Wood Promotes Leonard in Americas Role
Engineering firm Wood said it has appointed Paul Leonard as President of Operations Services in its Americas business to succeed Tim O’Leary, who is retiring from the company after a 20-year tenure.Wood’s Operations Services business complements the company’s capital projects businesses through the provision of operations, maintenance, modifications, asset management, shale facilities and pipeline construction services to clients in the upstream and midstream energy sectors, notably the US shale markets. Leonard will be responsible for the company’s business line across the US lower 48…
Aker Solutions Wins Services Contract in Brazil
Petrobras has awarded Aker Solutions a contract to provide maintenance and modifications services for nine platforms at oil and gas fields in the Campos Basin offshore Brazil.The Campos Basin extends approximately 100,000 square kilometers. The three-year contract is valued at more than BRL 250 million ($60.4 million) and includes an option for a two-year extension.Aker Solutions will be renovating, repairing and upgrading offshore production units for Petrobras' Campos Basin Operational Unit (UO-BC). The contract will also allow Aker Solutions to demonstrate its value as a full-service provider…
Resilient Market Spurs Aker Solutions's Earnings
Norwegian oil services company Aker Solutions reported strengthened earnings for the first quarter of 2018 as orders almost doubled from a year earlier amid increasing signs of a market recovery."We are seeing increasing signs of a market rebound as lower break-even costs and higher oil prices spur project sanctions, particularly in Norway," said Aker Solutions Chief Executive Officer Luis Araujo. "Our consistently strong execution and solid cost-efficiency improvements are supporting margins amid tough international competition."Orders totaled NOK 8.6 billion in the quarter, bringing the backlog to NOK 37.6 billion.
Aker Solutions Sees Less in Revenues Next Year
Oil services firm Aker Solutions expects up to 600 million crowns ($69.36 million) less in revenues next year as it failed to win a renewed key contract with Statoil, the firm said on Tuesday, sending its shares sharply lower. Aker Solutions is a main supplier of maintenance and modifications services at Statoil-operated fields in Norway through a 10-year frame agreement that expires in summer 2016. It provides work for about 900 onshore and offshore employees. On Tuesday, four companies that did not include Aker Solutions were awarded a new main supplier contract, expected to force the company to do a new round of reductions.
Aker Solutions Bags BP's Norwegian Contract
Aker Solutions won a framework agreement to provide maintenance and modifications services at BP-operated oil and gas fields offshore Norway. The contract has a fixed period of five years valued at as much as NOK 3.2 billion. It also contains options to extend the agreement by as many as four years. The accord starts on December 1, 2015 on expiration of an existing agreement for similar services. "This contract was won in stiff international and national competition and will help secure jobs on the west coast of Norway as well as provide crucial support for our development of operations further north," said Per Harald Kongelf, head of Aker Solutions in Norway.
Aker Solutions Wins Mariner Development Deal
Aker Solutions secured a contract from Daewoo Shipbuilding and Marine Engineering to provide engineering, construction and commissioning services for the hook-up phase of the Mariner oilfield development in the UK North Sea. The agreement is worth more than GBP 120 million. It comes in addition to a five-year maintenance and modifications services contract awarded in June by Statoil for the Mariner field, which is set to start production in 2017. "We are very pleased to be expanding our already significant role in developing the Mariner field and to be working with Daewoo and Statoil…
Aker Solutions Starts Trading After Company Split
Aker Solutions today started trading on the Oslo stock exchange as a leaner and more streamlined company that will build on its strengths in the subsea and field design markets. The company emerges after a spin-off of the Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) businesses of the former Aker Solutions, which has been split into two separate entities to reduce complexity, realize synergies and bring down costs. The other company formed in the separation is Akastor, an oilfield services investment business that will develop the former group's other units, including Drilling Technologies.
