Aker Bp Asa Ord (AKRBF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to AKBP's first quarter 2025 presentation. As usual, I'll start with a brief update together with our CFO, David Turner, before we open for questions. But first, I want to take a moment to look at the bigger picture. We are operating in an alignment marked by increased uncertainty. Armed conflicts are ongoing and political tensions have created uncertainty around the framework for international trade. This, in turn, is fueling concerns about the global economy and the outlook for energy demand. At the same time, we are seeing significant currency swings and heightened financial market volatility. It is in the midst of this that AKBP remains in a strong position. We have a robust balance sheet with high financial flexibility, industry-leading low operating costs, and we are investing in projects that are highly profitable and resilient to low oil prices. We have secured most of our foreign exchange exposure for the next two to three years at attractive levels, and we are to a very limited degree impacted by the turmoil around tariffs and trade. This puts us in a position to stay focused on what really matters. Running our business efficiently, investing with discipline, and creating long-term value for shareholders, even in uncertain times. In February, we hosted our annual strategy update, where we focused on four key themes. The first were distinct capabilities. including a strong performance culture, digital leadership, and our alliance model, which fosters closer collaboration with our suppliers. In the first quarter, we continue to build on this foundation. A good example is the five-year extension of our Well Intervention Alliance with SLB and Stimwell Services. We are also seeing strong momentum in the rollout of artificial intelligence...