Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. Aker Solutions ASA
  6. News
  7. Summary
    AKSO   NO0010716582

AKER SOLUTIONS ASA

(AKSO)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Aker Solutions manager questioned in Malaysia, sources say charges expected

06/10/2021 | 11:46am EDT

KUALA LUMPUR, June 10 (Reuters) - Norwegian oil services firm Aker Solutions said on Thursday one of its managers was being questioned by Malaysian authorities and three sources familiar with the case said they expected charges to be brought on Friday.

Malaysia's Anti-Corruption Commission (MACC) has been investigating allegations that Norway's biggest oil services company made false representations to win licences from state energy group Petronas that are normally reserved for companies that meet ethnic quota requirements under Malaysian law.

The Malaysian attorney-general's office and prime minister's office did not respond to requests for comment on the case. Petronas also did not respond to a request for comment.

The anti-corruption agency did not reply to a request for comment on the case. The agency has issued a press release inviting media to cover a court case on Friday involving the senior vice president of an engineering company. It gave no further details.

Aker said in response to Reuters questions that it was seeking further information on the questioning of its manager.

The company said it was confident its entities in Malaysia had fulfilled applicable requirements, adding that documentation and information regarding the company's set-up had been disclosed during license renewal processes.

Aker's licences were last renewed in mid-2020, it said.

"Together with the involved manager in Malaysia, the company will work on providing and clarifying additional information required by the authorities," Aker said.

It said it did not expect the process to have any significant impact on its Malaysian operations.

Malaysia practices a form of affirmative action, in which many contracts awarded by state-linked companies are reserved for ethnic Malays and indigenous people – collectively known as Bumiputera, or "sons of the soil".

The three sources, two from the anti-corruption agency and another source who is familiar with the case, said an Aker executive is accused of submitting documents aimed at misleading Petronas that one of Aker's subsidiaries would qualify as a Bumiputera-owned company when it did not.

The Aker executive was expected to be charged with the offence of cheating, two of the sources said. That offence carries a sentence of up to five years' jail, a fine, or both.

The sources requested anonymity due to the sensitivity of the matter. They did not give the name or nationality of the executive who would be charged.

Aker Solutions has six subsidiaries registered in Malaysia, where its Asia Pacific headquarters is based, according to its 2020 annual report.

Last year, the company reported NOK 1.57 billion ($189 million) in revenue from its Malaysian businesses. In 2019, it said it had been awarded an umbrella agreement for engineering services from Petronas.

($1 = 8.3076 Norwegian crowns) (Reporting by Rozanna Latiff; Additional reporting by Nerijus Adomaitis in Oslo. Editing by Jane Merriman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AKER ASA -2.93% 646 Real-time Quote.18.93%
AKER SOLUTIONS ASA -2.99% 15.92 Real-time Quote.-0.24%
LONDON BRENT OIL -0.29% 72.7 Delayed Quote.42.82%
WTI -0.12% 70.788 Delayed Quote.48.31%
All news about AKER SOLUTIONS ASA
06/16Aker Carbon Capture to Transfer Listing to Oslo Børs
MT
06/16INTERTEKá : Lundin sells 'carbon neutral' oil to South Korea's GS Caltex
RE
06/15AKER SOLUTIONS ASA : Buy-Back of Own Shares
AQ
06/14European Stocks Close Mixed as Market Expects UK to Delay Full Restrictions E..
MT
06/14ANALYST RECOMMENDATIONS : Alliant Energy, Ally Financial, Alphabet, HSBC, Honest..
06/14Eni's Vår Energi Reports Oil Discovery in North Sea Exploration Well
MT
06/14UK’s BP Joins Aker, Statkraft In Norwegian Renewable Energy Quest
MT
06/14BP P L Cá : Statkraft, Aker Team Up on Offshore Wind Energy Project in the Norwe..
MT
06/14Aker, BP, Statkraft Partner To Develop Offshore Wind In Norwegian North Sea
MT
06/14BP joins consortium seeking wind power off Norway
RE
More news
Financials
Sales 2021 27 167 M 3 172 M 3 172 M
Net income 2021 61,9 M 7,23 M 7,23 M
Net Debt 2021 1 662 M 194 M 194 M
P/E ratio 2021 134x
Yield 2021 0,15%
Capitalization 8 020 M 942 M 936 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,31x
Nbr of Employees 14 491
Free-Float 54,1%
Chart AKER SOLUTIONS ASA
Duration : Period :
Aker Solutions ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AKER SOLUTIONS ASA
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 17,00 NOK
Last Close Price 16,41 NOK
Spread / Highest target 58,4%
Spread / Average Target 3,60%
Spread / Lowest Target -45,2%
EPS Revisions
Managers and Directors
NameTitle
Kjetel Digre Chief Executive Officer
Idar Eikrem Chief Financial Officer
Leif Arne Lang°y Chairman
HervÚ Valla Chief Technology Officer
Dean Watson COO & Executive VP-Subsea Lifecycle Services
Sector and Competitors
1st jan.Capitalization (M$)
AKER SOLUTIONS ASA-0.24%942
WORLEY LIMITED0.70%4 576
OFFSHORE OIL ENGINEERING CO., LTD.1.11%3 113
SUBSEA 7 S.A.-0.96%3 041
LIBERTY OILFIELD SERVICES INC.39.48%2 641
TECHNIP ENERGIES N.V.0.00%2 608