part of Aker
1st quarter results 2012
Fornebu, 9 May 2012
Øyvind Eriksen and Leif Borge
© 2012 Aker Solutions
Slide 1
9 May 2012
1st quarter results 2012
part of Aker
Agenda | Q1 2012
Introduction
Øyvind Eriksen
Executive chairman
Financials
Leif Borge
President & CFO
Q&A session
Q&A
Øyvind Eriksen
Leif Borge
Front page: Delivery of manifold to Goliat.
© 2012 Aker Solutions
Slide 2
9 May 2012
1st quarter results 2012
part of Aker
Q1 2012 I Financial headlines
■ Good revenue growth
■ By 15.7 per cent from Q1 2011 to NOK 9.8 billion
■ Strong growth in operating profit
■ EBITDA excluding non-recurring items increased from NOK 683 million
in Q1 2011 to NOK 1 002 million
■ Improved recurring EBITDA margin
■ Increased to 10.2 per cent
■ Order intake of NOK 11.3 billion
© 2012 Aker Solutions
Slide 3
9 May 2012
1st quarter results 2012
part of Aker
Q1 2012 | Key figures
Revenues and EBITDA
Order backlog and order intake
NOK million
NOK million
12 000
50 000
9 837
10 000
42 890
45 000
40 000
35 000
8 000
30 000
6 000
25 000
20 000
4 000
15 000
11 307
10 000
2 000
1 002
5 000
0
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2010 2010 2010 2010 2011 2011 2011 2011 2012
© 2012 Aker Solutions
Slide 4
9 May 2012
1st quarter results 2012
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2010 2010 2010 2010 2011 2011 2011 2011 2012
part of Aker
Q1 2012 | Headlines by region
North America
Norway
 UMB plant low
 Award of Cat-B
capacity utilised for
maintenance
 WIS turning down work
Asia Pacific
 Slow down in marine
intervention rig for
Statoil (Q2)
construction sales for
MLS
 Good progress on
 Await tender decision
Subsea processing
projects
due to capacity
constraints
on Browse LNG
 Expansion in Malaysia,
 Strong growth in
 MWCU project delivery
Subsea and UMB
northern Norway
focus
 FEED workload very
high and capacity
growing
Brazil
Europe, W Africa
 Skandi Santos continues
 New London ENG
to exceed operational
expectations
office ahead of
plan and growth
 Subsea recovery plan in
 WIS at full capacity
in both UK and
West Africa
full progress with
Petrobras
© 2012 Aker Solutions
Slide 5
9 May 2012
Bahrain
land rigs
 Significant opportunities for Process Systems
mobilised for Total
deepwater drilling rigs
 Large breakthrough surface tree order in
 Strong stand alone drilling equipment sale to
 Skandi Aker
 High bidding activity for
M East, N Africa
1st quarter results 2012
MEG and VRU
part of Aker
Q1 2012 | By business area
Profitability
Growth
NOK million
NOK million
Q1 2012
Q1 2011
16 %
12 %
MLS
DRT
12 %
11 %
ENG
10 %
11 %
10 %
9%
MMO
8%
8%
SUB
UMB
PRS
© 2012 Aker Solutions
5%
11 %
-4 %
6%
OMA
Backlog
growth
Revenue
growth
DRT
76 %
22 %
SUB
22 %
48 %
PRS
17 %
-28 %
UMB
16 %
-5 %
MMO
-8 %
17 %
MLS
-16 %
3%
ENG
-21 %
59 %
OMA
-25 %
101 %
WIS
-36 %
32 %
Total
6%
16 %
18 %
18 %
WIS
3%
NA
Slide 6
9 May 2012
1st quarter results 2012
part of Aker
New Head of Process Systems David Merle
Curriculum vitae
2003-2012 | Cameron
Senior management positions, including Group Vice President Operations for
Process & Compression systems and Head of Subsea Controls
1998-2001 | Total
Project manager, drilling engineer and logistics engineer
David Merle
■ French, lived and worked in Europe, South America,
North America, the Middle East and Africa
■ Completed Masters of Science at the Ecole des Ponts
in Paris in 1997
■ Holds an MBA from Harvard Business School and is a
graduate of the INSEAD executive program in
Singapore
© 2012 Aker Solutions
Slide 7
9 May 2012
1st quarter results 2012
part of Aker
Cat-B well intervention services
CAT-B
Statoil contract a company maker
■ Value USD 1.9 billion for 8 years
■ Specially designed rig for harsh North Sea environment
■ Offers a full range of heavy well intervention and light drilling tasks
for client Statoil
© 2012 Aker Solutions
Slide 8
9 May 2012
1st quarter results 2012
part of Aker
Health, safety and environment: a top priority
HSE performance indicators
HSE awards
We had 25 total recordable injuries in Q1. 6 of these resulted in lost
time. The majority of the TRIs were finger injuries from cuts, dust in
eyes, slip and fall.
