Aker Solutions Asa – Board of Directors
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Annual Report 2020.Pdf
Annual Report 2020 The time for change is now. #PowerTheChange #PowerTheChange The time for change is now. In our common quest to create a cleaner, safer Content and more sustainable future, we must take ownership and accountability. Key figures 3 Where we are 6 Highlights 7 CEO Introduction 8 Board of Directors' Report 10 Consolidated Financial Statements 25 Parent Company Financial Statements 104 Independent Auditor's Report 121 Alternative Performance Measures 126 3 AKER SOLUTIONS ANNUAL REPORT 2020 KEY FIGURES MENU Key figures* 2020 2019 ORDERS AND RESULTS Order backlog December 31 NOK million 37,979 33,083 Order intake NOK million 34,163 26,155 Revenue NOK million 29,396 38,163 34,163 29,396 EBITDA NOK million 1,539 2,711 ORDER INTAKE REVENUE EBITDA margin Percent 5.2 7.1 NOK million NOK million EBITDA margin ex. special items Percent 4.3 7.3 EBIT NOK million -776 988 EBIT margin Percent -2.6 2.6 1,539 5.2 EBIT margin ex. special items Percent -0.2 3.6 Net income NOK million -1,520 283 EBITDA EBITDA MARGIN NOK million Percent CASHFLOW Cashflow from operational activities NOK million 501 360 BALANCE SHEET 4.3 -776 Net interest-bearing debt NOK million -456 -986 EBITDA MARGIN EBIT Equity ratio Percent 29.5 32.2 EXCL. SPECIAL ITEMS NOK million Percent Liquidity reserve NOK million 8,171 8,883 SHARE Share price December 31 NOK 16.45 n/a* Basic earnings per share NOK -3.13 0.49 -2.6 -0.2 EBIT MARGIN EBIT MARGIN EXCL. -
Annual Report 2020 Contents
ANNUAL REPORT 2020 CONTENTS LETTER FROM THE CEO 4 BOARD OF DIRECTORS 44 KEY FIGURES 2020 8 EXECUTIVE MANAGEMENT TEAM 48 HIGHLIGHTS 2020 10 BOARD OF DIRECTORS’ REPORT 52 THE VALHALL AREA 16 REPORTING OF PAYMENTS TO GOVERNMETS 72 IVAR AASEN 20 BOD’S REPORT ON CORPORATE GOVERNANCE 74 THE SKARV AREA 24 FINANCIAL STATEMENTS WITH NOTES 88 THE ULA AREA 28 THE ALVHEIM AREA 32 JOHAN SVERDRUP 36 THE NOAKA AREA 40 COMPANY PROFILE Aker BP is an independent exploration and production Aker BP is headquartered at Fornebu outside Oslo and has company conducting exploration, development and produ- offices in Stavanger, Trondheim, Harstad and Sandnessjøen. ction activities on the Norwegian continental shelf (NCS). Aker BP ASA is owned by Aker ASA (40%), bp p.l.c. (30%) Measured in production, Aker BP is one of the largest and other shareholders (30%). independent oil and gas companies in Europe. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula The company is listed on the Oslo Stock Exchange with and Tambar, a partner in the Johan Sverdrup field and holds ticker “AKRBP”. a total of 135 licences, including non-operated licences. As of 2020, all the company’s assets and activities are based in Norway and within the Norwegian offshore tax regime. OUR ASSETS arstad AND OFFICES andnessen ar Trondei lei orne taaner ar asen oan erdrp operated inor laTaar alallod · ESG IN AKER BP SUSTAINABILITY REPORT 2020 Aker BP’s Sustainability report 2020 describes the ESG in Aker BP company’s management approach and performance to environment, social and governance. -
Aker Asa Fourth-Quarter and Preliminary Annual Results 2019
Q4 2019 AKER ASA FOURTH-QUARTER AND PRELIMINARY ANNUAL RESULTS 2019 Aker ASA Fourth-quarter and preliminary annual results 2019 2 Highlights Key figures - Aker ASA and holding companies Key events The net asset value (“NAV”) of Aker ASA and holding companies The Johan Sverdrup field started production in the fourth quarter (“Aker”) ended at NOK 50.0 billion in the fourth quarter, up 16 per and has already ramped up production to well above 300,000 cent from NOK 43.1 billion at the end of the third quarter, and up barrels per day and is on track to reach 440,000 barrels per day 24 per cent dividend adjusted from NOK 41.7 billion at year-end by the summer. 