Aker Solutions has suspended its dividend because of an uncertain market outlook amid the lower oil prices.
The company said its fourth quarter earnings before interest taxes, depreciation and amortisation fell to NOK182million from NOK786million a year ago.
The firm’s results were below expectations for NOK583million.
Aker, which said up to 900 positions could go from its MMO operations in Norway, also plans to reduce pay by 10% for senior staff.
The company said it had made good progress on major projects from Africa to Norway and Brazil in the fourth quarter of 2016.
Revenue decreased from NOK7.9billion in the quarter from NOK9.2billion a year earlier, amid declining activity in the North Sea.
Luis Araujo, chief executive officer of Aker Solutions, said: “Our consistently strong execution is the result of a ceaseless focus on improving operations and bringing down costs to the benefit of both customers and shareholders.
“We have a healthy order backlog, strong financial position and international presence that will benefit us even as our industry continues to face uncertainty amid very challenging market conditions.”
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