Despite tough competition and a shrinking order book, oil service company Aker Solutions increases its revenue and operating result in the second quarter. The Norwegian company now expects its revenue to increase by 10 percent this year.
Norwegian oil services company Aker Solutions has seen huge interest from oil companies in the third quarter, with rising activity across all primary markets. Revenue is growing but the company continues to be squeezed by prices.
The fourth quarter 2017 became Aker Solutions' best in years in terms of winning orders. With lower costs in the oil sector and more approved projects, things are looking good, says CEO in the company's interim report.
Oil company Statoil has awarded three contracts to three different suppliers valued at a total of NOK 8 billion. One of the agreements goes to Aker Solutions, which recently landed a large contract with Maersk Drilling.
Oil company Statoil has awarded three contracts to three different suppliers valued at a total NOK 8 billion. One of the agreements goes to Aker Solutions, which recently landed a large contract with Maersk Drilling.
The acquisition of Hess Norway has hardly sated the appetite for acquisitions at Aker BP, which is looking at new growth opportunities on the Norwegian shelf. The company is open to boosting its share in the giant Johan Sverdrup oil field, says CEO Karl Johnny Hersvik to ShippingWatch.
Aker Group, which covers six companies operating in oil and shipping and is owned by Kjell Inge Røkke, saw its value drop NOK 2.8 billion in the second quarter. Sliding share prices in Aker BP, Aker Solutions, and Kvaerner, in particular, dragged the group down. But the CEO is optimistic.
Norwegian oil service company Aker Solutions sees signs of improvement in the market, especially off of Norway. Yet the second quarter was weaker than the same period last year, according to the interim report Wednesday.
Oil service company Aker Solutions, engulfed in sales rumors, exits this year's first quarter with declining revenue and a setback on the bottom line due to weakened activity. CEO Luis Araujo eyes improvements in the years to come.