Aker Solutions ASA: First-Quarter Results 2014

April 30, 2014

Financial Highlights

* Sales rose to NOK 11.2 billion in the first quarter of 2014 from NOK 10.3
billion in the first quarter of 2013.
* Earnings before interest, tax, depreciation and amortization (EBITDA) gained
to NOK 1.05 billion in the quarter from NOK 767 million in the year-earlier
period when earnings were impacted by losses in the umbilicals and OMA
business areas and increased costs at the Ekofisk Zulu project.
* The EBITDA margin improved to 9.3 percent in the quarter from 7.4 percent a
year earlier.
* Earnings per share (EPS) were NOK 1.12 in the quarter, compared with NOK 1 a
year earlier.
* The order intake was NOK 8.7 billion in the quarter, compared with NOK 25
billion a year earlier.
* The order backlog was NOK 55.6 billion at the end of the quarter. The year-
earlier backlog was NOK 68.7 billion and included a Category B rig contract
worth NOK 11 billion that was canceled in June 2013.

Key Developments
Aker Solutions' revenue rose to NOK 11.2 billion in the first quarter of 2014
from NOK 10.3 billion a year earlier, driven by sales of subsea products and
services, single drilling equipment and umbilical systems in the U.S. and
Norway. Revenue also increased in the process systems unit, bolstered by strong
demand in Norway, the Americas and the Asia Pacific, and in OMA, which had three
vessels on charter in the quarter.

EBITDA rose to NOK 1.05 billion in the quarter, helped by stronger project
execution, particularly in the subsea and umbilicals areas, as well as increased
capacity utilization for the engineering division in London and the U.S.
umbilicals plant.

The EBITDA was NOK 767 million in the same quarter of last year, when earnings
were affected by costs at the Ekofisk Zulu project and losses in the umbilicals
and oilfield services and marine assets (OMA) businesses.

The EBITDA margin increased to 9.3 percent in the quarter from 7.4 percent a
year earlier.

"Demand for our subsea products and services remained strong and our engineering
unit boosted its activity as employees were mobilized in London and Oslo to
start work on the Johan Sverdrup contract awarded by Statoil in December," said
Øyvind Eriksen, executive chairman of Aker Solutions. "In contrast, the offshore
maintenance and modification market slowed down in Norway and an oversupply of
drilling rigs curbed new-building activity globally."

Subsea, the biggest business area, had a record-high EBITDA margin of 11.5
percent in the quarter, up from 10.6 percent a year earlier. The engineering
unit's margin was 8.7 percent, compared with 7.2 percent a year earlier. The
maintenance, modifications and operations (MMO) unit's margin narrowed to 6.2
percent from 6.6 percent, and the drilling technologies margin weakened to 9.1
percent from 10 percent. Oil companies scaled back spending on maintenance and
drilling activities amid concern over rising costs and stagnant oil prices.

Aker Solutions secured new orders worth NOK 8.7 billion in the quarter, bringing
the backlog to NOK 55.6 billion. Subsea had the strongest intake at NOK 3.9
billion, followed by drilling technologies, which won NOK 1.9 billion in
contracts.

"Subsea also secured two major contracts with key customers after the quarter's
end, reinforcing our strong position in this fast-growing market," Eriksen said.

Aker Solutions in April won a contract worth NOK 14 billion from Total to
provide a subsea production system for the Kaombo development offshore Angola
and a more than USD 300 million order from Petrobras to supply subsea manifolds
for Brazil's pre-salt fields.

The company in the first quarter booked a gain of NOK 2.8 billion from the sale
of two business areas - well-intervention services and mooring and loading
systems.

Outlook
Aker Solutions is well positioned in the global energy industry's key growth
markets, subsea and deepwater. We expect strong growth in subsea spending as we
continue to develop our unique subsea factory solutions.

This will also create opportunities for the umbilicals and process systems
areas. We are tendering for subsea contracts and umbilicals in key markets,
including the North Sea, Brazil, Africa, the U.S. and the Asia Pacific region.

Demand has been healthy for most of our products and services, including
conceptual and front-end engineering and design studies for offshore field
developments. The high order backlog gives us confidence in a robust medium-term
outlook. Key wins in Brazil, Angola and Norway, including the contract for Johan
Sverdrup, also bolster the longer term outlook for the company.

We see opportunities for our MMO business from aging facilities in the North Sea
and other markets, even as more restrained capital spending from exploration and
production companies is expected to weigh on revenue this year and next.

A high number of available drilling rigs is curtailing building of new rigs. At
the same time there is healthy tendering activity for rigs to be delivered in
the next two to three years, particularly in the jack-up market, which creates
opportunities for our drilling technologies business. We also expect good demand
for our drilling services this year.

Global offshore spending on exploration and production is seen leveling off at
record levels in the short term.

Aker Solutions will continue its focus on boosting the return on capital
employed and improving the quality, predictability and efficiency of operations.

ENDS

For further information, please contact:

Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel:
+47 67 59 42 71, Mob: +47 480 27 575, E-mail: bunny.nooryani@akersolutions.com

Press Office: +47 908 42 894

Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39,
Mob: +47 911 37 194, E-mail: lasse.torkildsen@akersolutions.com

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions is a global provider of products, systems and services to the oil
and gas industry. Our engineering, design and technology bring discoveries into
production and maximize recovery from each petroleum field. We employ
approximately 28,000 people in about 30 countries. Go to www.akersolutions.com
for more information on our business, people and values.

This press release may include forward-looking information or statements and is
subject to our disclaimer, see www.akersolutions.com.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


1Q 2014 Presentation:
http://hugin.info/77/R/1781255/609383.pdf

1Q 2014 Report:
http://hugin.info/77/R/1781255/609384.pdf



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Source: Aker Solutions ASA via GlobeNewswire
[HUG#1781255]