Objectives Following Aker Solution’s Company Split
Aker Solutions had a near-record order backlog of NOK 48 billion kroner in 2014 after winning major contracts including a NOK 14 billion order from Total at the Kaombo field in Angola, one of the world's largest subsea developments, and a more than USD 300 million contract from Petrobras in Brazil to deliver subsea manifolds as well as, just recently, a contract with Statoil to deliver a concept study for the Johan Sverdrup development in Norway.
"We're ideally placed to excel in key subsea, deepwater and field design markets through our considerable local content, strong client relationships, leading technology and unique engineering," said Araujo. "We're taking on current market challenges from a position of strength, with a robust order backlog and a sharp eye on our operational and financial performance.''
Uncertainty has increased for oil-services providers as oil companies scale back spending amid concern over capital and the slump in oil prices since last summer. This is particularly affecting the Norwegian MMO market and the company anticipates a continued slowdown in this area over the next one to two years. Major projects such as Statoil‘s Johan Sverdrup development will help offset some of the decline.
Aker Solutions expects to grow with its key markets over the medium term and at least maintain market share in its core businesses. Margins are expected to remain robust in Engineering and gradually recover in MMO. Aker Solutions targets peer-group margins over time for Subsea.
"Longer term, we are optimistic," said Araujo. "Our leading technology, engineering and project management skills put us in a prime position to benefit from a shift toward more complex offshore resources. Few companies are better placed in the global deepwater and subsea segments, which are among the fastest-growing offshore oil and gas markets in recent years."