Norway’s Aker Solutions raises 2022 revenue outlook

Norwegian oil services firm Aker Solutions (AKSOA.OL) raised its 2022 revenue outlook as it sees increased activity from oil and gas companies, with tender activity heading for a new record, it said on Thursday.

The company now expects its 2022 revenues to rise by around 30% year-on-year, compared with the rise of more than 20% it said it expected in February, helped by high oil and gas prices and tax breaks offered in Norway to support the oil sector.

“Global oil and gas supply is projected to remain constrained in the coming years and energy security to remain a priority,” the company said in a statement.

“This supports Aker Solutions’ view of multiple years of spending growth from the company’s customers.”

Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), excluding special items, rose to 691 million crowns from 392 million in the year-ago period.

Its tender activity is record high at 105 billion crowns, ($10.27 billion), it added.

($1 = 10.2223 Norwegian crowns)

Written by