2018. The per-share NAV amounted to NOK 673 as per 31 December 2019, compared to NOK 580 as per 30 September Aker BP moved into Phase 2 of the Ærfugl project, and first oil 2019 and NOK 562 as per 31 December 2018. was produced from the Valhall Flanke West, where Aker BP is the operator. Aker Solutions and Kvaerner are engaged in both The Aker share increased 12.3 per cent in the fourth quarter. This projects through the successful alliance model. compares to a 5.1 per cent increase in the Oslo Stock Exchange’s benchmark index (“OSEBX”). The Aker share Kvaerner signed a NOK 1.5 billion contract with Equinor for development of the Hywind Tampen project, the world’s largest increased 22.5 per cent in 2019, including dividend paid. This compares with a 16.5 per cent increase in the Oslo Stock floating offshore wind farm. -
Candidates Nominated to the Board of Directors in Gjensidige Forsikring ASA
Office translation for information purpose only Appendix 18 Candidates nominated to the Board of Directors in Gjensidige Forsikring ASA Per Andersen Born in 1947, lives in Oslo Occupation/position: Managing Director, Det norske myntverket AS Education/background: Chartered engineer and Master of Science in Business and Economics, officer’s training school, Director of Marketing and Sales and other positions with IBM, CEO of Gjensidige, CEO of Posten Norge and Managing Director of ErgoGroup, senior consultant to the CEO of Posten Norge, CEO of Lindorff. Trond Vegard Andersen Born in 1960, lives in Fredrikstad Occupation/position: Managing Director of Fredrikstad Energi AS Education/background: Certified public accountant and Master of Science in Business and Economics from the Norwegian School of Business Economics and Administration (NHH) Offices for Gjensidige: Member of owner committee in East Norway Organisational experience: Chairman of the Board for all FEAS subsidiaries, board member for Værste AS (regional development in Fredrikstad) Hans-Erik Folke Andersson Born in 1950, Swedish, lives in Djursholm Occupation/position: Consultant, former Managing Director of insurance company Skandia, Nordic Director for Marsh & McLennan and Executive Director of Mercantile & General Re Education/background: Statistics, economy, business law and administration from Stockholm University Offices for Gjensidige: Board member since 2008 Organisational experience: Chairman of the Board of Semcon AB, Erik Penser Bankaktiebolag and Canvisa AB and a board member of Cision AB. Per Engebreth Askildsrud Born in 1950, lives in Jevnaker Occupation/position: Lawyer, own practice Education/background: Law Offices for Gjensidige: Chairman of the owner committee Laila S. Dahlen Born in 1968, lives in Oslo Occupation/position: Currently at home on maternity leave. -
Mr. Thorleif Enger Elected New Telenor Chairman
Mr. Thorleif Enger elected new Telenor Chairman The Corporate Assembly of Telenor ASA has elected Mr. Thorleif Enger (59) as new Chairman of the Board. Mr. Enger has been a member of the Board since October 2001. Thorleif Enger has a PhD in Structural Engineering from the University of Colorado, USA and today holds position as Executive Vice President and member of Norsk Hydro Corporate Management, in charge of Hydro Agri, the world's largest fertilizer company. Mr. Enger has been with Norsk Hydro since 1973 and has, among other things, been Project Director for the development of the Oseberg Field in the North Sea and has been responsible for Norsk Hydro's domestic and foreign oil and gas acitivities. From 1970 to 1973 he was employed by Shell Development Company in Houston, Texas. Mr. Thorleif Enger succeeds Mr. Tom Vidar Rygh, who resigned as Chairman in December 2002 when he accepted the position as head of the investment bank Enskilda Securities AB in Sweden. The Board of Telenor ASA after this consist of: Thorleif Enger, Chairman à shild Bendiktsen, Deputy Chairman Hanne de Mora Jørgen Lindegaard Bjørg Ven Einar Førde Per Gunnar Salomonsen (employee representative) Irma Ruth Tystad (employee representative) Harald Stavn (employee representative) A high resolution picture of Mr. Thorleif Enger is available at: http://www.telenor.no/pressesenter/_gfx/trykk_tenger.jpg Telenor Group is one of the world's major mobile operators. We keep our customers connected in our markets across Scandinavia and Asia. Our more than 30,000 employees are committed to responsible business conduct and being our customers' favourite partner in digital life. -