HSE performance Malaysia's highest
award.
safety award.
International Safety award 2008
International Safety award 2011
© 2012 Aker Solutions
Slide 9
9 May 2012
1st quarter results 2012
part of Aker
Spending expected to grow across regions 2011-2015
North Sea
10.8% CAGR average in
selected offshore regions
New discoveries increase
confidence
USD bn
Ship yards in Asia
% CAGR
North America
Chinese yards expected
to grow
Increasingly deeper waters,
pick up after Macondo
Middle East
Oilfield complexity
increasing
USD bn
% CAGR
USD bn
% CAGR
Brazil
Expansion plans, local
content requirements,
pre-salt areas
West of Africa
Asia Pacific
Local content requirements
increasing
Gas focused market
USD bn
USD bn
USD bn
% CAGR
% CAGR
% CAGR
Source: Rystad Energy, DCube 18 April 2012. Selection: Offshore purchasing - North Sea: Norway, UK; Asia Pacific:
Australia, India, Malaysia, Indonesia; West of Africa: Nigeria, Ghana, Angola; North America: US, Canada
© 2012 Aker Solutions
Slide 10
9 May 2012
1st quarter results 2012
part of Aker
Strategy and market | Engineering
Front end and concept studies a key differentiator
■ Great market opportunities – high activity in study markets
■ Customers are concerned about capacity constraints
■ Increasing capacity and building presence in London, Houston,
Kuala Lumpur, Rio de Janeiro, Perth
■ Global delivery model working well
© 2012 Aker Solutions
Slide 11
9 May 2012
1st quarter results 2012
part of Aker
Strategy and market | Subsea and Umbilicals
Strong subsea markets
Subsea capex
■ High international tender activity,
interesting prospects in Brazil and the
North Sea
■ Subsea doubling capacity in Tranby
and Port Klang, building new support
base in Malaysia
■ Umbilicals to invest in new plant in
Malaysia
Source: Quest Offshore, February 2012
© 2012 Aker Solutions
Slide 12
Slide2012
12
9 May
1st quarter results 2012
part of Aker
Strategy and market | Drilling
Expected orders
Crucial moments in deep-water
drilling
DRT bottom up
analyses
20-25
Yearly number of newbuilds (UDW, midwater),
2015-2020
■91 newbuilds (UDW) on order including
Nordea
Brazil, analysts expect 20-30 newbuilds
per year to 2020
Pareto
27+
Drilling
Contractors 1
15-26
■Awards of drilling packages expected in
Brazil
Yards 1
25
20-30
1: Refers to surveys performed by Aker Solutions Drilling Technologies in 2011.
Source newbuilds on order: Riglogix
© 2012 Aker Solutions
Slide 13
Slide2012
13
9 May
1st quarter results 2012
part of Aker
Strategy and market | MMO
Prospects extended
North Sea (Norway) market growth1
■ Upcoming prospects in modifications,
USD million
frame agreements and hook-ups
60 000
■ Acquisition of Sandnessjøen
50 000
Engineering strengthens presence in
northern Norway
40 000
30 000
20 000
10 000
0
2011
2012
2013
2014
2015
1: North Sea market here refers to the total market, not only the MMO segment.
