Annual Report 2016

Total Page:16

File Type:pdf, Size:1020Kb

Annual Report 2016 Annual Report 2016 We create solutions to unlock energy safely and sustainably for future generations. Introduction Page 2 Aker Solutions has been a key part of Norway’s offshore industry since before oil was even found. We delivered the rig that discovered the giant Ekofisk deposit in the North Sea in 1969. That field is still going strong and so are we. Building on nearly two centuries of technological and engineering excellence, we are now driving development to help solve the world’s energy needs safely and sustainably. Back to index Introduction Annual Report Index Key Figures Key Figures 2016 2015 Orders and results Order backlog December 31 NOK mill 31,188 39,684 Global Presence Order intake NOK mill 17,004 22,793 Revenue NOK mill 25,557 31,896 EBITDA NOK mill 1,929 1,841 Highlights 2016 EBITDA margin Percent 7.5% 5.8% EBITDA margin ex. special items Percent 8.3% 8.3% EBIT NOK mill 687 958 EBIT margin Percent 2.7% 3.0% CEO Introduction EBIT margin ex. special items Percent 5.3% 6.0% Net profit NOK mill 152 383 Board of Directors’ Report Cashflow Cashflow from operational activities NOK mill 312 1,934 Balance sheet Consolidated Financial Net interest-bearing debt NOK mill 1,002 -301 Statements Equity ratio Percent 29.8% 23.9% Liquidity buffer NOK mill 7,480 8,862 Share Parent Company Financial Share price December 31 NOK 41.37 30.30 Statements Basic earnings per share NOK 0.21 1.44 Employees Total employees December 31 Own employees 14,385 15,395 Auditor's Report HSE Lost time incident frequency Per million worked hours 0.30 0.49 Total recordable incident frequency Per million worked hours 1.30 1.34 Alternative Performance Measures Sick-leave rate Per million worked hours 2.75 2.83 Key Figures Key Figures Revenue EBIT and margin Order intake and backlog Amounts in NOK billion Amounts in NOK billion and percent Amounts in NOK billion 35 2.5 8 60 30 7 2.0 50 25 6 5 20 1.5 40 4 15 30 1.0 3 10 2 20 0.5 5 1 10 0 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 0 2012 2013 2014 2015 2016 Revenue EBIT (NOK billion) EBIT margin (percent) Intake Backlog Back to index Key Figures Subsea Revenue EBIT and margin Order intake and backlog Amounts in NOK billion Amounts in NOK billion and percent Amounts in NOK billion 1.8 9 40 1.6 8 20 35 1.4 7 30 15 1.2 6 1.0 5 25 10 0.8 4 20 0.6 3 15 5 0.4 2 10 0.2 1 5 0 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 0 2012 2013 2014 2015 2016 Revenue EBIT (NOK billion) EBIT margin (percent) Intake Backlog Field Design Revenue EBIT and margin Order intake and backlog Amounts in NOK billion Amounts in NOK billion and percent Amounts in NOK billion 1.4 12 14 20 1.2 18 12 10 16 1.0 10 8 14 0.8 12 8 6 6 0.6 10 4 8 4 0.4 6 2 2 0.2 4 0 0 0 2 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 0 2012 2013 2014 2015 2016 Revenue EBIT NOK billion EBIT margin (percent) Intake Backlog Back to index Global Presence Page 6 Global Presence More than 14,000 employees in about 20 countries Norway 5,800 North America 500 Europe Asia Pacific Brazil 1,900 2,600 3,300 Manufacturing sites Fabrication facilities Service bases Aberdeen Egersund Luanda Mobile Ågotnes Ågotnes Africa Houston Houston Tranby Engineering hubs Rio das Ostras Moss Oslo Labuan Port Klang London Kakinada 200 Curitiba Kuala Lumpur Perth Mumbai Aberdeen Pointe-Noire Figures in illustration show number of employees per region. Back to index Highlights 2016 Page 7 Highlights 2016 Reorganization Innovation and Subsea Compression Engineering Aker Solutions in November replaces its Technology Award Aker Solutions and MAN Diesel & Turbo Achievement business area structure with five delivery make progress in developing the next centers: Customer Management, Front The company wins Subsea UK’s innovation generation in subsea compression systems. The company wins an engineering End, Products, Projects and Services. and technology award for its Vectus 6.0 The partnership says it expects to reduce achievement award at the OTC conference The new setup better reflects the subsea electronics module which improves the size and weight of such systems by at in Houston for its El-drive subsea electric company’s workflow from early engagement performance and lowers risk at oil and gas least 50 percent just a year after the world’s actuators. These are more compact, with customers to project execution and installations on the seafloor. first subsea compression system went on effective and environmentally friendly than through to life-of-field services. stream at Statoil’s Åsgard field. traditional hydraulic solutions. Egypt Vietnam Development Alliance BP Contracts The company in June secures an order Aker Solutions wins a contract from Idemitsu Aker Solutions, Aker BP and Subsea 7 form Aker Solutions secures several global valued at more than NOK 1 billion to deliver Oil and Gas to provide front-end engineering a ‘one for all, all for one’ collaboration that framework agreements with BP, including in its longest-ever umbilicals system at the design work for the development of oil and marks a major shift in how an operator and the engineering and subsea areas. Zohr gas field offshore Egypt. gas resources in the Nam Con Son basin off its suppliers work together on Norwegian oil Vietnam. This marks an expansion into a key and gas developments. new market for Aker Solutions. Carbon Capture Brazil Lean Semi ABB Cooperation Aker Solutions carries out the world’s first Aker Solutions opens a new state-of-the-art subsea The company introduces a new lighter Aker Solutions and ABB join forces to build test project for carbon capture at Norway’s manufacturing plant in Brazil and also secures weight and faster to deliver semisubmersible on their combined strengths in subsea, largest waste-to-energy plant, successfully a subsea services framework agreement with platform. The Lean Semi will help producers power and automation technologies, removing 90 percent of the CO2 from waste national oil and gas producer Petrobras. In unlock marginal oil and gas fields in harsh bringing customers more effective, reliable burned to create energy. The company’s December, the company buys 70 percent of environments across the globe. and flexible oil and gas production solutions. carbon capture, utilization and storage Brazilian C.S.E. Mecânica e Instrumentação Initial focus areas include developing subsea technology is an important tool in reducing Ltda., building on a strategy to expand its compression systems at lower costs and in emissions and curtailing global warming. services business internationally. less time. Back to index CEO Introduction Page 8 Encouraging Signs Aker Solutions made major progress in 2016 in becoming a leaner and more competitive company and promoting its aim of creating a more sustainable industry. Back to index CEO Introduction Page 9 We streamlined how we are organized, strengthening operations and taking big with Petrobras in Brazil. We secured a record of more than 80 steps to improve cost-efficiency. We delivered consistently on major projects study awards last year, including for the Johan Sverdrup and globally and increased our collaboration with other industry-leading companies to Johan Castberg projects, where we have worked closely with find the best field development solutions. the customer Statoil to significantly lower development costs. We also had to make some tough decisions and let go of valued colleagues About two-thirds of our project backlog is for outside Norway. because of the continued market decline. Together with the trade unions, we We built on our network of partnerships with companies ensured that this process was as fair and transparent as possible. We will continue that are leaders in their fields, agreeing in April to collaborate to be vigilant and do what is necessary to safeguard our company and future jobs. with ABB on subsea, power and automation technologies. Our business area structure was replaced with the following new delivery We also continued to partner in subsea with Baker Hughes, centers: Customer Management, Front End, Products, Projects and Services. These better reflect our workflow from early engagement with customers to project execution and through to life-of-field services. Our underlying margins were steady The new setup is driving leaner workflows and greater synergies and will boost our standardization efforts and further speed up #thejourney program, which in 2016, aided by cost-efficiency targets cost-efficiency improvements of at least 30 percent by the end of this year. efforts and strong project execution It will propel growth in our services organization and help in the pursuit of more international business. Building on this strategy, we last year bought 70 percent of C.S.E. Mecânica e Instrumentação, a Brazilian provider of maintenance, assembly, commissioning MAN Diesel & Turbo, SBM Offshore and Saipem. These collabo- and crane operation services. Through this we gain access to the country’s rations close technology gaps in our portfolio, providing access to expanding market for servicing existing oil and gas fields. I am pleased to say that the entire range of capabilities needed to develop fully-functioning the process of integrating our two businesses is going well. subsea production and processing systems. Our underlying margins were steady in 2016, aided by the cost-efficiency We carried out the world’s first test project for carbon efforts and strong project execution, even as the industrywide slowdown caused capture at Norway’s largest waste-to-energy plant, success fully a weakening of both our top and bottom lines.
