Norwegian oil services firm Aker Solutions reported higher-than-expected first-quarter earnings on April 27 and upped its revenues guidance for the year as the oil industry continues its recovery.
The Oslo-listed firm, controlled by Norwegian billionaire Kjell Inge Roekke, said it expected revenues up by close to 10% in 2018. It had previously guided for revenues “somewhat up year-on-year”.
“There are increasing signs of a recovery, particularly offshore Norway where there is a pickup in activity and in the brownfield segment where oil companies are focusing on optimizing output from existing fields,” it said in a statement.
Aker’s EBITDA rose to 425 million crowns (US$53.27 million) from 355 million a year ago, above analysts’ average forecast of 403 million in a Reuters poll.
Aker Solutions reiterated its EBITDA margins to remain “around current levels”.
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