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Aker Solutions ASA (AKRYY) is a prominent engineering company headquartered in Oslo, Norway. Known for providing comprehensive solutions to the global energy industry, Aker Solutions specializes in design, engineering, and project management services, focusing on oil, gas, and renewable energy sectors.
The company has recently demonstrated robust financial performance. In the third quarter of 2023, Aker Solutions reported a revenue of NOK 14.3 billion, a notable increase from the previous year's NOK 10.0 billion. The EBITDA excluding special items reached NOK 1.5 billion, with an EBITDA margin of 10.6 percent. The company also secured an order backlog of NOK 90 billion, indicating strong future prospects.
One of the key achievements in 2023 was the closing of the OneSubsea joint venture, which significantly bolstered Aker Solutions' position in the subsea sector. This deal brought in USD 700 million and a 20 percent ownership in the newly formed entity, enhancing their capabilities and market reach.
Looking ahead, Aker Solutions is poised for growth, with a high order backlog and tender pipeline. The company expects a revenue increase of around 15 percent in 2024, supported by its diverse portfolio spanning oil and gas, carbon capture and storage, and offshore wind. Aker Solutions also plans to distribute dividends and implement a share buyback program, reflecting confidence in its financial stability.
The consultancy arm of Aker Solutions, recently rebranded as Entr, aims to double its headcount and revenues by 2030. This expansion is driven by rising demand for early-phase advisory services across various markets, including low-carbon solutions and offshore wind.
With a strong financial position, innovative project execution, and a strategic focus on energy transition, Aker Solutions continues to be a key player in shaping the future of the energy industry.
Aker Solutions has released its comprehensive reports for 2022, including the annual report, sustainability report, remuneration report, and corporate governance report. These documents, now available for download, include detailed insights into the company's financial performance and governance practices. The reports can be accessed directly on their website. The company has also published its annual financial statements in the European Single Electronic Format (ESEF), consolidating its commitment to transparency and regulatory compliance.
Aker Solutions reported strong financial results for Q4 and full-year 2022, showcasing significant revenue growth and record order intake. Q4 revenue surged to NOK 12.5 billion, with an EBITDA of NOK 999 million and an EBITDA margin of 8.0%. Full-year revenue reached NOK 41.4 billion, a 41% increase from 2021. The company secured a record order intake of NOK 59.3 billion in Q4, contributing to a backlog of NOK 97.3 billion. Aker Solutions forecasts a 15% revenue increase in 2023 and proposes a dividend of NOK 1.00 per share.
Aker Solutions has secured a five-year frame agreement with Petrobras to supply subsea production systems and lifecycle services for Petrobras-operated fields in Brazil. Estimated order intake could reach between NOK 1.5 billion and NOK 2.5 billion for significant contracts and NOK 2.5 billion to NOK 4.0 billion for substantial contracts. The agreement aims for over 50% local content and emphasizes safe, sustainable operations. Aker Solutions has been active in Brazil for over four decades, reinforcing its commitment to local partnerships and digital solutions.
Aker Solutions reported strong financial performance in Q3 2022, with revenue reaching NOK 10.0 billion, up from NOK 7.3 billion year-over-year. EBITDA increased to NOK 749 million with a margin of 7.5%. Earnings per share stood at NOK 0.58 and net cash position was NOK 3.5 billion. The company announced a joint venture with Schlumberger, receiving USD 700 million for a 20% ownership stake. Aker Solutions expects full-year revenue to rise by more than 35% from 2021, driven by strong tendering activity and market demand.
Aker Solutions ASA, Schlumberger, and Subsea 7 announced a Joint Venture to enhance subsea production economics. Following the deal, ownership will stand at Schlumberger (70%), Aker Solutions (20%), and Subsea 7 (10%). Aker Solutions will receive USD 700 million from the sale of a 20% stake, split between stock and cash. The transaction is poised for completion in H2 2023, with an estimated synergy potential of over USD 100 million annually. Aker Solutions expects NOK 38 billion in revenues for 2022, with NOK 13 billion from the subsea segment.
Aker Solutions reported significant financial growth in Q2 2022, with revenue rising to NOK 10.6 billion, up from NOK 7.0 billion a year prior. The company’s EBITDA reached NOK 691 million and it maintained a strong cash position of NOK 3.1 billion. The order intake was NOK 13.6 billion, suggesting a 1.3x book-to-bill ratio. Aker Solutions raised its revenue guidance, now projecting a 30% increase for the full year compared to 2021. Despite market challenges, the outlook remains positive, driven by high tender activity and a favorable oil and gas pricing backdrop.
Aker Solutions reported a solid performance in Q1 2022, with revenues increasing to NOK 8.3 billion and EBITDA rising to NOK 583 million. The company achieved a net cash position of NOK 3.3 billion, reflecting a healthy financial status. Aker Solutions' order intake was NOK 7.0 billion with a backlog of NOK 48.0 billion, supporting its growth strategy amid a favorable market outlook. The CEO expressed confidence in exceeding 20% revenue growth for the full year despite ongoing geopolitical uncertainties.
Aker Solutions reported strong financial results for the fourth quarter of 2021, achieving revenues of NOK 8.7 billion and an EBITDA of NOK 593 million, with a margin of 6.8%. The company’s order intake reached NOK 9.3 billion, maintaining a backlog of NOK 49.2 billion. For the full year, revenues amounted to NOK 29.5 billion and EBITDA was NOK 1,871 million. A proposed dividend of NOK 0.20 per share reflects a solid financial position. The company anticipates a revenue increase of over 20% in 2022, bolstered by enhanced market activity and strategic contract wins.
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