Drop in sales and profits for Aker Solutions
GLOBAL engineering giant Aker Solutions has reported falling profits and sales in its latest results.
In the second quarter this year the Norwegian-owned firm, which employs around 400 in Stockton, saw a 43.8% year-on-year fall in net profits to NOK 445m (£46m).
Operating revenues dropped 16.9% on the year to NOK 11,904 (£1.23bn).
The company’s process and construction division, which takes in the Stockton operation - saw revenues drop 15% to NOK 2,158m (£223m) due mainly to a slower market and delayed contracts in the oil, process and gas sectors.
But the results highlighted a major contract win - a 50/50 joint venture (JV) with Kazakh company KGNT Holding to service the offshore oil and gas industry in the Kazakhstan sector of the Caspian Sea.
The JV, Aker Caspian, will provide services for offshore field development and maintenance and modification projects as well as fabrication services for onshore plants in Kazakhstan.
Aker said it was “positive” about the future outlook, claiming there was growth potential in its energy and environmental work.