AKER SOLTNS ASA UNSP/ADR - AKRYY STOCK NEWS

LKAB and Boliden have formed a partnership aimed at extracting pyrite concentrate from mining waste at the Boliden Aitik mine. The extracted pyrite will be used to produce fossil-free sulphuric acid, which LKAB will then use to extract rare earth elements and phosphorus from its mining waste. This initiative will also generate excess heat for LKAB's industrial park and create iron oxide as a by-product. The project is anticipated to be operational by 2027, bolstering the region's role in the climate transition.

Aker Solutions reported strong financial results for 3Q 2021, posting revenues of NOK 7.3 billion and an EBITDA of NOK 459 million, with a margin of 6.3%. The company achieved an order intake of NOK 9.5 billion, resulting in a backlog of NOK 48.4 billion. Significant contracts were secured, including a NOK 3 billion project for the Sunrise Wind offshore wind farm.

Management raised full-year revenue guidance to approximately NOK 29 billion, projecting a 15% increase for 2022, supported by high tendering activity.

Aker Solutions has secured a NOK 3 billion EPCI contract for a high-voltage direct current (HVDC) transmission system as part of a consortium for a large offshore wind project. The scope includes engineering, procurement, construction, and installation of an HVDC converter platform, with work commencing immediately. Installation is scheduled for the second half of 2024, with final deliveries expected in 2025. This contract will be recorded as order intake in the third quarter of 2021, boosting Aker's Renewables and Field Development segment.

Aker Solutions reported a strong second quarter of 2021, with revenues of NOK 7.0 billion and an order intake of NOK 12.2 billion, marking a 30% increase year-over-year. The EBITDA was NOK 392 million, corresponding to an EBITDA margin of 5.6%. Major contracts were secured, including a subsea gas compression system for Chevron, boosting the order backlog to NOK 45.8 billion. The company emphasizes a focus on energy transition, with 60% of new contracts tied to sustainable initiatives. The outlook remains positive for 2021 and beyond.

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.