The third-quarter net profit of giant Norwegian engineering group Aker Solutions has fallen 30 percent year-on-year to 495 million kroner ($68.5 million) despite rising revenues, as the compan reorganized into two divisions of business.

Revenues were up 9.25 billion kroner ($1.28 billion ) to 13.5 billion kroner ($1.87 billion) in the quarter, but so too was debt. The company ran up three billion kroner in debt, and the market penalized them for it.

The Aker Solutions share price fell 12.81 percent on the news.

The withering market judgement comes as the Group realligns after buying up all of Aker Marine Contractors, a company now at the core of a new subsea business area that’ll include well-services. Aker Solutions took a controlling stake in Aker Marine Contractors in late August, and the move cost 555 million kroner.

“This will reinforce our position throughout the value chain of subsea technologies, solutions and services,” a management statement said, adding, the subsea division will work with company Aker Oilfield Services with its well-intervention offering.

Management asserted it was out to create more technology-driven service businesses aimded at increased oil recovery.

The company drilling riser business, meanwhile, will be moved from “Subsea” to “Products & Technologies” and the Group “drilling solutions offering”.

Tags: Aker Marine Contractors, Aker Solutions