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Tue, Aug. 19, 3:37 PM
- Aker Solutions (OTCPK:AKKVF) plans to boost margins at its subsea unit by as much as two-thirds within two to five years after splitting the company, raising margins to the same level as its biggest competitors, CEO Luis Araujo tells Bloomberg.
- That would require Aker to improve the margin on EBIT at its subsea unit by 68% from Q2 if it is to match the 14.6% reported by FMC Technologies (NYSE:FTI) compared with 8.7% for Aker's subsea unit; Cameron’s (NYSE:CAM) drilling and productions systems unit reported an EBIT margin of 12.3% in the quarter.
- Aker's decision to split to cut costs and focus on its flagship subsea division as it seeks to improve returns that have lagged competitors comes as oil service companies face a slowdown in investments from energy producers, including Statoil (NYSE:STO), Aker's biggest customer.
Tue, Apr. 22, 12:32 PM
- Oil services firms Baker Hughes (BHI +0.4%) and Aker Solutions (AKKVF) agree to form an alliance to develop subsea production solutions to boost recovery rates at a lower cost in offshore fields.
- The two companies say the new venture aims to combine Aker's strengths in subsea production and processing systems with BHI's well completion and artificial lift specializations, as well as advance industry capabilities in subsea well intervention.
- The deal is being driven by deepwater subsea fields which have "so far been characterized by low recovery rates, and new discoveries in deeper and more hostile environments are making these fields even more costly to develop," says BHI CEO Martin Craighead.
- Separately, BHI is upgraded to Buy from Neutral with a $80 price target, up from $60, at Global Hunter following the strong Q1 earnings report citing expected efficiency enhancements and a potential upcycle in U.S. onshore development.
Wed, Apr. 16, 8:24 AM
- Energy group Total (TOT) has been busy awarding lucrative contracts since deciding Monday to go ahead with development of the Kaombo ultra-deep Angolan offshore project.
- A consortium of Technip (TNHPF, TKPPY) and Heerema Marine is awarded a $3.5B contract for underwater engineering work; Technip CEO Thierry Pilenko says the project is the largest subsea contract ever awarded to the company.
- Aker Solutions (AKKVF) earns a $2.4B contract for underwater pipeline fittings and equipment for vertical wells.
- Saipem (SAPMY) is awarded two contracts with a combined value of more than $4B involving engineering, procurement and production as well as commissioning offshore and onshore work for FPSO projects.
- TOT says the Kaombo field has estimated reserves of 650M barrels and should produce 230K bbl/day.
Jan. 4, 2013, 8:28 AMHelix Energy (HLX) is turning into a takeover target after streamlining the company to focus on its expanding operations for offshore oilwell support, Bloomberg writes. Analysts say recent sales of its oil-and-gas unit and a pipe-laying business have made HLX more appealing to a potential suitor such as Aker Solutions, Technip or Diamond Offshore. | Comment!
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Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.
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