Luis Araujo News

(Image: Aker Solutions)

Aker Solutions Eyes Low Carbon Tech

and 25% from technologies that either generate renewable energy or removes or substantially reduces CO2 emissions by 2030."The world will continue to see rising energy demand and the challenge for our industry is the need to deliver this with a significantly lower carbon emissions," said Luis Araujo, chief executive officer of Aker Solutions.Demand for oil and gas is expected to grow over the next decade, although not as fast as the expected growth in renewable energy, Aker Solutions said, pointing to drivers such as electrification, efficiency gains, low-emission fuels and accelerated cost

(Photo: Aker Solutions)

Aker Solutions Wins ADNOC Umbilicals Contract

the subsea equipment to three new wellhead platforms and link the topside equipment located on the offshore control platform to equipment located onshore."This is the first subsea umbilical award by ADNOC in the UAE and the first subsea award for Aker Solutions in the Persian Gulf," said Luis Araujo, chief executive officer of Aker Solutions.Aker Solutions' facility in Mobile, Ala. will perform the design, engineering and manufacturing of the umbilical system. The work will start immediately and be finalized in the first quarter 2021

(Image: Aker Solutions)

Aker Solutions Beats Forecasts

and amortization (EBITDA), excluding one-offs, rose to 629 million crowns ($73 million) from 441 million crowns a year earlier.That beat the 585 million crowns expected by four analysts in a Refinitiv poll."There is still a lot of capacity available in some areas, not all," Chief Executive Luis Araujo told reporters."We try not to focus on the pricing, but focus on things we can control, which is the cost base and efficiency," he said.Its EBITDA margin, excluding IFRS 16 effects and special items, was 6.4%, and Aker Solution expects the full-year EBITDA margin excluding IFRS 16 effects

Ole Martin Grimsrud (Photo: Aker Solutions)

Grimsrud Named CFO of Aker Solutions

positions in the company since, most recently as Senior Vice President, Group Treasury, Controlling and Mergers & Acquisitions. He previously held various positions within finance, strategy and operations in the Norwegian industrial groups Elkem and Norske Skog. Grimsrud will report to CEO Luis Araujo.Stoknes was named CFO in September 2014, after joining Aker Solutions in 2007. He held numerous key positions in the company including Senior Vice President Finance for the previous subsea business area

(Photo: Aker Solutions)

Aker Solutions Raises 2019 Forecasts

55 billion Norwegian crowns and expects some key projects to be approved in six to 12 months, finance chief Svein Stoknes told a news conference."Offshore spending is forecast to increase by up to 5 percent in 2019 and accelerate to 5-15 percent in 2020 according to industry estimates," CEO Luis Araujo said.Rival Halliburton this month said that it expects global offshore spending to rise 14 percent in 2019, double the estimates given by sector leader Schlumberger NV.Aker still faces fierce competition as industry overcapacity looms after years of restraint by oil companies after the 2014-16

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Chevron to Use Subsea Compression at Jansz-Io

station that will boost recovery of gas more cost-effectively and with a smaller environmental footprint than a conventional semi-submersible compressor solution, Aker Solutions said."Australia will be the first place outside of Norway to use the subsea compression technology," said Luis Araujo, chief executive officer at Aker Solutions.Aker Solutions, which delivered the world's first subsea compression system for Equinor's Åsgard field offshore Norway in 2015, worked with partners MAN Energy Solutions and ABB to reduce the size and cost of the compression system, Araujo

Luis Araujo, CEO, Aker Solutions

Aker Solutions Revenues Up 8%

credit an improving market in step with its own “investments in digitalization and technology have proved key differentiators in securing new orders.”"Delivering cost efficiency and standardization to our customers is increasingly linked to our digital capabilities," said Luis Araujo, CEO, Aker Solutions. "Working closely with clients and suppliers in early stages of projects, we are able to simplify and standardize our processes and products. This is shared through our global organization, ultimately saving time and money for our clients."Key contracts powering

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Aker Solutions CEO Expects Brazil Revenue to Double Within 5 yrs

of Norwegian oil services firm Aker Solutions said on Tuesday he sees big growth potential from its Brazilian business and from scaling up its exposure to floating offshore windfarms."I expect Brazil in five years to be at least twice where it is today for us ... in terms of revenues," Luis Araujo told Reuters in an interview."We believe that floating wind is where we can use our capabilities," he said, adding this would be through scaling up operations of Californian company Principle Power, in which Aker Solutions owns 10 percent with an option to increase.Reporting By Shadia

(Photo: Aker Solutions)

Aker Solutions to Supply Umbilicals for Liuhua FPSO

16-2 and 20-2, and in 2020 for Liuhua 21-2.Aker Solutions first worked on a subsea project with CNOOC in 2010, and has since provided subsea production system for Liuhua 19-5 and Yacheng 13-4 gas fields."We are honored to work with CNOOC again to demonstrate our capabilities in China," said Luis Araujo, chief executive officer of Aker Solutions. "Liuhua is an important project and we look forward to providing umbilicals which meet its long-distance power transmission requirements."

Luis Araujo (Photo: Aker Solutions)

Resilient Market Spurs Aker Solutions's Earnings

of 2018 as orders almost doubled from a year earlier amid increasing signs of a market recovery."We are seeing increasing signs of a market rebound as lower break-even costs and higher oil prices spur project sanctions, particularly in Norway," said Aker Solutions Chief Executive Officer Luis Araujo. "Our consistently strong execution and solid cost-efficiency improvements are supporting margins amid tough international competition."Orders totaled NOK 8.6 billion in the quarter, bringing the backlog to NOK 37.6 billion. Most were for projects in Norway, including a contract to deliver

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