Welcome to our dedicated page for Aker Solutions news (Ticker: AKRYY), a resource for investors and traders seeking the latest updates and insights on Aker Solutions stock.
Aker Solutions ASA reports recurring developments tied to financial performance, order intake, backlog and execution across its project portfolio. Company updates also describe major project milestones, EBITDA margin trends, net cash position and the contribution from OneSubsea.
News about AKRYY includes service and technology developments within the company’s operations, including the use of autonomous drones for offshore inspections, alongside half-year and quarterly results commentary.
Aker Solutions has secured a NOK 7 billion contract from Chevron Australia for a subsea gas compression system at the Jansz-Io field off the coast of Western Australia. This major contract involves engineering, procurement, and construction of an all-electric subsea system, expected to start immediately and be completed by 2025. The contract highlights Aker’s advanced subsea technology, which promises lower carbon emissions and greater efficiency compared to traditional methods. This contract follows Aker’s earlier work on the front-end engineering and design awarded in 2019.
Aker Solutions and AF Gruppen have signed a Letter of Intent to merge their offshore decommissioning operations into a 50/50 joint venture. This merger aims to enhance efficiency and recycling potential in offshore asset decommissioning, aligning with sustainability goals and UN development objectives. The combined entity targets to recycle as much material as possible from decommissioned oil platforms, significantly reducing CO2 emissions. The transaction is expected to finalize in the second half of 2021, pending regulatory approval, and will leverage extensive engineering capabilities with an order backlog of approximately NOK 2.5 billion.
Aker Solutions has reported a positive start to 2021, achieving a revenue of NOK 6.5 billion and an EBITDA of NOK 427 million in Q1. The firm has seen a 19% increase in order intake year-over-year, totaling NOK 9.4 billion, with a strong backlog of NOK 41 billion. Notably, 35% of new contracts are focused on energy transition projects. The company maintains a solid net cash position of NOK 794 million and anticipates continued growth in both traditional oil and gas and renewable energy sectors.
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Aker Solutions has secured a front-end engineering and design (FEED) contract with Empire Offshore Wind LLC for the Empire Wind project in New York. The contract involves designing and delivering concrete foundations for wind turbine generators (WTGs). Aker Solutions will leverage its expertise in concrete substructures, which are critical for offshore projects. The work, expected to finish by August 2021, will also support local U.S. partners. This contract underscores Aker's commitment to renewable energy as it expands its activities in low-carbon sectors.
Aker Solutions has received a letter of intent from Equinor for the topside work on Troll B and C platforms in Norway aimed at reducing CO2 emissions. This project includes installing electrical power reception from shore, replacing gas turbine generation. The contract is classified as very large, estimated between NOK 2.0 billion and NOK 3.0 billion. Work will start immediately and is set for completion by the end of 2025, involving approximately 1,000 man-years for Aker employees alone, potentially impacting up to 4,000 people overall. The contract is pending final investment decision and regulatory approval.
Aker Solutions successfully completed its merger with Kvaerner in Q4 2020, achieving NOK 6.8 billion in quarterly revenue and NOK 121 million EBITDA. The order backlog grew by 15% to NOK 38 billion, driven by a strong focus on energy transition. The company reported full-year revenues of NOK 28.5 billion and an EBITDA of NOK 1.2 billion. Despite operational challenges due to COVID-19, Aker Solutions aims to enhance shareholder value through structural changes and a focus on low-carbon projects.