Aker Yards on Friday all but erased a dismal “minus-170M” result from a year ago and posted second-quarter loss before tax of 52 million kroner despite strong ship sales.
Operating revenues came in at 7.92 billion kroner ($1.53 billion) up nearly 2 billion kroner ($379 million) year-on-year and giving the yard’s new Korean owners cause for some cheer.
Management, however, said the company’s performance “needed to improve” and blamed setbacks in a project of its offshore vessels business for the result.
“The project, consisting of a series of ten vessels, has suffered from late and poor quality deliveries from sub suppliers affecting the results for 2008,” a statement said, although the division’s results appeared better than at this time in 2007.
The comments flagged a possible strategic move: With a bid looming by STX of Korea for “all issued shares” in the Group, Aker Yards’s board said it was examining a plan to sell the Offshore vessels division or spin it off. No offer but STX’s has been put in for the Group.
STX is said to be in its “first significant investment in Europe” with its 40 percent investment in Aker Yards.
The Aker board said was still be concerned STX would sell a major stake in its French business to French interests.
ws@scandoil.com
Tags:
Aker Yards,
STX Norway AS
Add a Comment to this Article
Please be civil. Job and promotion will not be added into the comment page.