Energy services firm Aker Solutions said today it had missed financial targets this year but that growth plans remained on track.
The firm has an ambition for 9-15% annual revenue growth from 2011-15 and a 3-4% rise in earnings before interest, tax, depreciation and amortisation by 2015.
To meet these targets, it said it yesterday it would be accelerating investments in fabrication capacity and in technology as well as strengthening the organisation and addressing quality issues.
However, this would impact short-term margins, the firm said at a capital markets day.
The firm has been battling delays and quality issues on subsea production systems it is producing for Brazil’s Petrobras.
“We missed some of our financial targets this year, and the world economy is associated with uncertainties, but our growth targets remain unchanged,” said Øyvind Eriksen, executive chairman in Aker Solutions.
“We are accelerating our investments in technology and in strengthening our organisation, and we continue to address the quality issues we have identified in the company.
“This will make it challenging to secure a lift in margins in the near term, but we remain confident in the longer-term margin improvement targets we have set out.”
Meanwhile, Ken Smart, director of business of development at Aker Solutions in Aberdeen, has been elected to the board of trade body the Energy Industry Council.
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