Source: Rystad Energy
© 2012 Aker Solutions
Slide 14
Slide2012
14
9 May
1st quarter results 2012
part of Aker
Agenda | Q1 2012
Introduction
Øyvind Eriksen
Executive chairman
Financials
Leif Borge
President & CFO
Q&A session
Q&A
© 2012 Aker Solutions
Slide 15
9 May 2012
1st quarter results 2012
Øyvind Eriksen
Leif Borge
part of Aker
Consolidated income statement1
(NOK million)
Q1 12
Q1 11
2011
2010
Operating revenues and other income
9 837
8 504
36 474
33 365
EBITDA
1 002
1 440
3 445
3 308
-
7572
7572
1823
26
(13)
44
17
(231)
(202)
(876)
(817)
EBIT
771
1 238
2 569
2 491
Net financial items
(87)
(112)
(531)
(445)
25
26
35
(78)
709
1 152
2 073
1 968
(207)
(165)
(482)
(634)
502
987
1 591
1 334
0
2 306
3 663
676
502
3 293
5 254
2 010
10.2%
8.8%
7.5%
9.4%
1.85
12.19
19.37
7.27
Of which related to non-recurring items
Of which related to hedging
Depreciation and amortisation
FX on disqualified hedging instruments
Profit before tax
Tax
Net profit
Profit from discontinued operations
Profit for the period
EBITDA margin (excl. non-recurring items)
Basic earnings per share (NOK)
1 The
2
comparative figures for businesses accounted for as discontinued operations (P&C and Kvaerner) have been restated.
NOK 757 million in gain from the sale of Aker Marine Contractors in Q1 2011.
3 Non-recurring
items of NOK 182 million (AFP) in Q1 2010
© 2012 Aker Solutions
Slide 16
9 May 2012
1st quarter results 2012
part of Aker
Consolidated cash flow, NCOA and net debt
■ Net debt of NOK 4.4 billion (Q4: net
NOK million
debt of NOK 3.5 billion)
■
■
■
Net current operating assets (NCOA)
Cash and bank deposits of NOK 1.1
billion
Gross interest bearing debt of NOK 6.7
billion
Liquidity reserves of NOK 5.1 billion
4 000
3 000
2 000
1 000
0
■ Group NCOA of NOK 1.3 billion
-1 000
■ Net debt to be reduced by approx.
-2 000
Q1
10
NOK 1.5 billion when AMC Connector
sold to Ezra in Q2
Q2
10
Q3
10
Q4
10
Q1
11
Q2
11
Q3
11
Q4
11
Cash flow
■ Cat-B investment of NOK 4.0 to 5.0
NOK million
billion
■
■
Q1
12
Substantial part to be paid upon
delivery of rig in 2015
Expected cashout next 12 months of
approx. NOK 1.0 billion
4 400
3 500
200
100
600
■ Further capacity investments in
Subsea and Umbilicals, NOK 850
million announced
© 2012 Aker Solutions
Slide 17
9 May 2012
Net debt
Q4 11
1st quarter results 2012
Cash from
operations
(negative)
Capex
Other
part of Aker
Net debt
Q1 12
Engineering
Product Solutions
Engineering
Process Systems
■
Good results from the North Sea, India and
Malaysia
■
Delayed progress and lower activity in
Norway, France and Brazil
■
Acquired remaining 50% of shares in Aker
Clean Carbon
■
Good results in Midsund and Asia Pacific
■
Provision for repair cost on one project
Revenues, EBITDA and EBITDA margin
Revenues, EBITDA and EBITDA margin
NOK million
NOK million
410
408
1170
358
995
293
293
766
692
625
67
Q1 2011
EBITDA
margin 10.7%
© 2012 Aker Solutions
53
109
145
103
Q2 2011
Q3 2011
Q4 2011
Q1 2012
7.7%
14.2%
12.4%
10.4%
Slide 18
9 May 2012
24
Q1 2011
EBITDA
margin 5.9%
1st quarter results 2012
32
-37
18
-13
Q2 2011
Q3 2011
Q4 2011
Q1 2012
-12.6%
8.9%
4.4%
-4.4%
part of Aker
Product Solutions
Subsea
Umbilicals
■
Operations according to revised plan in Brazil
■
■
High activity in the North Sea
Delayed progress on some projects in
Norway
■
Important milestone reached on Vigdis workover system
■
Lower activity due to delayed awards in
Mobile (US)
■
Good contribution from services
Revenues, EBITDA and EBITDA margin
Revenues, EBITDA and EBITDA margin
NOK million
NOK million
2 638
685
2 445
1 657
139
EBITDA
margin
Q1 2011
8.4%
© 2012 Aker Solutions
1 782
1 927
506
435
