2 June 2009 - Fitch Ratings today confirmed Aker Solutions ASA's long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB-' respectively, and assigns a local currency IDR of 'BBB-'. The agency has simultaneously removed Aker Solutions from Rating Watch Negative (RWN), and assigned a negative outlook.
"We are pleased about Fitch's confirmation of our investment grade rating. We see the negative outlook as a reminder of the short term uncertainties in the world economy in combination with our debt financed investments for future growth. We remain confident that these acquisitions will serve our strategy and shareholders well, and appreciate that Fitch acknowledge the positive effect we predict for the margin picture in the medium term," says Simen Lieungh, President and CEO of Aker Solutions ASA.
Fitch underlines that Aker Solutions' ratings are constrained by the cyclical process and oil and gas industries, with its earnings being largely dependent on the operating and capital expenditure of oil and gas majors.
"We see our recent contract wins in Russia (Sahkalin I), Kazakhstan (Kashagan Hook Up) and the North Sea (StatoilHydro well service contract with options) as strong confirmations of the positive outlook for our industries in the medium to long term," Lieungh ends.
ENDS
For further information, please contact:
Media:
Jannik Lindbæk, SVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 977 55 622
Investor relations:
Leif Borge, EVP & CFO, Aker Solutions. Tel: +47 67 51 31 48
Leif Borge, EVP & CFO, Aker Solutions. Tel: +47 67 51 31 48
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194
Suppliers:
For further information about sourcing and potential subcontracts for this project, please contact BA Global Sourcing Champion, telephone number found here: http://www.akersolutions.com/Internet/SuppliersCentre/Contacts/SupplyManagementContacts.htm.
For further information about sourcing and potential subcontracts for this project, please contact BA Global Sourcing Champion, telephone number found here: http://www.akersolutions.com/Internet/SuppliersCentre/Contacts/SupplyManagementContacts.htm.
Career opportunities:
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Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.
Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 23 000 people in about 30 countries.
Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.