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29.04.2015 (5523 Clicks)

Aker Solutions ASA: First-Quarter Results 2015

Financial Highlights

• Sales NOK 8.5 billion in 1Q 2015 vs NOK 7.5 billion in 1Q 2014
• Earnings before interest, taxes, depreciation and amortization (EBITDA) NOK 591 million vs NOK 666 million a year earlier
• Earnings before interest and taxes (EBIT) NOK 409 million vs NOK 521 million a year earlier
• EBIT margin 4.8% vs 7% a year earlier
• EBIT margin ex. one-off items 5.8% vs 7% a year earlier
• Earnings per share (EPS) NOK 0.79 vs NOK 1.03 a year earlier
• Order intake NOK 9 billion vs NOK 5.9 billion a year earlier
• Order backlog NOK 48.3 billion vs NOK 39.6 billion a year earlier

Aker Solutions' revenue rose 14 percent to NOK 8.5 billion in the first quarter of 2015 from a year earlier, boosted by progress on major projects from Angola to Brazil and Norway. Earnings before interest and taxes (EBIT) fell 22 percent to NOK 409 million in the quarter from a year earlier. The EBIT margin in the same period narrowed to 4.8 percent from 7 percent.

Earnings were impacted by costs of overcapacity in the maintenance, modifications and operations (MMO) workforce, a NOK 52 million provision to cover lease costs for vacated office space and a NOK 26 million write-off on some subsea technology. The results were also affected by a slow start to the year for subsea services, particularly in the North Sea, and some unfavorable outcomes of late-stage commercial discussions on a few subsea projects. These developments were partly offset by operational improvements and better capacity utilization in the engineering business. Excluding one-off items, the EBIT margin was 5.8 percent in the quarter.

Aker Solutions secured NOK 9 billion in orders in the quarter, including a NOK 4.5 billion five-year contract from Statoil to provide engineering, procurement and management assistance (EPMA) services at the Johan Sverdrup oilfield in the North Sea. The company also won an order from Statoil for concept studies on future phases of the development. This helped boost the order backlog to NOK 48.3 billion at the end of the quarter from NOK 39.6 billion a year earlier. About two-thirds of the backlog came from projects to be delivered outside Norway.

'The markets continued to be challenging as many of our major clients remain vigilant in how they allocate their capital,'' said Luis Araujo, Aker Solutions' chief executive officer. 'Still, our healthy order backlog puts us in a strong position as we face this uncertain outlook. We made good progress in the quarter on major projects and also benefited from improvement programs across the business.'

Aker Solutions has two reporting segments: Subsea and Field Design. Subsea revenue rose 24 percent in the quarter to NOK 5.1 billion from a year earlier, driven mainly by progress on major projects in Angola, Congo and Brazil. The EBIT margin narrowed to 7 percent in the quarter from 7.2 percent a year earlier.

Sales in Field Design, comprising the engineering and MMO units, rose 2 percent from a year earlier to NOK 3.5 billion in the quarter. The EBIT margin in the same period narrowed to 4.4 percent from 6.8 percent as improved engineering margins were offset by weaker MMO results.

Aker Solutions in February announced plans to reduce its Norwegian MMO workforce by a potential 300 employees in 2015 through normal turnover, reassignments to other parts of the business and dismissals. This followed adjustments last year as activity in the Norwegian MMO market declined.

Underlying factors that support a positive long-term outlook for offshore and deepwater oil and gas developments remain in place. The company will benefit in the long term from a shift toward more complex offshore resources. Aker Solutions maintains a medium-term guidance to grow with its key markets and at least maintain market share in its core subsea, engineering and MMO businesses. In subsea, the aim is to gradually move toward peer-group margin levels. Margins in engineering are expected to remain robust and they are anticipated to gradually recover in MMO.

Source: Aker Solutions ASA

                     

28.04.2015 (4848 Clicks)

The Danish Parliament adopts the Construction Act for the fixed link across the Fehmarnbelt

On 28 April 2015, the Danish Parliament adopted the proposed Construction Act for the fixed link across the Fehmarnbelt and the Danish landworks.

28.04.2015 (5654 Clicks)

Dänisches Parlament verabschiedet Baugesetz über Fehmarnbeltquerung

Das dänische Parlament hat am 28. April 2015 das Gesetz über den Bau einer Festen Fehmarnbeltquerung mitsamt einer dänischen Schienen- und Straßenanbindung verabschiedet.

28.04.2015 (6321 Clicks)

Hochtief announces Change on the Supervisory Board

Beate Bell and Patricia Geibel-Conrad have been appointed as new members of the Supervisory Board of Hochtief Aktiengesellschaft. Dr. Michael Frenzel and Dr. Jan Martin Wicke had previously resigned from their Supervisory Board office.

28.04.2015 (4971 Clicks)

Parsons' Superstorm Sandy Repair and Rehabilitation Project wins highest Award from ACEC New York

Parsons is pleased to announce that the Superstorm Sandy Repair and Rehabilitation project for the Montague Tunnels in New York City—designed by Parsons—has earned an Engineering Excellence Diamond Award in the transportation category from the American Council of Engineering Companies (ACEC), New York chapter. This is the highest honor bestowed by ACEC and recognizes the most innovative engineering design projects both in New York and throughout the world.

28.04.2015 (5597 Clicks)

Weltweit einmaliges Messsystem zur Erkundung von Grundwasservorkommen getestet

BGR misst mit Helium-Ballon Kernspinresonanz.

28.04.2015 (5526 Clicks)

Der Bund hält Wort: Mehr als 300 Millionen Euro für das Nationale Hochwasserschutzprogramm

Als Konsequenz aus der letzten Hochwasserwasserkatastrophe stocken Bund und Länder ihre Investitionen für den präventiven Hochwasserschutz deutlich auf. Allein der Bund stellt in den nächsten Jahren mehr als 300 Millionen Euro für den natürlichen und technischen Hochwasserschutz zur Verfügung und löst damit Zusagen ein, die nach der Flut im Sommer 2013 gemacht und im Nationalen Hochwasserschutzprogramm verankert worden sind. Die Bundesregierung hatte sich im Koalitionsvertrag dazu bekannt, sich stärker koordinierend beim Hochwasserschutz einzubringen. Bundesumweltministerin Barbara Hendricks und Bundeslandwirtschaftsminister Christian Schmidt stellten heute in Berlin die nächsten Schritte vor.

28.04.2015 (5433 Clicks)

ICE: New Vice President chosen for 2015/16

ICE welcomes a new Vice President who will join the Presidential Team for the 2015/16 presidential year from November. He is Andrew Wyllie CBE, Chief Executive at Costain. He joins current Vice Presidents Tim Broyd, Professor Robert Mair, Keith Clarke, Adrian Coy, Stephen Fox and Zara Lamont and will work with incoming President Sir John Armitt.

28.04.2015 (5950 Clicks)

Caterpillar China delivers first complete Longwall armored Face Conveyor to Datong Coal Mine Group

Caterpillar (Langfang) Mining Equipment Co. recently manufactured its first full armored face conveyor (AFC) system for longwall mining. Previously the facility, located in Hebei Province, China, had produced only line pans for AFC systems. Producing the first full AFC system marks a milestone in the facility’s evolution as a key mining equipment manufacturing plant for Caterpillar and the region. Langfang premium longwall products will serve mining companies worldwide.

28.04.2015 (5872 Clicks)

Akastor ASA: First Quarter Results 2015

The first quarter has been characterized by significant challenges for MHWirth, as the company is adapting to the current market situation. Overall, the remaining portfolio companies have had satisfactory performance during the quarter.