25
Q2 2011
1.4%
143
195
Q3 2011
Q4 2011
Q1 2012
-23.1%
5.4%
420
46
75
Slide 19
9 May 2012
8.0%
Q1 2011
1st quarter results 2012
64
21
9
-445
EBITDA
margin 10.6%
413
Q2 2011
Q3 2011
Q4 2011
14.8%
2.1%
9.3%
Q1 2012
5.1%
part of Aker
Product Solutions
Drilling Technologies
Mooring and Loading Systems
■
2 drilling risers completed
■
■
Good contribution from services
Bow loading systems to Samsung
successfully delivered
■
5 topside packages to be completed in 2012,
8 in 2013
■
Good contribution from both mooring and
loading segments
■
3 drilling risers to be delivered in 2012, 1 in
2013
Revenues, EBITDA and EBITDA margin
Revenues, EBITDA and EBITDA margin
NOK million
NOK million
2 408
1 974
313
301
283
292
251
1 614
1 471
EBITDA
margin
170
173
Q1 2011
Q2 2011
10.5%
11.8%
© 2012 Aker Solutions
1 595
246
289
241
35
Q3 2011
Q4 2011
Q1 2012
12.0%
12.2%
EBITDA
margin 12.4%
15.4%
Slide 20
9 May 2012
1st quarter results 2012
Q1 2011
40
Q2 2011
13.3%
41
Q3 2011
16.3%
49
46
Q4 2011
Q1 2012
15.7%
15.8%
part of Aker
Field Life Solutions
MMO
Well Intervention Services
■
Important milestones met on Statfjord
Latelife, Marulk and Valhall Hook Up
■
High activity in the North Sea, growing
activity internationally
■
Margin affected positively by completion of
contracts
■
Margin affected by weather delays and
higher third party costs
■
High fabrication activity at Egersund yard
Revenues, EBITDA and EBITDA margin
Revenues, EBITDA and EBITDA margin
NOK million
NOK million
624
2 910
2 139
2 263
430
195
191
204
243
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
9.1%
8.4%
10.1%
© 2012 Aker Solutions
497
2 235
252
EBITDA
9.1%
margin
569
551
2 504
8.4%
Slide 21
9 May 2012
77
Q1 2011
EBITDA
17.9%
margin
1st quarter results 2012
125
114
103
Q2 2011
Q3 2011
Q4 2011
Q1 2012
17,7%
22.7%
18.3%
88
18.1%
part of Aker
Field-Life Solutions
Oilfield Services and Marine Assets
Cat-B (Statoil)
■ Eight-year, USD 1.9 billion contract signed in
Q2
Skandi Santos
■ Six consecutive months with above 98% uptime
■ Has performed 36% of Petrobras’ subsea tree
installations in Brazil over the past 14 months
Skandi Aker
■ On charter on Elgin for Total from April 1st
■ Mobilisation for first LWI campaign (3+3
months) in Nigeria put on hold due to Elgin work
■ Negotiations for long term LWI contract in West
Africa
Aker Wayfarer
■ 100% uptime in March. On contract until August
AMC Connector
■ On long term bareboat charter with EMAS AMC
■ Sale of 50% of AMC Connector to Ezra
Holdings in Q2
Aker DOF Deepwater
■ Fifth and final vessel delivered in Q1
© 2012 Aker Solutions
Slide 22
9 May 2012
1st quarter results 2012
Revenues, EBITDA
NOK million
199
143
203
138
101
5
-132
Q1 11
-31
-26
-23
Q2 11
Q3 11
Q4 11
Q1 12
Asset values
Total NOK 6.6 bn
1900
3 600
500
Aker Oilfield Services
Ezra
Aker DOF Deepwater
AMC Connector
700
part of Aker
Contracts and order intake
Q1 2012 announced order intake of around NOK 6 billion
Largest orders
Client
Deliverable
NOK million
Drilling
DSME
Drilling packages two Cat-D rigs
Undisclosed
MMO
Statoil
Drilling upgrade on Snorre A
1 000
MMO
BP Norway
Extension of MMO contract
800 – 1 200
MMO
Talisman
Frame agreement for EPCI
870
Subsea
Total
X-mas trees on Dalia
470
Drilling
Honghua
Single equipment for seven onshore rigs
365
Subsea
Statoil
X-mas trees and tool package on Troll
350
Order intake by business area
Unannounced order intake of approx. NOK 5.3 billion
■ Growth on existing contracts main contributor
3 843
■
2 927
Good intake in services
2 423
Internal order intake Cat-B (Q2 or later)
■ Subsea approx. NOK 500 million
535
Slide 23
Drilling approx. NOK 450 million
