Norway's Aker Solutions Q1 earnings to drop 13% on unexpected costs

29 April 2013 07:59  [Source: ICIS news]

SINGAPORE (ICIS)-Aker Solutions expects its first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) to fall by 13.2% year on year to Norwegian kroner (NKr) 868m ($148m) on higher project costs, the oil-platform maker said on Monday.

Overall revenue for the first quarter of this year is expected to be at NKr11.1bn, the company said in a preliminary statement.

The oil-platform maker posted operating revenues and other income of Nkr9.84bn in the same period of 2012.

“The slow start to 2013 is truly disappointing,” said Oyvind Eriksen, executive chairman of Aker Solutions.

“As lost or postponed contract awards are part of the game, some of the quality issues are, simply speaking, unacceptable,” he said.

“We have worked hard to avoid such mistakes, but there is still a way to go,” Eriksen added.

Aker Solutions will report its full first-quarter earnings on 8 May.

($1 = Nkr5.85)

By: Nurluqman Suratman

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