4th Quarter and Preliminary Annual Results 2010
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, 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.
For a complete set of financial data for the fourth quarter 2010 and preliminary results for the full year 2010 for Aker Solutions with and without discontinued businesses, please see the report and presentation material disclosed today. This material which is available on www.akersolutions.com also includes preliminary unaudited figures for Aker Contractors and the business areas of the new Aker Solutions.
Media:
Geir Arne Drangeid, EVP Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 91310458
Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194
Suppliers:
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers
Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global oil services company that provides engineering and construction services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities.
Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 46 billion and employs approximately 20 000 people in about 26 countries.