Recommended publications
  • Third-Quarter Results 2016 Aker ASA Third-Quarter Results 2016 2
    Aker ASA Third-quarter results 2016 Aker ASA Third-quarter results 2016 2 Third-quarter 2016 highlights Financial key figures Key portfolio events (Aker ASA and holding companies) nn In August the divestment of Aker’s ownership stake in Havfisk and nn The net asset value of Aker ASA and holding companies (“Aker”) Norway Seafoods Group to Lerøy Seafood Group was concluded. rose by 20 per cent in the third quarter 2016 to NOK 29.8 billion, The combined sales released approximately NOK 2.0 billion in compared with the second-quarter figures. Per-share net asset cash to Aker and resulted in an accounting gain of NOK 1.6 billion. value (“NAV”) amounted to NOK 401 as per 30 September 2016, compared to NOK 333 as per 30 June 2016 and NOK 282 as per nn In September Ocean Yield raised NOK 862 million in gross 31 December 2015 (prior to dividend allocation). proceeds from a private placement and subsequently NOK 750 million from a new unsecured bond issue, to finance future growth. nn The value of Aker’s Industrial Holdings portfolio stood at NOK Aker’s ownership interest in Ocean Yield was diluted to 66.3 per 30.2 billion in the quarter, up from NOK 24.5 billion in the second cent from 72.9 per cent. quarter. Aker’s Financial Investments portfolio increased to NOK nn In September Det norske oljeselskap completed the closing of the 8.4 billion, from NOK 7.2 billion in the prior quarter. merger with BP Norge and renamed the company Aker BP.
    [Show full text]
  • WELL POSITIONED for the FUTURE Who We Are
    Subsea 7 S.A. Annual Report 2012 WELL POSITIONED FOR THE FUTURE WHO WE ARE Subsea 7 is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. Our vision is to be acknowledged by our clients, our people and our shareholders as the leading strategic partner in our market. We provide integrated services and have a proven track record of safely and reliably executing offshore projects of all sizes and complexity in all water depths. Our operating principles define the way we conduct our operations and shape our approach to business: Safety is at the heart of our operations – we are committed to an incident-free workplace, every day, everywhere. Projects are core to our business – our people are motivated to ensure that our projects deliver exceptional performance. Engineering is at the heart of our projects – we create technical solutions and sustainable value for our stakeholders. People are central to our success – we build our business around a valued and motivated workforce. We make long-term investments in our people, assets and know-how – we build strong relationships with clients and suppliers, based on mutual trust and respect. We operate in a consistent manner on a worldwide basis – we are locally sensitive and globally aware. Subsea 7 S.A. Annual Report and Consolidated Financial Statements 2012 2012 Financial Highlights Overview Overview 1 2 Chairman’s Statement Revenue Revenue by Territory 4 What We Do AFGOM $2,182m 6 Where We Operate 8 Chief Executive Offi cer’s Review $6,297m
    [Show full text]
  • Annual Report 2005