A
M
IS
20
O
E
© 2012 Aker Solutions
■
373
205
N
G
S
U
B
U
M
B
D
R
T
P
R
S
M
LS
M
M
O
297
W
670
9 May 2012
1st quarter results 2012
part of Aker
Order backlog and subsequent events
Order backlog by execution date
Order backlog by business area
NOK million
NOK million
Other
30 000
MMO
SUB
DRT
ENG
50 000
26 000
25 000
40 000
20 000
30 000
13 000
15 000
20 000
10 000
4 000
5 000
10 000
-
0
2012
2013
Q1
2010
Later
Q2
2010
Q3
2010
Q4
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Order backlog
Subsequent events – Q2 2012 announced order intake so far of around NOK 14.5 billion
Largest orders
Client
Deliverable
NOK million
OMA
Statoil
Eight-year contract for Cat-B rig
11 000
ENG/MMO
Kværner
EPC at Edvard Grieg
1 500
ENG/MMO
Kværner
EPCM at Ormen Lange/Nyhamna
850-950
SUB
Murphy
Subsea production system at Siakap north
Undisclosed
DRT
CIMC
Drilling package for jackup rig
Undisclosed
© 2012 Aker Solutions
Slide 24
9 May 2012
1st quarter results 2012
part of Aker
Q1
2012
Key focus and outlook
Key focus
■ Quality in operations
■ Capacity expansions
to meet demand
Outlook
■ Continued good
tender activity in our
core segments
© 2012 Aker Solutions
Slide 25
9 May 2012
1st quarter results 2012
part of Aker
© 2012 Aker Solutions
Slide 26
9 May 2012
1st quarter results 2012
part of Aker
Additional information
© 2012 Aker Solutions
Slide 27
9 May 2012
1st quarter results 2012
part of Aker
Financial position
LTM EBITDA, NIBD and NIBD/LTM EBITDA
Debt maturity profile, NOK million
Note: NIBD and LTM EBITDA as reported. Kvaerner received total cash of NOK 1.8
billion upon listing.
Note: Revolving credit facility of NOK 6 billion, drawn NOK 2 billion,
maturing in 2016
6 000
NOK million
NIBD
NIBD/EBITDA
8 000
2
7 000
5 500
1,8
5 000
1,6
4 500
1,4
4 000
6 000
5 000
1,2
4 000
1
3 000
0,8
2 000
0,6
3 500
3 000
2 500
0,4
2 000
0,2
1 500
0
1 000
1 000
0
Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
-1 000
-0,2
-2 000
500
-0,4
0
2012
2013
2014
2015
Note: NIBD to be reduced by approx. NOK 1.5 billion when AMC Connector is sold to Ezra in Q2 2012.
1st quarter results 2012 – 9 May 2012
Slide 28
© 2012 Aker Solutions
part of Aker
2016
Consolidated cash flow
(NOK million)
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Net cash flow from operating activities
1 181
237
1 227
1 182
(122)
Net cash flow from investing activities
3 492
(413)
(1 058)
(2 223)
(708)
(2 798)
(992)
(27)
939
698
Translation adjustment
(138)
(104)
(243)
53
(34)
Net +/- in cash and bank deposits
1 737
(1 272)
(101)
(49)
(166)
Cash and bank deposits as at start of period
3 198
4 935
3 663
1 357
1 308
1 308
1 142
Net cash flow from financial activities
Cash and cash equivalents in Kvaerner at demerger
Cash and bank deposits as at end of period
(2 205)
4 935
3 663
1 357
Note: The figures are available in Excel on the Aker Solutions website.
1st quarter results 2012 – 9 May 2012
Slide 29
© 2012 Aker Solutions
part of Aker
Consolidated assets
(NOK million)
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
Property, plant and equipment
7 217
6 970
7 343
7 409
7 732
Intangible assets
7 183
5 911
6 409
6 843
6 776
Financial assets (non-current)
1 417
1 245
930
958
1 102
IB receivables (non-current)
671
649
673
704
702
IB receivables (current)
676
537
525
534
492
17 107
12 035
13 184
14 525
16 159
4 935
1 887
1 357
1 308
1 091
-
7 280
-
1 831
1 891
39 206
36 514
30 421
34 112
35 945
Other current assets
Cash and bank deposits
Non-current assets classified as held for
sale / distribution to owners
Total assets
Note: The figures are available in Excel on the Aker Solutions website.
