Norway: Aker Solutions’ 2010 Earnings Similar to Those from 2009

Aker Solutions’ operating revenues in the fourth quarter of 2010 were NOK 15 billion and earnings before interest tax depreciation and amortisation (EBITDA) was NOK 1 191 million. The preliminary results for full year 2010 show revenues of NOK 50.8 billion and EBITDA of NOK 4.3 billion.

All of the above numbers are for Aker Solutions including discontinued operations, ie the parts of the former P&C business area which was transferred to Jacobs on 1 February 2011.

The Board will propose to pay an ordinary dividend of NOK 2.75 per share.

“The 2010 accounts show that Aker Solutions has emerged from the 2008-09 financial turmoil and on strong note. Although revenues declined in 2010, earnings remained at the same levels as in the previous year,” says Øyvind Eriksen(photo), executive chairman of Aker Solutions ASA.

The market fundamentals for Aker Solutions are good. The company is experiencing high tender activity. Order intake in the fourth quarter of 2010 was NOK 14.5 billion, and the order backlog at the end of 2010 was NOK 55.4 billion (NOK 50.8 billion for the continuing Aker Solutions operations).

“Although operations have improved in many parts of the business, a more detailed analysis reveals opportunities for further improvement and increased profits,” Eriksen underlines.

He points to the fact that NOK 478 million losses and provisions related to the Drilling riser business and the Longview project respectively were booked in the fourth quarter of 2010. These negative results where offset by strong project execution in other parts of the company.

100 Norwegian kroner = 17.4676 U.S. dollars

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Source:Aker Solutions, February  17, 2011;