    Annual Report 2005 the Aker group 2 ANNUAL REPORT 2005 62 98 3.3 51 2.3 THE AKER GROUP 60 2004 2005 2004 2005 2004 2005 This is Aker Order backlog Operating revenues EBITDA NOK billion NOK billion NOK billion With more than 46,000 employees and assosiates annual revenues exceeding NOK 62 billion, Aker is a significant Key figures Pro forma industrial participant in many communi- Profit and loss account (NOK million) 2004 2005 ties. Operating revenues 51 641 62 450 Aker’s core businesses are leaders in EBITDA 2 229 3 322 their respective industries. The Aker Aker Kværner 1 362 2 145 Group delivers technology-based pro- Aker Yards 768 1 029 ducts and services and advanced, inte- Aker American Shipping* 80 131 grated solutions and projects to custo- Aker Seafoods** 157 187 mers in oil, gas, energy, and process Aker Material Handling 11 35 industries. The Aker Group is also a Other activities and eliminations -210 -199 major shipbuilder and a significant fishe- Depreciation and amortization -815 -848 ries industry participant. Operating profit (EBIT) 1 254 2 404 Share of earnings in associated companies -80 28 Aker builds businesses that are world Net financial items, incl. exceptional financial items -777 179 leaders, creating value through proactive Profit before tax 397 2 611 industrial ownership. Aker bases its Tax -466 -21 value-adding competence on in-depth Net profit -69 2 590 knowledge of industries and technolo- gies, access to financial resources, and Balance Sheet (NOK million) 31 Des 04 31 Des 05 innovation. Assets Total intangible and tangible fixed assets 14 971 17 542 Aker — founded in 1841 — continues a Total financial fixed assets 1 679 2 777 proud industrial tradition.
    [Show full text]
  • Delivering Sustainable Value Across the Energy Lifecycle
    DELIVERING SUSTAINABLE VALUE ACROSS THE ENERGY LIFECYCLE SUBSEA 7 SUSTAINABILITY REPORT 2020 OUR PROGRESS INSIDE THIS REPORT CEO’s letter 2 In 2020 we made good progress Materiality assessment 3 on our sustainability journey Sustainability priorities Health, safety and wellbeing 4 REINFORCED OUR CORPORATE Energy transition 6 GOVERNANCE AROUND SUSTAINABILITY Labour practices and human rights 8 Business ethics 10 Operational eco-efficiency 12 Ecological impacts 14 ESTABLISHED WORK GROUPS OF SENIOR Additional sustainability topics 16 MANAGEMENT TO FOCUS ON OUR Covid-19 19 SUSTAINABILITY PRIORITIES Data summary 20 Report abbreviations 24 EU Non-Financial Reporting Directive 24 CONTINUED TO DEVELOP METRICS AND TARGETS KEY METRICS WE MADE SIGNIFICANT PROGRESS WITH EACH OF OUR SUSTAINABILITY PRIORITIES: Employee health, Energy transition DEVELOPED A CARBON ESTIMATING TOOL TO safety and wellbeing CALCULATE THE CARBON FOOTPRINT OF OUR WORK INCREASED THE NUMBER OF EMPLOYEES COMPLETING 0.07 6.0 GW COMPLIANCE AND ETHICS E-LEARNING Lost-time incident Cumulative power capacity frequency rate per of renewables projects 200,000 hours worked supported to end of 2020 FOCUSED ON THE WELLBEING OF OUR EMPLOYEES WITH DEDICATED RESOURCES TO SUPPORT THEM STARTED ELIMINATION OF SINGLE-USE PLASTICS Labour practices Business ethics EMBEDDED THE PRINCIPLES OF BUILDING and human rights RESPONSIBLY AND THE UN GLOBAL COMPACT COMMITTED TO PROACTIVE PARTICIPATION 6,660 5,153 IN ENERGY TRANSITION Number of suppliers Number of employees with a contract that who have completed
    [Show full text]
  • Annual Report 2020
    SUBSEA 7 S.A. ANNUAL REPORT 2020 DELIVERING SUSTAINABLE VALUE ACROSS THE ENERGY LIFECYCLE SUBSEA 7 S.A. ANNUAL REPORT 2020 Strategic report Chairman’s Statement 2 2020 FINANCIAL Chief Executive Officer’s Review 4 Our Business Model 8 PERFORMANCE Our Markets 10 Our Activities 12 Strategy 14 Business Review 18 REVENUE ADJUSTED EBITDA Sustainability 22 Risk Management 26 Governance $3,466M $337M Governance Overview 37 (2019: $3,657m) (2019: $631m) Board of Directors 38 Executive Management Team 40 Corporate Governance Report 42 Consolidated Financial Statements Financial Review 52 CASH AND CASH DIVIDENDS AND SHARE Consolidated Financial Statements 59 EQUIVALENTS REPURCHASES Subsea 7 S.A. Financial Statements Subsea 7 S.A. Financial Statements 137 $512M $10M Glossary 149 (2019: $398m) (2019: $304m) Additional