker Solutions (Canada)

  • Business & Finance

Norwegian engineering and construction company Aker Solutions has won a contract with ExxonMobil in Canada.

In its 2Q 2015 presentation today, Aker Solutions said the deal was secured during the quarter by its Maintenance, Modifications & Operations (MMO) division.

According to Aker Solutions, MMO has won a long-term contract from ExxonMobil for engineering, procurement, construction and maintenance services on the Hebron oil field, located in the Atlantic Ocean.

The Hebron oil field is situated offshore Newfoundland and Labrador, Canada in the Jeanne d’Arc Basin 350 kilometres southeast of St. John’s. It will be developed using a gravity-based platform, to recover more than 700 million barrels of oil.

Aker Solutions did not disclose the financial details of the contract, but said that the overall order intake during the quarter was 3.4 billion Norwegian kroner. This was down from NOK 21.4 billion a year ago when the company won an NOK 14 billion subsea contract for the Kaombo development in Angola.

As for the quarterly performance, Aker Solutions reported its revenue in the second quarter of the year was 8 billion Norwegian kroner, compared to 8.1 billion in the same period a year ago.

Net income in the quarter fell to NOK 209 million from NOK 388 million in the same period last year.

Providing the outlook for the market the company said that, in the short term, uncertainty dominates as oil companies reduce spending to counter the drop in oil prices. The slowdown has been acute in Norway, particularly in the MMO market, and the company said it expects more of the same for another year or two.

Offshore Energy Today Staff

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