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Aker Solutions

Aker Solutions is a global oil service company that delivers technologies, products and solutions in the Subsea and Field Design segments, as well as offshore maintenance, modification and operational (MMO) services.

AKER’S ENGAGEMENT
Aker owns 70 per cent of the shares in Aker Kværner Holding AS, which in turn owns 40.6 per cent of the shares in Aker Solutions, giving Aker an equity interest equivalent to 28.4 per cent in Aker Solutions. Aker also owns 6.4 per cent of the shares in Aker Solutions directly, bringing its total stake to 34.8 per cent. Øyvind Eriksen and Kristian Røkke represent Aker on Aker Solutions’ board of directors.

As at 31 December 2018, Aker Solutions’ share price was NOK 39.66, compared to NOK 46.19 one year prior. Aker’s shareholding was valued at NOK 3.75 billion at the end of 2018, equivalent to 7 per cent of Aker’s total assets.

AKER’S OWNERSHIP AGENDA
Aker’s top priorities for Aker Solutions are increased competitiveness through operational improvements, success in winning new contracts and openness to partnerships, alliances and transactions.

In 2018, the company continued to improve operational efficiency and to cut costs, making good progress on a programme designed to reduce costs by 50 per cent compared to 2015 levels, by 2021. Aker Solutions is well-positioned for the future, and the oil service market is expected to develop positively in the next few years.

In its ownership capacity, Aker is focused on ensuring that Aker Solutions wins new contracts and delivers on them with satisfactory margins. In 2018, the company won important contracts on the Norwegian Continental Shelf linked to the fields Johan Sverdrup, Johan Castberg, Nova, Troll and Askeladd. Internationally, Aker Solutions secured important contracts in Brazil, the UK, Africa and Asia. In addition, the company was awarded a cooperation agreement with Equinor relating to global subsea development, as well as a carbon capture and storage contract linked to the Northern Lights project. In 2018, Aker Solutions acquired 10 per cent of the shares in Principle Power Inc., a US offshore wind power company.

Aker Solutions’ order backlog totalled NOK 35.1 billion at the end of 2018, compared to NOK 34.6 billion last year.

Work is continuing on operational improvements, optimisation of the capital base and development of first-class customer relationships. Aker Solutions is currently transforming its business by utilising new technology and is, among other things, partnering with Cognite to improve efficiency and cut costs in the oil and gas supply chain.

For more information, please visit www.akersolutions.com .

Aker Solutions

Listed:
Oslo Børs

Geographic marked:
International

Sector:
Oil and gas

Category:
Oil and gas service

Share of Aker's total assets (4Q18)
9%

CEO:
Luis Araujo

Chairman:
Øyvind Eriksen

Website:
www.akersolutions.com