Engineering giant Aker Solutions has reported healthy profits in its 2021 results and sees potential for orders to reach “record high” levels in the coming year.
More than 40 billion NOK (£3.36bn) of projects have already been announced where it is carrying out front-end engineering design (FEED) contracts, such as Wisting in the Barents Sea for Equinor, and Net Zero Teesside Power for BP.
“These single sourced FEED contracts have the potential to convert to large order intake for Aker Solutions at the end of 2022”, the company said, subject to final investment decision and regulatory approvals.
Meanwhile pre-tax profits surged to £43.6m in the 2021 financial year, reversing losses of £109m in the prior 12-month period.
Revenues totalled £2.47bn, roughly level with 2020’s £2.46bn.
The firm reported a positive outlook for the coming year, with current oil and gas market conditions “expected to result in an attractive investment environment for the company’s customers”.
Chief executive Kjetel Digre said: “The year was successful for Aker Solutions on many fronts, delivering improved profitability, strong order intake and with key commercial successes related to our transition journey.
“All our key figures increased from the year before, and we delivered on our financial targets. I am very proud of our employees for making this great achievement possible.”