Aker Solutions ASA delivered record revenues of NOK 63.2 billion in 2025 and closed the year with a secured backlog of NOK 64.8 billion — the largest in the company’s history. Headquartered in Fornebu, Norway, and listed on the Oslo Stock Exchange, Aker Solutions is one of Europe’s leading offshore engineering and construction contractors, operating across subsea production systems, lifecycle services, and renewable energy infrastructure for clients including Equinor, Aker BP, TotalEnergies, and Chevron.
Aker Solutions Company Overview
Founded in 1841 as a mechanical workshop in Christiania (now Oslo), Aker Solutions has evolved over nearly two centuries into a technology-driven offshore engineering company. The modern Aker Solutions was formed through a series of restructuring transactions within the broader Aker ASA industrial group, with the current listed entity focused on three core segments: Field Design (EPCI for new offshore developments), Lifecycle (brownfield engineering and maintenance services), and a 20% ownership stake in SLB OneSubsea — a joint venture with SLB that operates as one of the world’s leading subsea production system providers.
The company employs approximately 15,000 people across more than 20 countries, with its primary operational base on the Norwegian Continental Shelf and significant project exposure in the UK, Brazil, West Africa, and the Middle East. Its 2025 full-year results marked the culmination of a five-year growth strategy set out in 2020 — revenues grew at an 11% compound annual rate across that period, with EBITDA margins improving by 540 basis points.
2025 Financial Results & 2026 Outlook
Aker Solutions’ 2025 revenues of NOK 63.2 billion represented a step-change from prior years, driven by peak activity on major EPCI contracts and strong performance in the Lifecycle segment. Adjusted EBITDA margin for 2025 was 8.4%, with a net cash position of NOK 3.7 billion at year end — reflecting strong free cash flow generation and dividends received from the SLB OneSubsea joint venture, which distributed NOK 841 million to Aker Solutions during 2025.
For 2026, Aker Solutions has guided for revenues of NOK 45-50 billion — a deliberate step-down from the 2025 peak as large EPCI contracts complete and the company rebalances its portfolio toward higher-margin lifecycle and framework work. This is not a deterioration in commercial position — the order intake for 2025 was NOK 66.4 billion at a 1.1x book-to-bill ratio, and Q1 2026 saw the award of a long-term frame agreement with Equinor worth more than NOK 10 billion. EBITDA margins for 2026 are guided at 7.0-7.5%, consistent with 2025 levels. The Norwegian offshore sector driving much of Aker’s workload is covered in our profile of VÃ¥r Energi’s offshore Norway project portfolio.
SLB OneSubsea: A Strategic Asset
Aker Solutions’ 20% stake in SLB OneSubsea — alongside SLB’s 70% and Aker BP’s 10% — is an increasingly important component of its financial profile. SLB OneSubsea delivered revenues of USD 3.8 billion in 2025 with an EBITDA margin of 19.4%, materially higher than Aker Solutions’ own consolidated margins. The joint venture paid USD 412 million in dividends to shareholders during 2025, of which Aker Solutions received the equivalent of NOK 841 million.
Looking forward, SLB OneSubsea is targeting cumulative new order bookings exceeding USD 9 billion over the next two years, driven by growing subsea tieback activity across the Norwegian Continental Shelf, West Africa, and deepwater Brazil. This subsea equipment growth positions the joint venture — and by extension Aker Solutions — to benefit from sustained offshore development spending through the late 2020s.
Key Projects & Capabilities
Aker Solutions’ project portfolio spans the full range of offshore development and energy transition infrastructure. On the Norwegian Continental Shelf, the company has been central to the Johan Sverdrup field development — platform and subsea infrastructure engineering for one of Europe’s largest oil fields — and the Hywind Tampen floating offshore wind project, which powers offshore oil installations using wind energy and reduces platform emissions.
