Oslo: Aker Solutions has showed investors five strategic objectives after splitting in two in September. The company, which meets today with investors in London, said in a release to the Oslo Bors it will build on its strengths in key subsea and field design markets. The aim is to capture growth in offshore deepwater, subsea and harsh environment markets.
“The split allows us to reduce complexity, build on synergies and bring down costs, which makes us much better equipped to respond to the needs of customers in the 22 countries where we operate,” said ceo Luis Araujo. “Our focus now is on creating value for our clients and shareholders through the right technology development, quality in execution, cost control and by applying the full force of our engineering skills at the conceptual stage of a project to find the most effective solutions.” Aker Solutions yesterday won a contract from Statoil to deliver a concept study for future phases of the North Sea Johan Sverdrup development, Norway’s largest oil find in three decades.
While Norway is the company’s single largest regional market, Aker Solutions is this year set to get 60% of its revenue outside its home market amid an expansion in key offshore oil and gas markets in Africa, Brazil and Asia Pacific.
The company admitted uncertainty has increased for oil-services providers as oil companies scale back spending amid concern over capital and the slump in oil prices since last summer.
Nevertheless, Araujo said he was optimistic in the longer term.
Last September Aker Solutions split in two. The subsea, umbilicals, engineering and maintenance, modifications and operations (MMO) businesses remained as Aker Solutions, while a new brand, Akastor, was created as an oilfield services investment business.