Aker Solutions said yesterday it was nearing the end of a comprehensive strategy process and had started to introduce changes in direction, structure and management.
The Norwegian oilfield engineering firm, a major employer in the north-east, added it was focusing on more profitable work to achieve its goal of being more competitive and ensure future success in its home market plus overseas growth.
Aker Solutions, which has its head office at Lysaker, near Oslo, said its new strategy was build around three key features.
The firm said it was to focus on “innovative solutions of the right quality”, low-cost delivery models and having a local presence
It added: “The long-term basis for further growth in Aker Solutions’ markets is regarded as good.
“A substantial proportion of future developments (in oil and gas) are expected to take place in deep waters and harsh environments.
“These are areas where Aker Solutions has broad experience and a strong competitive advantage.”
Looking to capture a bigger slice of work in a fast-changing industry as traditional production fails to keep up with global demand for oil, Aker Solutions said: “We will grow the service base of our subsea business area and expand its value-added services and lifecycle offering.”
It also reported healthy finances, with a comfortable debt level and good cash position, adding: “Combined with a high-quality order backlog, our financial outlook is sound.”
Aker Solutions employs about 2,500 people at subsidiaries Aker Offshore Partner, Aker Subsea and Aker Qserv in the north-east.
Its comments on future strategy came with third-quarter results showing earnings before interest, taxes, depreciation and amortisation totalled £96.6million, compared with £110.7million a year earlier.
Executive chairman Oyvind Eriksen said an order backlog worth £6.4billion at the end of last month was at a satisfactory level, adding: “We have secured some very significant new orders in the quarter.”