Aker Solutions ASA: First-Quarter Results 2021

By Pr Newswire2 days ago

OSLO, Norway, May 5, 2021 /PRNewswire/ --Aker Solutions is on track for the 2021 targets and strategic growth plans. In the first quarter, the company delivered growth in both earnings and order intake. About 35 percent of the new contracts are for projects related to energy transition. Tender activity remains high, and the market outlook is developing positively.

1Q 2021 Financial Highlights (excl. special items)

  • Revenue NOK 6.5 billion
  • EBITDA NOK 427 million
  • EBITDA margin 6.6% (4.7% excl. the Nordsee Ost settlement)
  • Earnings per share NOK 0.07
  • Net cash position NOK 794 million
  • Order intake NOK 9.4 billion (1.5x book-to-bill)
  • Order backlog NOK 41 billion

Our earnings and order intake for the quarter increased versus the same period last year and sequentially. We continued to increase our orderbook by securing several important new contracts in the quarter. An important development is that we continue to see increased order intake from energy transition related work, in line with our strategic ambitions. In the quarter, this counted for about 35 percent of the new contracts. As we move forward, the strong backlog for all our segments is an important foundation for our growth ambitions, said Kjetel Digre, chief executive officer of Aker Solutions.

We will maintain our leading market position for delivery of complete oil and gas projects. In parallel, we are rapidly growing our business for renewable energies and low-carbon solutions for oil and gas. Our high front-end and tendering activity, a strong position in active markets, combined with our leading capabilities, makes us well positioned to continue to capitalize on interesting opportunities ahead, said Digre.

Key Financials

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