Oil field service group Aker Solutions announced yesterday lower profits for the last three months of 2012 and its share price closed down 10% at 110 kroner.
Delays, quality issues and joint-venture problems on a Brazilian project were behind the drop. The Norwegian firm, one of the largest employers in the north-east with more than 2,700 staff, said pre-tax profits for the fourth quarter fell to £73.8million compared with £95.7million for the same period in 2011.
However, growth in the company’s North Sea business supported an increase in overall 2012 turnover, up 23% to £5.22billion. Executive chairman Oyvind Eriksen said: “The performance in the fourth quarter can be described as solid, rather than spectacular.”
Mike Forbes, managing director of the maintenance, modifications and operations at the company’s operations centre in Aberdeen, said: “Our global subsea business in particular closes out a strong year, which is reflected in the business here in Aberdeen and will be further strengthened by the recent acquisition of Enovate.
“We will continue to grow our staff base in the north-east and expect to continue to experience high levels of demand from our clients on the UK continental shelf and internationally.”