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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Aker BP ASA    AKERBP   NO0010345853

AKER BP ASA

(AKERBP)
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Aker BP : eyes layoffs amid oil price crash, coronavirus

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03/27/2020 | 07:39am EDT

Norway's independent oil firm Aker BP will lay off some employees and contractors after deciding to postpone some projects and exploration wells due to the oil price crash and coronavirus-related disruptions.

"We announced today that there will be a reduction in numbers of employees and contractors due to reduced activities. We've already announced that some projects be postponed and exploration wells deferred," said company spokesman Ole Johan Faret.

"We are starting negotiations with the unions about potential numbers, and will have more details after Easter."

Aker BP, 30% owned by BP, said on March 23 it would cut its planned 2020 capital and exploration spending by 20%, but kept its production guidance unchanged.

Faret said Aker BP was still working to detail the spending cuts, but one of 10 planned exploration wells to be postponed was the Stangnestind well in the Barents Sea in the Arctic.

The company had more than 1,700 employees and about 600 contractor workers at the end of 2019.

(Reporting by Nerijus Adomaitis Editing by Gwladys Fouche and Mark Heinrich)

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP ASA -1.85% 167.35 Delayed Quote.-41.89%
BP PLC -1.04% 310 Delayed Quote.-34.27%
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Financials (NOK)
Sales 2020 27 431 M
EBIT 2020 3 146 M
Net income 2020 -773 M
Debt 2020 39 740 M
Yield 2020 6,94%
P/E ratio 2020 -67,7x
P/E ratio 2021 15,0x
EV / Sales2020 3,64x
EV / Sales2021 2,53x
Capitalization 60 181 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 227,09 NOK
Last Close Price 167,35 NOK
Spread / Highest target 134%
Spread / Average Target 35,7%
Spread / Lowest Target -22,3%
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Managers
NameTitle
Karl Johnny Hersvik Chief Executive Officer
Øyvind Eriksen Chairman
Kjetel Digre SVP-Operations & Asset Development
David Torvik Tønne Chief Financial Officer
Kate Thomson Director
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