Information 155 NET INCOME/(LOSS) DILUTED EARNINGS PER SHARE $(1.1)BN $(3.67) (2019: $(82)m) (2019: $(0.27)) BACKLOG ORDER INTAKE $6.2BN $4.4BN (2019: $5.2bn) (2019: $3.9bn) Get the latest investor information online www. subsea7.com VISION To lead the way in the delivery of offshore projects and services for the energy industry STRATEGIC REPORT Discover online how we are fulfilling our vision. Visit www.subsea7.com STRATEGY In an evolving energy sector, we create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs Information on our strategic priorities and progress is set out on pages 14 to 17 GOVERNANCE SUBSEA FIELD ENERGY TRANSITION OF THE FUTURE –
    [Show full text]
  • Registration Document
    Registration Document AKER ASA Senior Unsecured Bond Issue 2015/2020 ISIN: NO 0010737158 Date: 30 June 2015 Joint Lead Managers: DNB Markets Nordea Markets Pareto Securities Registration Document IMPORTANT INFORMATION The Registration Document has been prepared in connection with listing of the bonds at Oslo Børs. This Registration Document is subject to the general business terms of the Lead Managers. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Lead Managers may prevent employees of the Lead Managers who are preparing this document from utilizing or being aware of information available to the Lead Managers and/or affiliated companies and which may be relevant to the recipient's decisions. The Lead Managers and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Lead Managers’ corporate finance department may act as manager or co-manager for the Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States.
    [Show full text]
  • Annual Report 2011 Contents
    2 011 Annual report 2 Aker Solutions annual report 2011 Contents Contents Key figures 2011 3 Letter to shareholders 4 Board of directors’ report 5 Summary 5 Business overview 5 Strategic priorities 6 Research and development (R&D) 6 Report for 2011 7 Presentation of the accounts 7 Segment reviews 8 Corporate governance and risk management 10 Corporate responsibility 11 Environment 12 Health, safety and working environment 12 People and teams 13 Annual accounts 15 Declaration by the Board of Directors and President & CFO 15 Aker Solutions Group 16 Aker Solutions ASA 67 Auditor’s report 77 Share and shareholder information 78 Share and shareholder information 78 Analytical information 82 Corporate governance 83 Corporate governance 83 Board of directors 90 Executive chairman and President 92 Aker Solutions annual report 2011 Business management 92 Corporate centre functions 94 Regional management 95 Company information 96 Aker Solutions annual report 2011 3 Key figures 2011 Key figures 2011 (Continuing operations only) Orders and results 2011 2010 Order backlog 31 December NOK mill 41 449 38 528 Order intake NOK mill 41 327 38 773 Operating revenues NOK mill 36 474 33 365 EBITDA NOK mill 3 445 3 308 EBITDA-margin Per cent 9.4% 9.9% Net profit NOK mill 1 591 1 334 Cash flow Net cash from operating activities NOK mill 3 827 2 131 Balance sheet Borrowings NOK mill 6 000 8 224 Equity ratio Per cent 33.2% 25.9% Return on equity Per cent 17.9% 19.6% Return on captial employed1 Per cent 13.1% 12.1% Share Share price 31 December NOK 62.95 99.25 Dividend per share2 NOK 3.90 2.75 Basic earnings per share (NOK) NOK 5.77 4.76 Diluted earnings per share (NOK) NOK 5.76 4.75 Employees Employees 31 December Full time equivalents 18 397 16 967 HSE Lost Time Incident Frequency Per million worked hours 0.66 0.83 Total recordable incident frequency Per million worked hours 2.29 2.62 Sick leave rate Per cent of worked hours 2.17 2.04 1) Adjusted for gain on discontinued and demerged operations.
    [Show full text]
  • 17 March 2020 Dear Shareholders, on Tuesday 7 April
    Subsea 7 S.A. 412F, Route d'Esch L-2086 Luxembourg www.subsea7.com 17 March 2020 Dear Shareholders, On Tuesday 7 April 2020, the Annual General Meeting (the “AGM”) of the Shareholders of Subsea 7 S.A., (the “Company”), RCS Luxembourg N° B43172, will be held at the registered office of the Company, 412F, route d’Esch, L-2086 Luxembourg, at 15:00 hours (local time). Due to the fact that the Company is incorporated in Luxembourg as a Société Anonyme, the Company’s affairs are governed by the provisions of Luxembourg Company Law. Under these provisions and the provisions of the Company’s Articles of Incorporation, the AGM will be restricted to the matters set out in the enclosed Notice. Matters to be considered at the AGM At the AGM, shareholders will be asked to approve the Group’s Annual Report and consolidated financial statements, the Company’s annual accounts, discharge the Directors from their duties for the financial year and approve the statutory auditor’s appointment. In addition, this year’s AGM agenda includes three items with respect to the election to the Board of Directors of three directors standing for re-election, Mr Jean Cahuzac, Mr Niels Kirk and Mr David Mullen. The biographies of the relevant directors are attached to this letter in an Appendix. Quorum and Majority At the AGM, since under Luxembourg law there is no minimum quorum requirement, decisions taken shall be valid regardless of the number of shares represented, provided there is approval by the majority of the votes of the shareholders validly cast.
    [Show full text]
  • Market Notice
    Market Notice 06 May 2015 London Stock Exchange Derivatives MARKET NOTICE 2015/033 THE OBOSX INDEX – Capped number of shares effective 7 May 2015 Seadrill (SDRL) closed above 20% on Tuesday 5 May and triggered a capping. Based on the Oslo Børs Index Methodology 2.5.3, the OBOSX index will be capped as follows: The largest stock, if exceeding 30% of the OBOSX total market value, will be capped at 30% Other stocks, if exceeding 18% of the market value, will be capped at 18%. The capping is performed based on the uncapped OBX (OBXU). Subsea 7 (SUBC) will replace TGS-NOPEC (TGS) as the largest stock in the index, resulting in the following capping: Subsea 7 (SUBC) - 30% Seadrill (SDRL) - 18% TGS-NOPEC (TGS) - 18%. Please see the exact number of shares for each constituent valid from Thursday 7 May 2015 at the end of this message. If you have any questions please call ETD Market Operations on +44 (0) 207 797 3617. Derivatives Operations London Stock Exchange Client Technology Services, LSEG Telephone: +44 (0)20 7797 3617 [email protected] 10 Paternoster Square, London, EC4M 7LS www.lseg.com 1 Market Notice 06 May 2015 OBOSX 07.05.2015 No Symbol Name Isin Sub Industry Shares * Weight % 1 SUBC Subsea 7 LU0075646355 Oil & Gas Equipment & Services 303 737 625 30.00 2 SDRL Seadrill BMG7945E1057 Oil & Gas Drilling 148 030 062 18.00 3 TGS TGS-NOPEC Geophysical Company NO0003078800 Oil & Gas Equipment & Services 80 838 583 18.00 4 PGS Petroleum Geo-Services NO0010199151 Oil & Gas Equipment & Services 279 639 030 16.47 6 AKSO Aker Solutions NO0010716582 Oil & Gas Equipment & Services 195 412 886 10.92 7 FOE Fred.
