Aker Solutions Targets Additional Cost-Efficiency Savings

The company is on track to boost cost-efficiency across the business by at least 30 percent, or NOK 9 billion in annualized savings, by the end of this year. It is now also targeting an improvement of an additional minimum 20 percent by the end of 2021. This compares with the company’s 2015 costs and work volumes.

"We are benefiting from our relentless push for operational excellence and continuous improvement in all we do," said Luis Araujo, Aker Solutions' chief executive officer, today at the Pareto Securities Oil and Offshore Conference in Oslo. "We see that we can do even more."

Aker Solutions is making these improvements by simplifying its methods, organizational setup and geographic footprint. The company is also standardizing its products and services and increasing efficiency through digital technologies.

"This is driving efficiencies and reducing costs, helping to maintain steady underlying margins and lower costs for our customers," said Araujo.

Aker Solutions delivers subsea solutions, field design and maintenance and modifications services for offshore oil and gas fields globally. The company's expertise spans the entire life of a field from early-phase engineering through development and production and, finally, to late life and decommissioning.