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“I am happy that we delivered strong fourth quarter results both operationally and financially. I am also very pleased with our performance in 2022 overall – the year was successful for Aker Solutions on many fronts, delivering substantial revenue growth, increased profitability and all-time high order intake. I am very proud of our employees for making these great achievements possible,” said Kjetel Digre, chief executive officer of Aker Solutions.
“Overall, I am very pleased that that we delivered another year of increased shareholder returns in 2022. The share price increased by 60 percent during the year and the Board of Directors has proposed increased dividend payments to our shareholders for 2022. Looking forward, we see increased market activity and the outlook for the industry and for the company is very positive. Aker Solutions is in an excellent position to take full advantage of opportunities ahead,” said Digre.
Revenue in the fourth quarter increased to NOK 12.5 billion from NOK 8.7 billion a year earlier. EBITDA excl. special items increased to NOK 999 million or 8.0 percent, up from NOK 593 million or 6.8 percent the year before. Aker Solutions ended the year with a net cash position of NOK 5.1 billion, excluding lease liabilities, up from NOK 2.2 billion at the end of 2021, driven by increased margins and improved working capital. The company’s financial position is solid.
In the quarter, Aker Solutions won record-high order intake of NOK 59.3 billion, which represents a book-to-bill ratio of 4.8x for the period. For the full year 2022, the company delivered an order intake of NOK 88.2 billion. This increased the order backlog to a record level of NOK 97.3 billion, of which 60% is related to the NCS activity package.
The Subsea JV transaction announced in the third quarter 2022 is progressing as planned. The transaction continues to be expected to close during the second half of 2023, pending regulatory approvals.
During 2022, Aker Solutions has successfully recruited around 3,000 new skilled employees globally.
Given the company’s solid financial position and positive outlook, the Board of Directors has proposed a dividend payment of NOK 1.00 per share to be paid in 2023, for the fiscal year 2022. This equals 40 percent of the 2022 net profit. This is a substantial increase from NOK 0.20 per share for 2021, or 30 percent of net profit.
The outlook remains positive for Aker Solutions overall and the company sees increased market activity moving forward. Energy security remains very high on the agenda, particularly in Europe. A substantial step-up in global E&P capital spending is projected and project sanctioning activity internationally is expected to increase moving forward. The company will continue to be selective in its approach to tendering and vigilant about capacity. Aker Solutions is well-positioned to capitalize on both near-term market growth and for the longer-term structural change in the energy markets.
On the back of recent large awards, Aker Solutions has a strong visibility for activity levels going forward and will maintain a strong focus on delivering solid and predictable project execution.
Aker Solutions delivered a strong revenue growth of 41 percent in 2022. Based on secured order backlog and ongoing projects, the company expects full-year revenue in 2023 to be up by around 15 percent.
Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. Aker Solutions employs approximately 15,000 people in more than 20 countries.
This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by William Stoichevski, Communications, Aker Solutions, on February 8, 2023 at 07:00 CET.