1st quarter results 2012 – 9 May 2012
Slide 30
© 2012 Aker Solutions
part of Aker
Consolidated debt and equity
(NOK million)
Q1 11
Q2 11
Q3 11
Q4 11
Q1 12
13 566
12 703
10 408
11 148
11 686
168
163
181
169
173
Non IB liabilities (non-current)
2 473
2 403
2 628
2 548
2 436
Interest bearing debt (non-current)
4 635
4 637
4 506
5 371
6 044
17 612
10 824
12 252
14 202
14 882
752
610
446
629
675
-
5 174
-
45
49
Total liabilities and Shareholders’
equity
39 206
36 514
30 421
34 112
35 945
Total net current operating assets
continuing operations
825
1 124
911
306
1 273
(895)
2 174
2 397
3 454
4 383
13 734
12 866
10 589
11 317
11 859
35.0
35.2
34.8
33.2
33,0
Shareholders' equity
Minority interests
Non IB liabilities (current)
Interest bearing current liabilities
Liabilities held for sale / distribution to
owners
Net interest bearing items
Equity
Equity ratio (%)
Note: The figures are available in Excel on the Aker Solutions website.
1st quarter results 2012 – 9 May 2012
Slide 31
© 2012 Aker Solutions
part of Aker
Split per business segment in Aker Solutions
Revenues
Product Solutions
Field Life Solutions
Engineering Solutions
Corporate
Eliminations
Revenues
Q1 2010
4 022
2 466
941
966
(869)
7 526
Q2 2010
4 469
2 678
754
1 184
(989)
8 096
Q3 2010
4 170
2 816
872
1 101
(1 010)
7 949
Q4 2010
5 737
3 136
947
1 369
(1 395)
9 794
FY 2010
18 398
11 096
3 514
4 620
(4 263)
33 365
Q1 2011
4 345
2 643
625
1 973
(1 082)
8 504
Q2 2011
4 306
2 899
692
1 082
(1 170)
7 809
Q3 2011
4 514
2 920
766
1 153
(792)
8 561
Q4 2011
6 541
3 716
1 170
1 251
(1 078)
11 600
FY 2011
19 706
12 178
3 253
5 459
(4 122)
36 474
Q1 2012
5 394
3 261
995
1 310
(1 123)
9 837
EBITDA
Product Solutions
Field Life Solutions
Engineering Solutions
Corporate
EBITDA
Q1 2010
541
241
153
(21)
914
Q2 2010
482
362
(37)
46
853
Q3 2010
383
293
70
(13)
733
Q4 2010
185
338
106
179
808
FY 2010
1 591
1 234
292
191
3 308
Q1 2011
414
140
67
819
1 440
Q2 2011
276
248
53
59
636
Q3 2011
(117)
303
109
27
322
Q4 2011
563
334
145
5
1 047
FY 2011
1 136
1 025
374
910
3 445
Q1 2012
490
360
103
49
1 002
Order intake
Product Solutions
Field Life Solutions
Engineering Solutions
Corporate
Eliminations
Order intake
Q1 2010
4 506
1 953
229
1 006
(563)
7 131
Q2 2010
5 442
5 925
133
1 153
(736)
11 917
Q3 2010
4 084
2 001
1 071
949
(742)
7 363
Q4 2010
4 800
5 908
1 259
1 233
(838)
12 362
FY 2010
18 832
15 787
2 692
4 341
(2 879)
38 773
Q1 2011
4 377
4 195
2 144
1 432
(999)
11 149
Q2 2011
10 509
2 630
1 057
1 058
(952)
14 302
Q3 2011
5 682
1 338
722
1 037
(803)
7 976
Q4 2011
5 272
2 069
592
1 205
(1 238)
7 900
Order backlog
Product Solutions
Field Life Solutions
Engineering Solutions
Corporate
Eliminations
Order backlog
Q1 2010
17 445
12 883
3 462
1 157
(228)
34 719
Q2 2010
18 869
16 411
2 908
1 162
(258)
39 092
Q3 2010
18 293
15 434
2 218
897
(283)
36 559
Q4 2010
17 346
18 144
2 517
752
(231)
38 528
Q1 2011
17 147
19 632
4 007
11
(380)
40 417
Q2 2011
22 671
19 328
4 351
11
(410)
45 951
Q3 2011
23 282
17 722
4 297
7
(422)
44 886
Q4 2011
22 098
16 185
3 703
3
(540)
41 449
Q1 2012
22 949
17 154
3 160
(99)
(274)
42 890
FY 2011
25 840
10 232
4 515
4 732
(3 992)
41 327
Note: The figures are available in Excel on the Aker Solutions website.
