Latest news with #AkerBP
Reuters
21-05-2025
- Business
- Reuters
Norway oil drilling labour unions seek wage mediation to avert strike
OSLO, May 21 (Reuters) - Wage talks involving some 7,000 oil drilling workers in Norway broke down early on Wednesday, two labour unions said, raising the risk of strike action later this year that could disrupt exploration. The talks between the Norwegian Shipowners' Association (NSA) and the Safe and Styrke labour unions will resume at a later date under the leadership of a state-appointed mediator, the unions said. Under Norway's tightly regulated collective bargaining system, workers are only eligible to go on strike if the mediation also fails. "We failed to reach agreement and will proceed with mediation," Styrke said in a statement. Companies affected by the talks include Transocean , Saipem ( opens new tab, Odfjell Drilling ( opens new tab, Archer, Seadrill (SDRL.N), opens new tab and others, and were represented in the talks by the NSA. The NSA did not immediately respond to a request for comment. Strikes by drilling workers could delay expansion projects and the start-up of new fields but typically have only a minor impact on daily oil and gas output. A separate group of Norwegian petroleum production workers, who are directly employed by companies such as Equinor and Aker BP, reached a wage agreement earlier this month.
Yahoo
10-05-2025
- Business
- Yahoo
Aker ASA (STU:FKM) Q1 2025 Earnings Call Highlights: Strong Asset Growth Amid Market Challenges
Net Asset Value: NOK61.9 billion, up from NOK58.2 billion at the end of 2024. Share Price: Closed at NOK622, a 13% increase during the quarter. Dividend: Approved dividend of NOK26.5 per share for the first half of 2025. Cash Holdings: NOK1 billion, up NOK381 million from the previous quarter. Dividends Received: NOK1.6 billion, including NOK936 million from Aker BP. Net Interest-Bearing Debt: NOK0.8 billion, down from NOK2 billion in the previous quarter. Loan to Value Ratio: 8%. Operating Expenses: NOK100 million in the first quarter. Profit Before Tax: NOK741 million for the quarter. Net Value Change: Negative NOK628 million, mainly due to Aker Horizons and Solstad Offshore. Annual Recurring Revenue (ARR) for Cognite: Surpassed USD100 million in the quarter. Warning! GuruFocus has detected 3 Warning Signs with STU:FKM. Release Date: May 09, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Aker ASA (STU:FKM) reported a net asset value increase to NOK61.9 billion, up from NOK58.2 billion at the end of 2024. The company's share price rose by 13% during the quarter, outperforming the Oslo Stock Exchange benchmark index. Aker ASA's strategic focus on fewer, larger cash-generative holdings has maintained financial strength and flexibility. Aker BP continues to be a significant source of upstream dividends, with ambitions to sustain production above 500,000 barrels per day beyond 2030. Cognite's annual recurring revenue surpassed the USD100 million milestone, indicating strong growth in the industrial software sector. Aker Horizons has faced significant operational, financial, and market challenges, leading to sustained underperformance and material losses. The share price of Aker Horizons has declined by 96% since its listing, significantly impacting Aker ASA's valuation. The current geopolitical and market climate, including trade wars and currency fluctuations, presents unpredictability and potential indirect impacts on Aker ASA's operations. Aker ASA's net value change was negative NOK628 million, primarily due to a value decrease in Aker Horizons and Solstad Offshore. Investment decisions are being reconsidered due to prevailing uncertainty, which may reduce activity levels and impact future growth. Q: Given Aker's strong leadership, track record, and talented team, would you agree that the company has underperformed for some time? Can we expect Aker to capitalize on the current macroeconomic environment, and do you have the right strategy in place to once again become the leading star and benchmark for the industry? A: Oyvind Eriksen, President and CEO, responded that Aker's task is to develop its portfolio investments for the long term and deliver returns to shareholders. He disagreed with the notion of underperformance, citing strong long-term returns and dividends. Aker aims to capitalize on the current market environment with disciplined investment strategies. Eriksen believes Aker is a benchmark in its industries and is committed to building its portfolio and exploring new segments. Q: How does Aker plan to navigate the uncertainties in the current geopolitical and market climate? A: Oyvind Eriksen emphasized the importance of balanced scenario-based planning, prudent risk assessment, and maintaining a strong financial position. Aker's strategy includes a focus on fewer, larger cash-generative holdings to maintain financial strength and flexibility. The company aims to uphold its dividend policy and ensure predictability of upstream cash flow. Q: What are Aker's strategic priorities and portfolio design criteria? A: Eriksen outlined that Aker's strategic priorities focus on net asset value development, attractive and predictable dividends, increased upstream cash flow, and investments in growth segments. The company prioritizes long-term mega trends like energy transition and digitalization, aiming for improved capital efficiency and stronger cash flow. Q: Can you elaborate on Aker's approach to active ownership and strategic clarity? A: Eriksen stated that Aker practices active ownership by making necessary adjustments and concentrating its portfolio around larger companies with potential for long-term value creation. The company focuses on transactions that create added value and aligns investments with strategic priorities. Q: How is Aker positioned to leverage AI and digitalization in its portfolio companies? A: Eriksen highlighted that Aker's industrial software companies, Cognite and Aize, are well-positioned to capitalize on digitalization and AI trends. Cognite's Data Fusion platform drives digital transformation and operational efficiency, with a strong commercial presence and promising outlook for the year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
07-05-2025
- Business
- Bloomberg
Aker BP CEO Says Projects Competitive Even as Oil Prices Slide
Aker BP Chief Executive Officer Karl Johnny Hersvik said the company's portfolio of projects aimed at driving production beyond 2030 remain competitive in the face of falling oil prices. Just over two years ago, Aker BP and its partners announced plans to invest about $20 billion to develop a package of fields, including Yggdrasil which is expected to come online on the Norwegian continental shelf in 2027. The average breakeven for the developments when sanctioned was $35 to $40, said the CEO, adding that the figure is falling as they get closer to completion.
