Aker Solutions Raises Guidance as New Energy Pivot Gains Traction
Aker Solutions' New Energy Pivot
Aker Solutions' second-quarter 2026 results underscore a company in transition. Revenue of NOK 13.1 billion, down 14% year-over-year, reflects the wind-down of peak oil and gas activity, but the underlying story is one of strategic expansion. The company raised its full-year guidance, expecting revenue between NOK 50 billion and NOK 55 billion, with EBITDA margins around 7.5% excluding the SLB OneSubsea contribution. As CEO Kjetel Digre put it, “we are maturing opportunities across other industry verticals, such as carbon capture and storage, hydropower, and small modular reactors.” — Kjetel Digre, CEO · 2026-07-14
Guidance Raise Reflects Strong Execution
The revised guidance is the headline number. Digre noted, “we are revising our guidance for the full year. We now expect revenue to be between NOK 50 billion and NOK 55 billion, with EBITDA margins of around 7.5%.” — Kjetel Digre, CEO · 2026-07-14 This marks a NOK 7.5 billion increase at the midpoint since the initial November forecast, driven by strong performance across the Aker BP portfolio and the renewal of all five targeted frame agreements in the Lifecycle segment, including the new Cenovus award in Canada. CFO Idar Eikrem confirmed that the company's original guidance was "a bit conservative," but that "the totality of this... has led to increase in the top line" “(direct quote from Q&A)” — Idar Eikrem, CFO · 2026-07-14. This confidence extends to the SLB OneSubsea dividend stream, with management expecting dividends to rise in the second half of 2026, supporting distributions "broadly in line with 2025 levels" “(same component)” — Kjetel Digre, CEO · 2026-07-14.
Diversification Beyond Oil and Gas
What stands out in this quarter is not just the earnings but the clear articulation of a pivot. The company's Carbon Capture efforts are moving from first to second generation, with construction starts on the Hafslund Celsio and Northern Lights projects. Digre described this evolution as a "change journey, transformation journey for the whole industry" “(block quote below)” — Kjetel Digre, CEO · 2026-07-14. Meanwhile, hydropower is being revitalized through an alliance-inspired model, exemplified by the Tussa II contract. And the partnership with Rolls Royce SMR positions the company for a future beyond hydrocarbons. As Digre emphasized, the goal is to "create a new version of ourselves" to serve these leaner, more diverse markets.
Going into renewables and also CCS, this is a change journey, transformation journey for the whole industry. Both on the operator side and us as a main contractor, we need to sort of understand how to create a new version of ourselves, to be precise and lean enough to make sure that these business cases are flying and that we all create a win-win situation and earn money.
The company is also executing on its priorities. The Aker BP projects are meeting milestones, with Hugin and Valhall topsides progressing offshore. The tender pipeline stands at NOK 77 billion, with a good mix of oil and gas, renewables, and adjacent markets, although the loss of an offshore wind project in Europe trimmed the total. Management remains disciplined, applying lessons from legacy renewable projects. As they noted in the prior call, "We have, therefore, communicated that we will be very selective and make sure that we have the right risk reward balance on contracts that we are signing" “(from the February 2026 call)” — Idar Eikrem, CFO · 2026-02-06. This discipline is now bearing fruit, with second-generation renewable contracts carrying healthy margins.
The strategic pivot also extends to new industrial horizons. The SMR partnership with Rolls-Royce is moving beyond the MoU, with engineering and design contracts in finalization, and construction scopes expected to start by 2029. While earlier calls focused on financial investments and portfolio simplification (e.g., NES Fircroft, HMH), the current narrative is firmly about building the next generation of energy infrastructure. As Digre summarized, "We have a mission purpose, solving global energy challenges for future generations" “(from current call)” — Kjetel Digre, CEO · 2026-07-14.
In a market where many energy services companies remain tethered to hydrocarbon cycles, Aker Solutions is actively diversifying its portfolio across CCS, hydropower, and SMR. The raised guidance, strong operational execution, and strategic wins in Canada and Norway signal that the pivot is not just aspirational but producing tangible results.