Oil and gas company Aker Solutions ASA (AKKVF.PK) Monday, in a preliminary report for the first quarter, said it expects results for the three months to considerably fall behind consensus view. The company cited weaker earnings at Ekofisk Zulu platform project as well as a loss at Umbilicals business area.
The firm said it expects to report revenue of NOK 11.1 billion and EBITDA of NOK 868 million for the period.
Aker said earnings were impacted by increased costs at the Ekofisk Zulu platform project as work was accelerated to ensure the platform will be transported from the Egersund yard to the Ekofisk field in mid-June and start producing oil by October and by a loss of NOK 54 million at the Oilfield Services and Marine Assets business area as the vessels Aker Wayfarer and Skandi Aker were idle in the first quarter. Further, results were also weighed down by a loss of NOK 63 million at the Umbilicals business area, added the firm.
Additionally, Aker said EBITDA margins for the business areas Drilling Technologies, Well Intervention Services and Mooring and Loading Systems were slightly lower in the first quarter than the average in recent quarters, mainly because of increased costs at some projects, some delayed contract awards and timing of progress.
Looking forward, the company said order intake in the next quarters is more at risk than in previous quarters because of recent postponements or cancellations of some projects. It anticipates greater clarity in the next three months on how significant portfolio sensitivities, such as Ekofisk Zulu and Skandi Aker, will develop. Provided that these projects are completed as planned and that the various business areas have a normal capacity utilisation, Aker Solutions expects the financial performance, excluding one-off items, to be better in the third and fourth quarters of 2013 than in the corresponding quarters a year ago and in line with the company's five-year plan.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.