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Aker Solutions in the mix for contracts worth £5bn

Aker Solutions news
Aker Solutions news

Norwegian energy services giant Aker Solutions said today that it was bidding for contracts worth about £5 billion.

About two-thirds of the contracts are for subsea jobs and the company expects some key projects to be awarded over the next six to 12 months, including in Brazil, Africa and Asia Pacific.

In the first half of 2019, Aker Solutions managed to win 74 front-end orders, one more than in the same period last year.

Nearly a third of those orders were from outside the Norwegian continental shelf.

Furthermore, concept studies led to front-end engineering and design (FEED) work and two of the FEEDs led to fully-fledged project work.

First-half revenues increased by 25% to £1.4 billion while Ebitda climbed 45% to £117 million.

Pre-tax profits dropped 37% to £19m.

Aker Solutions chief executive Luis Araujo said the company continued to deliver revenue growth in a “very competitive” market.

Mr Araujo also noted “high tendering activity” in the company’s target markets, but said pricing pressures remained.

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