Norwegian oilfield services provider Aker Solutions today reported its net profit for the fourth quarter of 2014 rose to 359 million Norwegian crowns from NOK 343 million a year ago. Converted to US dollars, 4Q 2014 profit was $47.4 million vs. $45 million in 4q 2013.
The company’s revenue revenue rose 21 percent to NOK 9.2 billion in the fourth quarter of 2014 from NOK 7.5 billion in the year-earlier period, helped by strong progress on major projects from Angola to Brazil and Norway. According to Reuters, Aker Solution’s results for the 4Q beat forecasts.
In its prediction for the year ahead, in line with its peers, the company note the fact that oil companies are expected to continue exercising strong capital and cost discipline over the next one to two years, a trend that has been reinforced by a 50 percent drop in oil prices in the fourth quarter.
“While tendering remains robust there is a risk that projects will continue to be postponed. Activity in the North Sea, the company’s largest regional market, is expected to be lower over the next one to two years even as key projects such as the Johan Sverdrup oilfield will help support business,“ Aker Solutions said.
Internationally, the company has said it is well positioned in the deepwater and subsea segments.
“The order backlog is robust and will provide a significant share of expected revenue over the next five years. Aker Solutions faces the current market environment from a position of strength and will continue to focus on operational improvement, cost control and strengthening financial performance and competitiveness,” the company added.