The Supervisory Board of Gjensidige Forsikring ASA
The Supervisory Board of Gjensidige Forsikring ASA Name Office Born Address Occupation/position Education/background Organisational experience Bjørn Iversen Member 1948 Reinsvoll Farmer Agricultural economics, Agricultural Head of Oppland county branch of the Norwegian University of Norway in 1972. Landbrukets Farmers' Union 1986-1989, head of the Norwegian sentralforbund 1972-1974, Norges Kjøtt- og Farmers' Union 1991-1997, chair of the supervisory Fleskesentral 1974-1981, state secretary in board of Hed-Opp 1985-89, chair/member of the board the Ministry of Agriculture 1989-1990 of several companies. Chair of the Supervisory Board and Chair of the Nomination Committee of Gjensidige Forsikring ASA. Hilde Myrberg Member 1957 Oslo Senior Vice President MBA Insead, law degree. Chair of the board of Orkla Asia Holding AS, deputy Corporate Governance, chair of the board of Petoro AS, member of the board of Orkla ASA Renewable Energy Corporation ASA, deputy board member of Stålhammar Pro Logo AS, deputy chair of the board of Chr. Salvesen & Chr Thams's Communications Aktieselskap, member of the boards of Industriinvesteringer AS and CGGVeritas SA. Randi Dille Member 1962 Namsos Self-employed, and Economies subjects. Case officer/executive Chair of the boards of Namsskogan Familiepark, Nesset general manager of officer in the agricultural department of the fiskemottak and Namdal Skogselskap, member of the Namdal Bomveiselskap, County Governor of Nord-Trøndelag, boards of several other companies. Sits on Nord- Namsos national recruitment project manager for Trøndelag County Council and the municipal Industribyggeselskap and the Norwegian Fur Breeders' Association, council/municipal executive board of Namsos Nordisk Reinskinn own company NTN AS from 1999. -
0 STATOIL Den Norske Stats Oljeselskap A.S - Statoil - Was Founded in 1972
DEN NORSKE STATS O L J ESE [S K A P A.S ANNUAL REPORT AND ACCOUNTS NINETEEN HUNDRED AND NINETY-FIVE 0 STATOIL Den norske stats oljeselskap a.s - Statoil - was founded in 1972. All its shares are owned by the Norwegian state. The company’s object is, either by itself or through participation in or together with other companies, to car,y out exploration, production, trans portation, refining and marketing of petroleum and petroleum-derived products, as well as other business. Net operating revenue for the group in 1995 totalled NOK 87 billion. At 3’l December, it had some 14 000 employees. Statoil is the leading player on the Norwegian continental shelfand the biggest petrol retail er in Scandinavia. It also ranks as one of the world’s largest net sellers ofcrude oil and is a substantial supplier II of natural gas to continental Europe. The group has pur sued a gradual expansion outside Scandinavia in recent years. Statoil is responsible for managing the govern I ment’s directfinancial interest in partnerships engaged in exploration for as well as development, production and fransport ofpefroleum on the Norwegian continental shelf ‘p. Statoil operates in the following countries: Norway • Sweden • Denmark • Germany • Poland • Estonia Latvia • Lithuania • UK • Ireland • Belgium • Russia • Thailand Vietnam • Malaysia • Singapore • Azerbaijan • Kazakhstan Angola • Namibia • Nigeria • USA • Venezuela • China ______L 1995 Statoil made the biggest oil discovery off Denmark for 18 years as operator on the Sin structure, which is estimated to hold 145 million barrels of commercially-recoverable oil. Statoil took over as production operator on the Heidrun field, which has a daily output of 220 000 barrels of oil. -
Aker ASA ESG Report 2019 3
