Aker Solutions Lifts 2018

Aker Solutions has seen its profit go up in the fourth-quarter 2018 at NOK 178 million, or NOK 0.58 per share, versus net income of NOK 19 million, or NOK 0.09 same time last year.

The Norwegian services company generated quarterly revenue of close to NOK 7 billion ($815 million), up from NOK 6.4 billion ($745) in the prior-year comparable period.

Full-year revenue increased 12 per cent, slightly above 2018 guidance. Revenues for the twelve months of 2018 stood at NOK 25.3 billion versus NOK 22.4 billion in 2017.

Profit for 2018 more than doubled (132 per cent) from NOK 239 million in 2017 at NOK 554 million, or NOK 1.88 per share.

At the end of Q4 2018, Aker Solution reported order backlog of NOK 35 billion and order intake of NOK 5.3 billion.

Aker Solutions said it is bidding for future contracts totaling about NOK 45 billion, mostly in the subsea sector. Overall revenue in 2019 is expected to be slightly up from 2018 on the back of a strong order intake last year, and continued high tendering activity, the company noted.

Subsea World News Staff