1st quarter results 2012 – 9 May 2012
Slide 32
© 2012 Aker Solutions
part of Aker
Q1 2012
6 374
4 221
670
1 118
(1 076)
11 307
Split per business segment in Aker Solutions
Revenues
Subsea
Umbilicals
Drilling Technologies
Process Systems
Mooring and Loading Systems
Eliminations
Product Solutions
Maintenance, Modifications and Operations
Well Intervention Services
Oilfield Services and Marine Assets
Eliminations
Field Life Solutions
Engineering
EBITDA
Subsea
Umbilicals
Drilling Technologies
Process Systems
Mooring and Loading Systems
Product Solutions
Q1 2010
1 512
188
1 896
208
223
(5)
4 022
Q2 2010
1 476
407
2 056
260
271
(1)
4 469
Q3 2010
1 355
472
1 728
372
245
(2)
4 170
Q4 2010
2 290
504
2 203
431
315
(6)
5 737
FY 2010
6 633
1 571
7 883
1 271
1 054
(14)
18 398
Q1 2011
1 657
435
1 614
408
283
(52)
4 345
Q2 2011
1 782
506
1 471
293
301
(47)
4 306
Q3 2011
1 927
420
1 595
358
251
(37)
4 514
Q4 2011
2 638
685
2 408
410
313
87
6 541
FY 2011
8 004
2 046
7 088
1 469
1 148
(49)
19 706
Q1 2012
2 445
413
1 974
293
292
(23)
5 394
2 054
377
41
(6)
2 466
2 149
417
116
(4)
2 678
2 201
475
144
(4)
2 816
2 446
552
141
(3)
3 136
8 850
1 821
442
(17)
11 096
2 139
430
101
(27)
2 643
2 263
497
143
(4)
2 899
2 235
551
138
(4)
2 920
2 910
624
199
(17)
3 716
9 547
2 102
581
(52)
12 178
2 504
569
203
(15)
3 261
941
754
872
947
3 514
625
692
766
1 170
3 253
995
Q1 2010
200
36
278
(4)
31
541
Q2 2010
145
56
215
24
42
482
Maintenance, Modifications and Operations
Well Intervention Services
Oilfield Services and Marine Assets
Field Life Solutions
202
73
(34)
241
296
86
(20)
362
Engineering
153
(37)
Q3 2010
78
57
177
35
36
383
Q4 2010
88
72
(65)
49
41
185
FY 2010
511
221
605
104
150
1 591
Q1 2011
139
46
170
24
35
414
Q2 2011
25
75
173
(37)
40
276
Q3 2011
(445)
9
246
32
41
(117)
Q4 2011
143
64
289
18
49
563
FY 2011
(138)
194
878
37
165
1 136
163
126
4
293
237
149
(48)
338
898
434
(98)
1 234
195
77
(132)
140
191
88
(31)
248
204
125
(26)
303
243
114
(23)
334
833
404
(212)
1 025
252
103
5
360
70
106
292
67
53
109
145
374
103
Note: The figures are available in Excel on the Aker Solutions website.
