aker solutions on track to reach improvement goals
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2016-06-07 07:00:04
Aker Solutions on Track to ReachImprovement Goals
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June 7, 2016 - Aker Solutions ismaking good progress in reachinga goal of boosting cost-efficiency in all areas of the company by at least 30percent as part of a broader effort to strengthen its competitiveness amidcurrent market challenges.
A quarter of the targeted improvement will be achieved this year, helping to achievepotential annualized cost-savings of at least NOK 9 billion by the end of 2017, basedon the 2015 cost base and work volumes. The improvements are expected to speedup next year as longer-term processes take hold.
"We're simplifying how we work and standardizing our products and services todrive through savings and become more competitive," Chief Executive Officer LuisAraujo said in a presentation Tuesday to investors in Fornebu, outside Oslo. "Theseefforts are supporting our margins and we are winning new work through increasedcollaboration with customers and industry participants on key projects andtechnology."
Aker Solutions over the past two years formed alliances with peers including BakerHughes, ABB, MAN Diesel & Turbo and Saipem. They span the entire subsea valuechain from the reservoir, to the seabed and up to the topside. These arepartnerships with leaders in their fields whose competence and technologycomplement Aker Solutions' subsea capabilities.
The company on Monday announced a contract valued at more than NOK 1 billion todeliver its longest-ever umbilicals system at the Zohr gas field offshore Egypt. Todayit announced a three-year contract extension from Total to provide maintenance andoperations services at the Elgin and Franklin fields in the UK North Sea. This work isvalued at more than NOK 400 million.
"We have a healthy order backlog and solid financial position underpinned by ourcontinuous improvement efforts and consistently strong execution on major projectsworldwide," said Araujo. "We are building on all of this with key collaborations thatboost our competitiveness, particularly in the subsea area."
ENDS
For further information, please contact:
Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel: +47 67 59 4271, Mob: +47 480 27 575, E-mail: [email protected]
Anne Cecilie Lund-Andersen, Media Relations Manager, Aker Solutions. Tel: +47 2294 74 52, Mob: +47 99 62 12 13, E-mail: [email protected]
Investors:
David Phillips, Head of Industry & Investor Relations, Aker Solutions. Tel: +44 208
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Aker Solutions on Track to Reach Improvement
GoalsAker Solutions Wins Order for Umbilicals at
Egypt's Zohr Offshore Gas FieldAker Solutions ASA: Mandatory Notification of
TradeAker Solutions ASA: Mandatory Notification of
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With Petrobras
811 7111, Mob: +44 7788 338 887, E-mail: [email protected]
Per Christian Olsen, Analyst, Investor Relations, Aker Solutions. Tel: +47 67 51 3658, Mob: +47 900 29 077, E-mail: [email protected]
Aker Solutions is a global provider of products, systems and services to the oil andgas industry. Its engineering, design and technology bring discoveries intoproduction and maximize recovery. The company employs approximately 15,000people in about 20 countries. Go to http://akersolutions.com for more informationon our business, people and values.
This press release may include forward-looking information or statements and issubject to our disclaimer, see http://akersolutions.com
Aker Solutions - Investor Day 2016
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf ofNASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content,accuracy and originality of the information contained therein.
Source: Aker Solutions ASA via Globenewswire
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