May 4 , 2023-Aker Solutions has delivered increased year-on-year revenues, margin growth and improved cash-generation on the strength of solid project execution. Growing demand forAker Solutions' offerings for the energy industry is reflected in a record-high order backlog and high tendering activity. · 1Q, 2023 Financial Highlights · (all figures excluding special items) · RevenueNOK 11.4 billion · EBITDANOK 906 million · EBITDA margin 7.9 percent · Earnings per shareNOK 0.92 · Net cash positionNOK 6.6 billion · Order intakeNOK 12.5 billion (1.1-times book-to-bill) · Order backlogNOK 98.9 billion "Aker Solutions has delivered solid financial results while continuing to execute on our strategic agenda. With a historically high order backlog and robust order intake in this quarter, we are on-track to meet financial targets and to seize opportunities in rapidly changing energy markets," said Kjetel Digre, Chief Executive Officer ofAker Solutions . Key developments Revenue in the first quarter increased toNOK 11.4 billion compared toNOK 8.3 billion in the first quarter of 2022. Driven by solid performance in ongoing projects, EBITDA increased toNOK 906 million , compared toNOK 583 million in the same quarter last year. Order intake for the quarter ended atNOK 12.5 billion , or 1.1-times book-to -bill, and included offshore projects like the Rosebank FPSO upgrade for Altera, the electrification ofOkea's Draugen platform,Equinor's Åsgard topside modifications for the Berling tie-in, as well as the subsea production system for TotalEnergie's Lapa South West field inBrazil . The secured order backlog at the end-of-the quarter stood atNOK 99 billion , while tendering value in the quarter increased slightly toNOK 79 billion . Solid operational performance and pre-payments from newly awarded contracts resulted in strong cash generation. Our net cash position was?NOK 6.6 billion at the end of the quarter.Aker Solutions continues its transformation to a more broadly based energy services supplier, enabling customers across industry sectors to achieve their ambitious decarbonization targets. To further decarbonize supply chains,Aker Solutions joined theFirst Mover Coalition for the use of green steel. TheSubsea joint venture transaction announcedAugust 2022 is progressing as planned and is expected to close during the second half of 2023, pending regulatory approvals. Outlook The outlook remains positive forAker Solutions . The high order backlog, mainly made up of projects to be executed in the well-proven alliance model withAker BP with balanced risk-reward profile and upside potential through shared incentives, offers good visibility on activity levels going forward. Project sanctioning across global energy markets is picking up, andAker Solutions is well positioned to capitalize on near-term market recovery and longer-term structural changes underway in world energy markets. Based on the secured backlog and tendering activity, full-year revenue in 2023 is expected to increase by more than 15 percent compared to 2022. The underlying EBITDA margin, at this early stage of the year, continues to be seen up from 2022 levels. ENDS Media Contact:Torbjørn Andersen , mob: +47 928 85 542, email: torbjorn.andersen@akersolutions.com Investor Contact: Preben Ørbeck, mob: +47 470 10 611, email: preben.orbeck@akersolutions.com (Preben Ørbeck, mob: +47 470 10 611, email: preben.orbeck@akersolutions.com)Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production.Aker Solutions employs approximately 15,000 people in more than 20 countries. Visit akersolutions.com and connect with us on Facebook (https://www.facebook.com/AkerSolutions/), Instagram (https://instagram.com/akersolutions/), LinkedIn (https://www.linkedin.com/company/aker-solutions), Twitter (https://twitter.com/akersolutions) and YouTube (https://www.youtube.com/akersolutions). This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Thisstock exchange release was published by William Stoichevski, Global Content Editor,Aker Solutions , onMay 4, 2023 at07:00 CEST .
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