Aker Solutions revenue hurt by low demand for subsea services

Norwegian oil and gas engineering and construction company Aker Solutions saw its revenues fall amid declining subsea services demand. The company said the drop in demand was especially felt in the North Sea region.

Revenue for the third quarter was NOK 7.5 billion, down from NOK 8.3 billion in 2014. Profit for the period was NOK 205 million, down from NOK 270 million in 3Q 2014. The company won NOK 4 billion in new orders during the quarter, up from NOK 3.6 billion a year earlier.

In line with its peers, Aker Solutions is optimistic about the long term outlook for the offshore and deepwater oil and gas developments.

However, Aker Solutions has repeated what has been said in the industry time and time again: “In the short term there is great uncertainty because oil companies are cutting spending to counter the drop in oil prices.”

“The slowdown has been acute in Norway, particularly in the Maintenance, Modifications and Operations (MMO)  market, and is expected to last one to two years, the company added.”

In order to cut costs, and due to a falling demand for some of its services, Aker Solutions so far this year laid off more than ten percent of its global workforce, the majority in Subsea, followed by MMO and Engineering.

NOK 100 million ≈ USD 11.65 million

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply