(Reuters) – Norwegian oil services firm Aker Solutions (AKSOA.OL) on Thursday raised its full-year sales guidance on the back of high tender activity and increased spending from oil companies.
It said it now expected revenues to increase by around 30%, up from guidance given in May for “more than 15%”. It reiterated guidance for an improved operating profit margin before depreciation and amortisation.
“The overall market outlook remains positive despite industry cost inflation and supply chain constraints,” CEO Kjetel Digre said in a statement.
The group said it expected market activity to increase across the energy sector. “This supports Aker Solutions’ view of multiple years of spending growth from the company’s customers.”
Oil and gas companies, flush with cash after record profits from the fossil fuel price surge driven by the Ukraine war, have intensified the hunt for new deposits.
The International Energy Agency forecasts global upstream oil and gas investments will increase by around 11% to $528 billion in 2023, the highest level since 2015.