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Share 2016-09-26 17:29 RATOS B 39.60 SEK

Aibel

  • Jan Skogseth

    CEO

Aibel is a leading Norwegian supplier of maintenance and modification services (MMO and Modification) for oil and gas production platforms as well as new construction projects (Field Development) within oil, gas and renewable energy. The company has operations along the entire Norwegian coast as well as in Asia. Customers are primarily major oil companies which operate on the Norwegian continental shelf.

In 2015, Aibel’s sales amounted to SEK 7,728m and EBITA to SEK 279m. Average number of employees 4,631.

Development 2016

(From Ratos's interim report January-June 2016)

  • Strong growth of +33%, primarily driven by high activity in Field Development, mainly related to the new construction contracts for the Johan Sverdrup field. Continued weak market trend in MMO and Modification
  • Favourable delivery in terms of the project portfolio, but weak earnings trend as an effect of strong comparative figures in the first quarter of 2015 when a number of projects in the final phase of completion enhanced earnings. The company’s four-year construction project at the Johan Sverdrup field is progressing according to plan.
  • Due to the ongoing uncertain market trend and the concluded maintenance contract for the Ekofisk oil field and to reinforce competitiveness, new efficiency programmes have been initiated that will involve further layoffs. Earnings were charged with costs affecting comparability totalling NOK 206m related to further modifications to the current level of activity
  • The order book at 30 June 2016 amounted to approximately NOK 16 billion (approximately NOK 16.5 billion at 30 June 2015). After the close of the period, Aibel Singapore secured a major maintenance contract for Greater Enfield Project, which is expected to extend until 2019
  • After the close of the period, a capital contribution of NOK 316m for Ratos’s holding of 32%, was provided to Aibel in order to strengthen the company’s capital structure, creating a long-term, stable platform for continued operational development
  • Mads Andersen, currently CEO of OneSubsea Processing System, will take over as CEO when Jan Skogseth retires on 1 January 2017

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