Aker Solutions beats the turmoil

AKER Solutions, which employs around 400 in Stockton, says it has emerged successfully from “financial turmoil”.

AKER Solutions, which employs around 400 in Stockton, says it has emerged successfully from “financial turmoil”.

Its operating revenues in the fourth quarter of 2010 were NOK 15 billion (£1.6bn) and earnings before interest tax depreciation and amortisation (EBITDA) was NOK 1 191 million (£20.4m). The preliminary results for full year 2010 show revenues of NOK 50.8 billion (£5.43bn) and EBITDA of NOK 4.3 billion (£0.46bn)

The figures for Aker Solutions including discontinued operations such as 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.

Øyvind Eriksen, executive chairman of Aker Solutions, said: "The 2010 accounts show that Aker 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.”

The market fundamentals for Aker Solutions are good, with high tender activity and orders in the fourth quarter reaching NOK 14.5 billion (£1.55bn). The order backlog at the end of 2010 was NOK 55.4 billion (£5.92bn).

 

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