Aker Solutions profit, revenues hit by market slowdown

Norwegian oil services company Aker Solutions saw a decrease in profit as well as revenues for the first quarter of this year due to market slowdown. However, looking ahead, the company sees some signs of recovery. 

According to its quarterly report on Tuesday, the company won NOK 4.6 billion in new orders in the quarter. The order backlog was NOK 30.7 billion at the end of the quarter, of which more than half was for projects outside Norway.

Aker Solutions’ net income for the first quarter 2017 fell to NOK 62 million from NOK 169 million.

Revenue decreased 20% to NOK 5.2 billion in the quarter from NOK 6.5 billion a year earlier amid the global market slowdown and as some projects neared completion.

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