ESG REPORT 2019 E Environmental We are committed to being part of the solution § Using our role as an active, responsible owner § Being a driving force to reduce negative environmental impact from operations of our portfolio companies § Making the Norwegian Continental Shelf a benchmark for safe, sustainable and profitable oil and ESG gas production S Social We are committed to our employees and communities § Investing in health and wellness of our employees § We are committed to supporting and having a positive impact on our local communities, e.g. through Aker Scholarship and Stiftelsen VI § Zero tolerance for discrimination, harassment and degrading treatment of employees G Governance We are committed to good governance Contents § Based on best practice recommendations from Oslo Stock This ESG report provides an account of the Exchange and NUES processes and structures Aker has in place § Code of Conduct as governing to support our commitment to ESG issues. document with expected alignment throughout the portfolio § Regular risk reviews by the Board, Message from our CEO 3 including environmental and climate-related risks Our company 4 § Ensuring employee representation in Aker’s boardroom and in Our Approach to ESG 6 the boardrooms of all portfolio Commitment to environmental companies responsibility 8 Commitment to social responsibility 1 1 Commitment to good governance 14 Portfolio overview 18 TCFD report 24 Aker ASA ESG report 2019 3 ESG considerations are core premises for our business and investment decisions. We are simultaneously respectful about the fact that when the world is back to normal it will need more energy going forward. A question we ask ourselves is how oil and gas are being produced. -
Download Bios of Tone H Bachke and Jørgen C. Arentz Rostrup
Tone H. Bachke Tone H. Bachke, born 1972, has more than 20 years of business experience in an international context. In Telenor, she has held the position as SVP and Head of Group Treasury upon joining the company in September 2018. She has a broad range of management positions in several companies and across industries, including CEO of Implenia Norge AS, CFO of Kistefos AS, as well as various management positions in Aker Solutions, including SVP and CFO of Aker Process Systems. She also serves on the Board of Directors for Veidekke ASA. Education: Bachke holds a degree in economics and business administration from Norwegian School of Economics (NHH). Jørgen C. Arentz Rostrup Jørgen Rostrup, born 1966, has more than 20 years’ business experience in an international context. For the past years as CFO for Telenor Group, Jørgen has been instrumental in setting a solid course for the company of growth and modernisation. Through Telenor’s operational excellence measures, a sharper focus on what creates value, and a dedication to uncovering efficiencies over time, the company is today one of the best-positioned global telcos. Prior to joining Telenor Group in 2016 as CFO, he served as President of Yara North America, Inc. Rostrup has held a broad range of management positions in two of Norway’s leading companies, including Country Manager for Yara Ghana Ltd., CFO in Norsk Hydro AS, Executive Vice President Energy in Hydro and CFO for Hydro’s Norwegian oil and gas activity. Rostrup has also served on several boards, including positions within the private equity and investment banking area. -
Prospectus Aker Solutions
Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Prospectus Aker Solutions ASA 8.70% Aker Solutions ASA FRN Aker Solutions ASA Open Bond Issue 2009/2014 Registration Document Joint bookrunners: Oslo, 22. December 2009 1 Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's (including subsidiaries and affiliates) lines of business. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the company's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Registration Document. Although it is believed that the expectations are based upon reasonable assumptions, the Borrower can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Neither the Arrangers and Co-Arranger nor the Borrower are making any representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Registration Document, and neither the Arrangers and Co-Arranger the Borrower, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. -
