The following is a summary of the Aker Solutions ASA (AKRTF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Aker Solutions reported Q1 2024 revenue of NOK 11.5 billion, a 61% increase year-over-year.

• The underlying EBITDA was NOK 987 million, reflecting an 8.6% margin.

• The order intake stands at NOK 7 billion, and the backlog is roughly NOK 69 billion.

• EPS increased from NOK 0.92 last year to NOK 1.40.

• Projected shareholder distribution for 2024 is around NOK 1.5 billion (approx. 60% of the adjusted net income), consistent with their dividend policy.

• The company increased its 2024 revenue guidance due to higher task growth.

• CapEx guidance remains the same at 2.5% to 3% of revenues.

Business Progress:

• In their partnership with Aker BP alliance, half of the backlog originates from these collaborative projects.

• Positive strides in various energy projects are aligned with the company's focus on meeting future energy challenges.

• Major projects, including Hugin substructure (Yggdrasil development), Johan Castberg project, and the SeaRose FPSO, are progressing well.

• The company is deeply involved in various offshore wind projects among clients in the U.K. and North America, making units for the Norfolk Vanguard West project.

• Aker Solutions predicts about 30% growth in 2024, with an EBITDA margin between 6% and 7% expected for the same year.

• The tender pipeline near the quarter's end was roughly NOK 58 billion, with most pipeline projects located in Norway and Europe.

• A growth target of 30% (up from 15%) for the top-line is deemed achievable in 2024.

• Revenue from renewable field development is expected to grow by 50% in 2024 compared to 2023 due to increased activity levels.

• There are 170 ongoing projects across different energy verticals via Aker Solutions' engineering consultancy.

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