1st quarter results 2012 – 9 May 2012
Slide 33
© 2012 Aker Solutions
part of Aker
Q1 2012
195
21
241
(13)
46
490
Split per business segment in Aker Solutions
Order intake
Subsea
Umbilicals
Drilling Technologies
Process Systems
Mooring and Loading Systems
Eliminations
Product Solutions
Maintenance, Modifications and Operations
Well Intervention Services
Oilfield Services and Marine Assets
Eliminations
Field Life Solutions
Engineering
Order backlog
Subsea
Umbilicals
Drilling Technologies
Process Systems
Mooring and Loading Systems
Eliminations
Product Solutions
Maintenance, Modifications and Operations
Well Intervention Services
Oilfield Services and Marine Assets
Eliminations
Field Life Solutions
Engineering
Q1 2010
1 881
1 385
337
813
78
12
4 506
Q2 2010
3 031
127
2 034
123
254
(127)
5 442
Q3 2010
1 890
371
972
470
384
(3)
4 084
Q4 2010
2 140
287
1 510
498
364
1
4 800
FY 2010
8 942
2 170
4 853
1 904
1 080
(117)
18 832
Q1 2011
2 555
419
1 012
223
194
(26)
4 377
1 151
789
19
(6)
1 953
5 689
213
28
(5)
5 925
1 746
247
11
(3)
2 001
4 615
1 278
19
(4)
5 908
13 201
2 527
77
(18)
15 787
3 724
762
(9)
(282)
4 195
229
133
1 071
1 259
2 692
2 144
Q2 2011
4 415
1 080
4 427
324
273
(10)
10 509
Q3 2011
2 473
283
2 259
390
293
(16)
5 682
Q4 2011
1 991
524
2 073
532
245
(93)
5 272
FY 2011
11 434
2 306
9 771
1 469
1 005
(145)
25 840
Q1 2012
2 423
297
2 927
535
205
(13)
6 374
2 338
7
34
251
2 630
1 060
252
30
(4)
1 338
1 418
472
196
(17)
2 069
8 540
1 493
251
(52)
10 232
3 843
373
20
(15)
4 221
1 057
722
592
4 515
670
Q1 2010
6 963
1 860
6 578
1 244
800
17 445
Q2 2010
8 774
1 615
6 685
1 132
789
(126)
18 869
Q3 2010
9 043
1 445
5 804
1 204
924
(127)
18 293
Q4 2010
8 884
1 226
5 100
1 284
973
(121)
17 346
Q1 2011
9 636
1 189
4 459
1 074
884
(95)
17 147
Q2 2011
12 277
1 747
6 742
1 107
856
(58)
22 671
Q3 2011
12 243
1 790
7 268
1 122
897
(38)
23 282
Q4 2011
11 887
1 522
6 939
1 029
831
(110)
22 098
Q1 2012
11 802
1 385
7 862
1 254
743
(97)
22 949
8 310
2 426
2 148
(1)
12 883
11 966
2 313
2 133
(1)
16 411
11 427
2 031
1 978
(2)
15 434
13 573
2 727
1 847
(3)
18 144
15 140
3 042
1 704
(254)
19 632
15 192
2 528
1 610
(2)
19 328
14 033
2 253
1 438
(2)
17 722
12 583
2 141
1 463
(2)
16 185
13 932
1 949
1 275
(2)
17 154
3 462
2 908
2 218
2 517
4 007
4 351
4 297
3 703
3 160
Note: The figures are available in Excel on the Aker Solutions website.
1st quarter results 2012 – 9 May 2012
Slide 34
© 2012 Aker Solutions
part of Aker
Copyright and disclaimer
Copyright
Copyright of all published material including photographs, drawings and images in this document remains vested in Aker Solutions and
third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor
used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall
be altered or removed from any reproduction.
Disclaimer
This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and
uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations,
estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major
markets for Aker Solutions ASA and Aker Solutions ASA’s (including subsidiaries and affiliates) lines of business. These expectations,
estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar
expressions. Important factors that could cause actual results to differ materially from those expectations include, among others,
economic and market conditions in the geographic areas and industries that are or will be major markets for Aker Solutions’ businesses,
oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency
exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Aker Solutions ASA believes
that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will
be achieved or that the actual results will be as set out in the Presentation. Aker Solutions ASA is making no representation or warranty,
expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Aker Solutions ASA nor any of its
directors, officers or employees will have any liability to you or any other persons resulting from your use.
Aker Solutions consists of many legally independent entities, constituting their own separate identities. Aker Solutions is used as the
common brand or trade mark for most of these entities. In this presentation we may sometimes use “Aker Solutions”, “we” or “us” when
we refer to Aker Solutions companies in general or where no useful purpose is served by identifying any particular Aker Solutions
company.
© 2012 Aker Solutions
Slide 35
9 May 2012
1st quarter results 2012
part of Aker