Aker ASA Third-Quarter Results 2019
Proud ownership Aker ASA Q3 Third-quarter results 2019 2019 1 November 2019 Highlights Third quarter: ▪ Net asset value: NOK 43.1 billion, down from NOK 44.8 billion in second quarter ▪ Return: Aker share down 1.4 per cent to NOK 484 ▪ Liquidity reserve: NOK 5.2 billion, cash amounted to NOK 2.7 billion Key events: ▪ Kværner: Established two new business areas; FPSO and Renewables, to grow operations ▪ Ocean Yield: Successfully completed a perpetual hybrid bond issue of USD 125 million, carrying coupon of 3-month LIBOR + 6.50 per cent p.a. ▪ Aker: Launched the Centre for the Fourth Industrial Revolution (C4IR) Norway together with the World Economic Forum ▪ Aker BP: In October, the Johan Sverdrup field came on stream more than two months ahead of schedule and NOK 40 billion below budget ▪ Aker Solutions: In October, launched its "20-25-30" strategy whereby revenue from renewables is targeted to represent as much as 20 per cent of revenues, and low-carbon solutions as much as 25 per cent of revenues by 2030 ▪ Aker: In October, signed a Memorandum of Understanding with Saudi Aramco for a strategic partnership on industrial digitalization and sustainability initiatives ▪ Aker Energy: In October, changed its strategy in Ghana to de-risk the Pecan development within the frames of the current petroleum agreement and only with tie-ins already identified 1 November 2019 AKER ASA | Third-quarter results 2019 2 Aker ASA and holding companies 7.3% return on NAV YTD including paid dividend, -3.8% return in 3Q Net asset value change YTD 2019 Net asset value change in 3Q 2019 NOK billion NOK billion 4Q18 41.7 2Q19 44.8 Aker BP 5.6 Aker BP 0.5 Ocean Yield (0.3) Ocean Yield (0.4) Aker Solutions (1.4) Aker Solutions (1.0) Kvaerner 0.0 +3% Kvaerner (0.2) -4% Akastor (0.2) Akastor (0.1) Dividend paid (1.7) Dividend paid 0.0 Other (0.7) Other (0.5) 3Q19 43.1 3Q19 43.1 1 November 2019 AKER ASA | Third-quarter results 2019 3 Aker ASA and holding companies Share price up 9.6% Q3-YTD dividend adjusted - strong balance sheet NAV per share vs. -
Storebrand Livsforsikring AS Annual Report 2011
Annual report 2011 Storebrand Livsforsikring AS ANNUAL REPORT 2011 2 | ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS Contents Page 4 | Report of the board of directors Page 22 | Profit and loss account Page 24 | Statement of financial position Page 27 | Reconsiliation of change in equity Page 28 | Cash flow analysis Page 29 | Notes Page 114 | Actuary report Page 115 | Declaration by the members of the board and the CEO Page 116 | Audit report Page 118 | Control committee’s statement Page 119 | Board of representatives statement Page 120 | Terms and expressions ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS | 3 ANNUAL REPORT 2011 Report of the board of directors Storebrand Livsforsikring primarily operates in Norway and its head office is in Lysaker Park in the Municipality of Bærum. Storebrand’s position as a leading player in the Nordic occupational pension market strengt- hened through 2011. In addition, several strategic and organisational adjustments were im- plemented in order to increase focus on the retail market. The reason for this initiative is the transition from defined benefit to defined contribution occupational pension schemes, where the individual employees have a greater involvement. Business relationships give the Group a strategic advantage in the relationships established with company employees. OUTLOOK Fusion of corporate and retail markets The shift from defined benefit to defined contribution occupational pension schemes has led to both risks and investment options being transferred from employer to employee. In addi- tion, the pensions reform will lead to lower future pension payments for many employees. In sum, this increases both the need and interest in pensions and private savings significantly.