Aker Solutions has ‘healthy’ liquidity,’ ‘strong’ financial position

By Devika Patel

Knoxville, Tenn., July 12 – Aker Solutions ASA reported that the company had a “strong” financial position and “healthy” liquidity of NOK 7.4 billion at the end of the last quarter.

“Our financial position remains strong at the end of the quarter with a total liquidity buffer at a healthy NOK 7.4 billion,” chief financial officer Svein Stoknes said on the company’s second quarter ended June 30 earnings conference call on Thursday.

“This includes our revolving credit facility with a leverage covenant at 3.5x net debt to EBITDA.

Stoknes said the company’s solid financial position continues to give Aker flexibility and would enable good financial hedging going forward.

In January, Aker issued NOK 1.5 billion of four-year bonds with a coupon of Nibor plus 315 basis points, Prospect News reported.

The company’s net debt to EBITDA at the end of the quarter was 0.2x.

“We still expect to be closer to our targeted net debt to EBITDA of about1x toward the end of 2018,” Stoknes said.

The company’s EBITDA was NOK 173 million for the second quarter.

Aker is an oil services company based in Fornebu, Norway.

© 2015 Prospect News.
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