Aker Solutions To Merge With Kværner
Aker Solutions and Kværner plan to merge to create a new supplier company targeting the renewables market. Aker Solutions, an engineering firm, will absorb Kværner, a provider of engineering, procurement, and construction services, to complete the consolidation.
Aker Solutions intends to spin off its wind development business as well as its carbon capture technology business into two new companies, Aker Offshore Wind and Aker Carbon Capture, which will be part of its renewable energy group, Aker Horizons. They are expected to be admitted to trading on the Merkur Market on the Oslo Stock Exchange.
Aker Solutions will be an alliance partner and preferred supplier to both spin-off companies.
“The combined entity will be a dedicated execution partner for delivery of complete projects for new energy production facilities, for example oil and gas production platforms or subsea systems, or offshore wind power installations”, said Kjetel Digre, Aker Solutions’ onboarding CEO and also the proposed CEO for the combined company.
Completion of the merger is subject to approval by the shareholders of both Aker Solutions and Kværner, expected in September. Completion of the merger is also subject to third-party approvals and customary closing conditions, but is not subject to any finance conditions, due diligence, or material adverse change.
Aker BP’s senior VP of operations and asset development, Digre, will become CEO of the company [Aker BP is Aker’s oil company] and Kvaerner’s CFO, Idar Eikrem, will transition to become CFO of the combined company, effective 1 August.
The new company will have about 15,000 employees in more than 50 locations globally, with 8,000 in Norway. The company will have operations in about 25 countries providing concept development, engineering and project execution, and fabrication yards and facilities for manufacturing of equipment.
Brazilian Major Announces Mothballed Platform and Binding Phases for Offshore/Onshore Assets
The announcements are part of the company’s divestment strategy to reduce debt and improve capital.
Carbo Ceramics Leaves Chapter 11 With New Ownership
The investment group Wilks Brothers, now owners of Carbo Ceramics, has sought stakes in other OFS companies this year.
Petrobras To Build Brazil’s Largest Platform
In its push to boost deepwater production, Petrobras is aiming to launch a leasing tender to build an FPSO described as Brazil’s largest-ever oil platform. Decommissioning work begins in the Campos and the Sergipe-Alagoas Basins.
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
29 July 2020
30 July 2020