LNG

Aker Solutions, the Norwegian energy project engineering and oil and gas services company seeking more LNG work in subsea, gas compression and floating facility design said its first-half order intake amounted to 14.3 billion Norwegian crowns ($1.76Bln), almost double the amount of a year ago.

May 9 (LNGJ) - Aker Solutions, the Norwegian subsea and offshore oil and gas service company, said the sector remained challenging, though there were signs of a re-launch in the industry. “Industry cost cuts are bringing down break-even costs on developments, which is expected to spur new investments and project sanctions this year,” said the company as gross earnings dropped 30 percent to 355 million Norwegian crowns ($41M) in the first quarter compared with 508M crowns a year earlier. “Increased demand for front-end engineering services is also an early indication of a pickup in activity ahead. Tendering activity is healthy and Aker Solutions is currently bidding for contracts totalling about 50 billion crowns,” it added.

Sevan Marine, the Norwegian design, engineering and project company working on floating liquefied natural gas production and import concepts for the Philippines and the US, posted a first-quarter loss as it reorganized its management and cut costs.