    [Show full text]
  • Renewables Investor Event
    Renewables Investor Event 29 September 2020 1 © Subsea 7 - 2020 Subsea 7 Renewables Forward looking statements This announcement may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements for the year ended 31 December 2019. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies,
    [Show full text]
  • Subsea 7 Sustainability Report 2019
    Subsea 7 Sustainability Report 2019 Our sustainability journey Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs. In an ever-evolving energy industry, one of the most significant challenges we face is the increased demand society places on being able to deliver sustainable sources of energy as we transition to a lower-carbon future. Our Company is committed to meeting this challenge and to continuously improve the sustainability performance of our business. Our Values provide the framework for how we behave and what our people, our clients, our shareholders and society can expect from us. They make us who we are. These Values are closely aligned to our six sustainability priorities, since these are the areas we have always known are important to being a preferred supplier and employer. Inside this report 2019 was a significant year in Subsea 7’s sustainability journey. We established a new ‘Sustainability’ Value that specifically CEO’s letter 2 focuses on our environmental and societal behaviours and our Materiality assessment 3 newly formed Sustainability Working Group undertook a Health, safety and wellbeing 4 detailed assessment to set the cornerstones of our Energy transition 6 sustainability strategy going forward. Labour practices and human rights 8 Business ethics 10 We look ahead to 2020’s sustainability plan with enthusiasm Operational eco-efficiency 12 and commitment. We recognise the importance of setting Ecological impacts 14 strong sustainability foundations and will continue to build Additional sustainability topics 16 upon these by establishing action plans and targets.
    [Show full text]
  • Aker's 175 Anniversary
    Aker“Aker’s’s 175 175thth anniversary” -- An insight iintonto Aker’Aker´ss DNADNA andand important important events events f fromrom thethe ppastast 2525 Yearsyears Fredrik Raak Dahl SVPRO 4000 -Prosjektforum Sofia Ellen Davidson Mira Sofie H.Iversen 2015 Silje Ingeborg Nordstad Camilla H.Riibe EXECUTIVE SUMMARY Survival is not about being one of many, it is about respecting your legacy, being able to see opportunities when they arise and dare to take a risk where no else does. ! ! In 2016 Aker will be celebrating its 175th anniversary. This report is written in association with this celebration. Its main purpose is to highlight important events that have occurred over the past 25 years. What events are considered to be important? How have these events influenced the environment and Aker’s future? This is what we have attempted to answer in our report. We chose a snowball method which means we performed a few preliminary interviews that guided us to our next interview subjects. After analysing the data we collected from our interviews, combined with our literature, we ended up with several interesting findings. Our findings include: - Aker’s part in the development of the oil and gas industry in Norway - The growth of subsea - New ownership in Aker, an event that occurred in 1996-1997 - Fishing industry becomes a part of Aker’s portfolio in 1996 - Aker Maritime and Kvaerner merge and de-merge, this happened in 2002 and 2011 - Aker ASA goes in a new direction from 2009 - An acquisition in Det norske takes place, and Aker Exploration merges with Det norske 2009 - Ocean Yield is established in 2012 ! We have analysed these events and areas of importance, and attempted to establish how they have impacted Aker’s future and its environment.
    [Show full text]