Reuters
07-05-2025
- Business
- Reuters
Aker BP affirms dividend growth as Q1 profit in line
Model of Oil barrels are seen in front of AkerBP logo in this illustration, July 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights , opens new tab OSLO, May 7 (Reuters) - Aker BP ( , opens new tab , Norway's second-largest listed oil company, said on Wednesday it was on track to raise its quarterly dividend payments this year by 5% compared with 2024, while reporting first-quarter profits in line with expectations. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $2.80 billion in January-March from $2.79 billion a year earlier, in line with the $2.78 billion expected in a poll , opens new tab of 18 analysts compiled by Aker BP. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Advertisement · Scroll to continue The company reported a cash flow from operations for the quarter of $2.11 billion, up from $1.46 billion one year earlier, broadly in line with analysts' predictions for $2.07 billion. It announced a quarterly dividend of $0.63 per share and maintained its plan for paying $2.52 per share this year, up from $2.40 per share during 2024. "We remain fully committed to delivering value to our shareholders through stable and predictable dividends," Aker BP's CEO Karl Johnny Hersvik said in a statement. Reporting by Nerijus Adomaitis, editing by Terje Solsvik Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
Yahoo
27-03-2025
- Business
- Yahoo
DNO reports oil and gas discovery in North Sea licence PL1182 S
DNO, a Norwegian oil and gas operator, has reported an oil and gas discovery in the northern North Sea licence PL1182 S, where it holds a 40% operated interest. Partners in the licence include Aker BP with a 30% stake, Concedo with a 15% interest and Japex Norge with a 15% stake. The discovery in Paleocene injectite sandstones shows preliminary estimates of 39–million to 75 million barrels of oil equivalent (mboe), with a mean of 55mboe, of gross recoverable resources. The Kjøttkake exploration well revealed a 41m oil column and a 9m gas column. A sidetrack drilled 1,350m westwards along the reservoir in the Sotra Formation confirmed the oil column's presence throughout the discovery. The wells were drilled using the Deepsea Yantai rig. The Kjøttkake discovery is located 27km north-west of the Troll C platform and 44km south-west of the Gjøa platform, and is DNO's tenth discovery in the Troll-Gjøa area since 2021. Previous discoveries include Carmen, Cuvette, Heisenberg, Røver Nord, Kveikje, Kyrre, Ofelia, Ringand and Røver Sør. DNO has also made discoveries in other parts of the Norwegian Continental Shelf, such as Norma in 2023, followed by Othello in 2024. DNO executive chairman Bijan Mossavar-Rahmani said: 'We are on a hot streak in Norway. Our latest and most exciting discovery this year, Kjøttkake, is close to existing infrastructure in the Troll-Gjøa area, and we will be relentless in pursuing its commercialisation.' After its exploration, DNO stated that it has ramped up the acquisition of producing assets to balance its Norwegian portfolio and support the funding of future developments. Earlier this month, DNO agreed to acquire Sval Energi Group from HitecVision for an enterprise value of $1.6bn (Nkr17.24bn). The acquisition is expected to close by mid-year. The deal involves a cash consideration of $450m and is set to be financed via existing cash, debt financing facilities, new bond and reserve-based lending debt, and offtake-based financing. "DNO reports oil and gas discovery in North Sea licence PL1182 S" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
