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Aker Solutions backs view after surprise profit

Aker Solutions ASA on Wednesday backed its full-year guidance after swinging to an unexpected first-quarter net profit.

The energy industry service provider reported a net profit of 27 million Norwegian kroner ($3.2 million), compared with a loss of NOK857 million a year earlier. Revenue fell 25% to NOK6.47 billion.

Analysts polled by FactSet had seen a net loss of NOK32 million on revenue of NOK6.68 billion.

The company said the outlook for project sanctioning for 2021 and 2022 remains positive in the company's main markets, both in traditional oil and gas and related to the energy transition.

The temporary tax incentives on the Norwegian continental shelf are expected to trigger sanctioning of more than 30 new projects by the end of 2022, it added.

"Tendering activity is high, and Aker Solutions is currently bidding for contracts totaling about NOK78 billion," it said.

"About 30% of this is related to energy transition."

Order intake in the quarter rose to NOK9.4 billion from NOK8.0 billion, against FactSet expectations of NOK6.22 billion, as the order backlog rose to NOK40.5 billion from NOK33.3 billion.

The company backed full-year guidance, expecting overall 2021 revenue to be somewhat lower than last year and its underlying Ebitda margin at 5.5% to 6.0%.

Write to Dominic Chopping at [email protected]

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