Aker Solutions reported lower revenue and top-line earnings yesterday for the third quarter of 2009 than a year earlier but said that they were both holding up well in a difficult economic climate.
The Norwegian oil and gas engineering and construction company said the financial crisis and subsequent global economic downturn had created uncertainty about the market outlook.
It said that, although activity was declining in the short term, the fundamental basis for further market growth was likely to persist in the longer term.
Aker said existing oil and gas fields would be unable to continue meeting demand.
The company said a substantial part of future development was expected to be in deep waters and in areas with tough climatic conditions, where it had a strong competitive advantage.
Aker reported third-quarter revenue of £1.36billion, down from £1.47billion a year earlier. Earnings before interest, taxes, depreciation and amortisation for the period were £109.6million compared with £125.11million the year before.
Pre-tax profits for the third quarter were up slightly, however, at £76.9million from £73.6million the previous year.
The company said the results, in a challenging year for many in the oil and gas industry, would help to secure the 2,500 jobs it had created in Aberdeen.
Rod Buchan, managing director of Aker Offshore Partner in Aberdeen, said: “With many operators taking advantage of a depressed market and looking to change engineering and operations support contractors, there have been high levels of tendering.
“We have been hugely encouraged by the many contract extensions we have secured with our clients, demonstrating the confidence they place in our performance and delivery and the strength of our relationships with existing customers.
“We anticipate tendering activity to continue next year and give us further opportunities to grow the business and increase our market share.”