In carbon capture and storage, Aker Solutions is the engineering contractor on the Northern Lights CCS project — part of Norway’s state-backed Longship initiative — which involves offshore COâ‚‚ injection infrastructure in the North Sea. This project places Aker at the forefront of CCS engineering at commercial scale, building capabilities directly transferable to future industrial decarbonisation projects across Europe. The broader CCS opportunity in the North Sea is illustrated by our report on Eni’s carbon storage plans for the Hewett field.
The Dogger Bank offshore wind farm in the UK — the world’s largest — features Aker Solutions engineering and subsea fabrication work, reflecting the company’s deliberate move into next-generation renewables alongside its conventional oil and gas base. The company’s position in Europe’s energy transition engineering market is examined in our roundup of the top engineering and construction companies powering Europe’s energy transition.
Aker Solutions in the Competitive EPC Market
Aker Solutions competes primarily with TechnipFMC, Subsea7, Saipem, and Wood Group across its core offshore engineering and subsea markets. Its differentiator is the combination of deep Norwegian Continental Shelf expertise — built over decades of North Sea project execution — with the SLB OneSubsea joint venture, which provides access to world-leading subsea production technology without the capital intensity of manufacturing those systems in-house.
The 2026 revenue step-down from NOK 63.2 billion to NOK 45-50 billion reflects the lumpy nature of large EPCI contracts rather than any loss of market position. The company’s backlog of NOK 64.8 billion provides strong coverage, and the NOK 10 billion+ Equinor frame agreement awarded in Q1 2026 confirms continued preferred supplier status with its most important client.
Aker Solutions Company Snapshot
| Founded | 1841 |
|---|---|
| Headquarters | Fornebu, Norway |
| Stock Exchange | Oslo Stock Exchange (AKSO) |
| 2025 Revenue | NOK 63.2 billion |
| 2025 EBITDA Margin | 8.4% |
| Backlog (Dec 2025) | NOK 64.8 billion |
| 2026 Revenue Guidance | NOK 45-50 billion |
| Employees | ~15,000 |
| Key JV | SLB OneSubsea (20% stake) |
| Key Clients | Equinor, Aker BP, TotalEnergies, BP, Chevron |
What does Aker Solutions do?
Aker Solutions is a Norwegian offshore engineering and construction company specialising in subsea production systems, EPCI for offshore field developments, and lifecycle maintenance services. It also holds a 20% stake in SLB OneSubsea, one of the world’s leading subsea equipment providers. The company operates in over 20 countries with approximately 15,000 employees.
What were Aker Solutions’ 2025 financial results?
Aker Solutions delivered record revenues of NOK 63.2 billion in 2025, with an adjusted EBITDA margin of 8.4% and a year-end net cash position of NOK 3.7 billion. Order intake for the year was NOK 66.4 billion at a 1.1x book-to-bill ratio, and the secured backlog at year end was NOK 64.8 billion.
What is Aker Solutions’ revenue guidance for 2026?
Aker Solutions has guided for 2026 revenues of NOK 45-50 billion — a step-down from the 2025 peak of NOK 63.2 billion as large EPCI contracts complete and the portfolio rebalances toward lifecycle and framework work. EBITDA margins are guided at 7.0-7.5%, consistent with 2025 performance. A NOK 10 billion+ frame agreement with Equinor was awarded in Q1 2026.
What is SLB OneSubsea and how does it relate to Aker Solutions?
SLB OneSubsea is a subsea production systems joint venture owned 70% by SLB, 20% by Aker Solutions, and 10% by Aker BP. It delivered revenues of USD 3.8 billion in 2025 with a 19.4% EBITDA margin, and paid dividends equivalent to NOK 841 million to Aker Solutions during the year. SLB OneSubsea targets more than USD 9 billion in new bookings over the next two years.
What energy transition projects is Aker Solutions involved in?
Aker Solutions is the engineering contractor on the Northern Lights CCS project in Norway — part of the state-backed Longship carbon capture initiative — and has been involved in the Hywind Tampen floating offshore wind project and Dogger Bank offshore wind farm in the UK. The company is building dedicated capabilities in carbon capture, offshore wind, and hydrogen infrastructure alongside its conventional oil and gas business.