Aker Solutions Sees Profit Boost in Q1

Aker Solutions has seen its profit go up in the first-quarter 2019 at NOK 149 million, or NOK 0.54 per share, versus net income of NOK 105 million, or NOK 0.38 same time last year.

Excluding special items, Q1 2019 EPS was NOK 0.57. Sequentially, basic EPS was down NOK 0.04.

The Norwegian services company generated quarterly revenue of close to NOK 7.3 billion ($842 million), up 32 percent from NOK 5.5 billion ($635) in the prior-year comparable period.

At the end of Q1 2019, Aker Solution reported order backlog of NOK 33.3 billion and order intake of NOK 5.5 billion.

Key awards included the subsea gas compression FEED contract from Chevron for the Jansz-Io field offshore Australia.

Aker Solutions said it is bidding for future contracts totaling about NOK 55 billion, mostly in the subsea sector. Overall revenue in 2019 is expected to be up close to 10 percent from 2018 on the back of a strong order intake last year and continued high tendering activity, the company noted.

Subsea World News Staff