Aker Solutions looks to the future

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.



Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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