Aker Maritime News

Effective May 1, Lasse Petterson has assumed the role of chief executive officer (CEO), a provider of dredging, environmental and remediation services. In his over 35-year career, Petterson has gained extensive experience in the engineering, construction and maritime industries. His international experience includes time working and living in Norway, Asia and the U.K. to oversee operations and major projects in Australia, Middle East and South America. Most recently, Petterson served as a private consultant to clients in the oil and gas sector. Petterson served as chief operating officer (COO) and executive vice president at Chicago Bridge and Iron (CB&I) from 2009 to 2013. Prior to CB&I, Petterson was CEO of Gearbulk, Ltd.

The Board of Directors of Great Lakes Dredge & Dock Corporation, provider of dredging, environmental and remediation services, announced the selection of Lasse Petterson as CEO, as well as his appointment to the company’s board of directors. Petterson will join the Board immediately and assume the role of chief executive officer once his application for U.S. citizenship, as required by the Jones Act, is finalized, which is expected in Q1 2017. During this time, Lasse and current CEO Jonathan Berger will work to ensure a seamless transition. Petterson brings to the role 35 years of experience in the engineering, construction and maritime industries.

McDermott International announce that Tony Duncan is to join the company as Vice President & General Manager, Subsea. Tony has a broad offshore oil and gas industry background, including holding senior and executive management roles for the last 15 years, after progressing through engineering, project and operations management positions. He has served in various positions with global marine engineering and construction contractors Subsea 7, Technip, CSO and Aker Maritime. His experience covers developing…

The Norwegian companies SAAS System and Aker Technology have received an order for the delivery of a system to prevent pollution from gas flaring on an oil field in Abu Dhabi. in different types of environmental technology. The delivery includes a system which removes the demand for flaring at an oil plant in Abu Dhabi in the United Arabian Emirates UAE. Unnecessary flaring is still in use at oil and gas facilities all over the world. achieved without the pollution. Arab Emirates, which is one of the world's largest oil exporters. Under the turnkey contract the two companies will use a local company for installation work. since 1997 on marketing systems which avoid the use of pollutive flaring at oil and gas facilities. company of the United Arab Emirates.

Phillips Petroleum's UK subsidiary has exercised the option in its existing contract with Aker Maritime to deconstruct the Maureen platform for re-use and recycling. Maureen is to date the largest platform in the world to be removed after use. Parts of the substructure are planned to be used in a new quay at Stord in western Norway - and the aim is to use anew or recycle no less than 95 percent of the platform. The assignment is worth NOK 700 million, which brings the total value of Aker Maritime's work with Maureen to NOK 1 500 million. Working with Phillips, Aker Maritime was closely involved in the planning and executing for the refloat of the 110 000-tonne steel platform in the UK sector. cleaning.

Agreement has been reached between Kværner and its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kværner group. This solution means that Kværner will secure additional equity through share issues and through the merger of Aker Maritime's core business with Kværner Oil & Gas. It builds on the main lines of the modified Yukos plan presented by Aker Maritime last week. Kværner's other large shareholder, Russia's Yukos Oil, has announced its support for the new solution and has withdrawn its original proposal. Negotiations are continuing with the bank coordinating committee on modified lending terms, and agreement on a recommended solution is expected within 24-48 hours.

Aker Maritime wants to contribute to a solution for Kværner, and is presenting a proposal today which could form the basis for constructive new discussions. This proposal builds on the plan launched earlier by Yukos. Aker Maritime suggests some modifications which make that plan more attractive in financial terms for the company's shareholders. The modified plan will strengthen Kværner financially and make a positive contribution to its lenders. In addition, Aker Maritime is once again willing to offer Kværner the opportunity to secure a good and long-term industrial future. It is proposing to merge its operational activities with Kværner in exchange for Kværner shares. This will create a strong new player in the oil and gas industry, with a substantial potential for international growth.

Kvaerner, the international engineering and construction Group, today said that its Board, in an extraordinary meeting last night, decided that there is a basis for continuing operations until shareholders vote over the proposed refinancing of the Group at an Extraordinary General Meeting on November 29. In negotiations over the last two days, a basis has been established for the necessary funding of the Group until the end of November – amounting to NOK 250 million. The necessary liquidity will be secured through new loans from the Group’s major banks and, additionally, an amendment to the payment terms for a major ongoing project. The new loans will be established against a standstill agreement previously negotiated as part of the long-term refinancing.

Aker Maritime has increased its shareholding in Kværner from 17.9 to 20.15 percent. This will strengthen the company's opportunities for protecting its minority interests in Kværner. Since the larger shareholding does not give Aker Maritime a controlling interest in Kværner, the company is not under a duty to report it to the European Commission's competition authorities. It has nevertheless notified the Commission of the share purchase. Aker Maritime has bought 2,503,500 Kværner shares. The company already held 1,8,980,836 shares in Kværner. After the acquisition, its holding in Kværner totals 21,484,336 shares.

Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95. Since then the value of Aker Maritime's shares in Kværner and the CGG seismic company has fallen considerably. The loss of value amounts to about NOK 31 a share. Even so, Aker RGI is offering to purchase Aker Maritime's shares at the same price as in the original redemption offer.

Kvaerner, the international engineering and construction group said that the board election committee had reached a decision concerning nominations for a new board to be elected at the extraordinary general meeting in Oslo, Norway, later today. The nominations are as follows: Kjell Inge Rokke, Helge Lund, Anders Eckhoff, Tore Tonne, Reidar Lund, and Yngve Hagensen. The election committee consists of Ragnhild Wilborg (chairman), head of investments for ODIN Forvaltning, Allen Akerstedt, president of Storebrand Kapitalforvaltning, and Kjell Inge Rokke, chairman of Aker RGI. The current board of Kvaerner advised the election committee yesterday that its members were prepared to resign their positions following the announcement of a preliminary agreement between Kvaerner and Aker Maritime.

Kvaerner today announced that it has reached agreement with its largest shareholder, Aker Maritime, on a comprehensive industrial and financial solution for the Kvaerner Group. Kvaerner Oil & Gas. It builds on the principles of the modified Yukos plan presented by Aker Maritime last week. Yukos Oil, has announced its support for the new solution. * A merger of Aker Maritime and Kvaerner Oil & Gas. Aker Maritime is valued at NOK 3.6 billion, including NOK 800 million in debt. issues. * A Directed Equity Issue of at least NOK 2 billion. book-building. * A Rights Issue for Kvaerner shareholders, as of December 14. per share as the directed Equity Issue. The agreement between Aker Maritime and Kvaerner involves the merger of Aker Maritime's core operations with those of Kvaerner Oil & Gas.

Aker Maritime's corporate assembly has elected Bengt A Rem and Olav Revhaug as the new shareholder representatives on the board of Aker Maritime ASA. Aker Maritime's corporate assembly has elected new directors to take the place of Kjell Inge Røkke and Helge Lund who resigned as directors of Aker Maritime after being elected to the board of Kværner ASA. The election was in accordance with the election committee's recommendations. Bengt A Rem is executive vice president of Aker RGI with responsibility for finance and administration. RGI since 1995, he previously held positions at the Oslo Stock Exchange and Arthur Andersen & Co. He is a state-authorized accountant and a graduate of the Norwegian School of Management. Olav Revhaug is a director of Aker RGI.

The Aker Stord subsidiary of the Aker Maritime group has been awarded the main contract for the new platform for Statoil's Kristin development in the Norwegian Sea. Worth roughly NOK 5 billion and won against competition, this assignment covers design and hook-up of the whole installation as well as construction of part of the topsides. Aker Maritime could apply its expertise with floating platforms to bidding for the Kristin unit. It also built further on good and well-tested project execution methods developed by the group, which were applied not least to the successful delivery of Snorre B floater in the Norwegian North Sea last year.

Kvaerner, the international engineering and construction group, announced that consents have now been secured from all creditors that are party to the debt restructuring in the group. The remaining key condition in the overall refinancing of the Kvaerner Group has thereby now been fulfilled. The other key elements in the refinancing scheme, a Directed Offering subscribed at the end of November 2001, and a Rights Offering, to be subscribed later this month, are proceeding according to plan. Formal closing of the debt restructuring and the Directed Offering are expected to take place tomorrow, and the Group’s internal cash pooling system will thereafter be fully operational.

Brazilian state oil company Petrobras has awarded Aker Maritime a contract for preliminary engineering for one deepwater platform, with an option for engineering of one additional platform. The preliminary engineering of the first platform has in itself a value of approximately $8 million. The assignment relates initially to a platform for the Marlim South field off Brazil, with an installation for the Roncador field in the same area as an option. The contract has been won against international competition, after Petrobras devoted the whole autumn of 2001 to considering the various tenders.

The European Commission issued a Press Release reporting that it had concluded that the impact on the shipbuilding sector of the proposed acquisition Kvaerner by Aker Maritime was acceptable. The EC has referred the oil and gas aspects of the deal to the Norwegian Competition Authority for examination. Source: HK Law

the Norwegian shelf. The order, which is to be awarded to Kvaerner Oilfield Products, will be worth in excess of $110 million, and will involve the supply of equipment from Kvaerner companies in the USA, the UK, and Norway. Klepsvik, President of Kvaerner Oilfield Products Group, the specialist subsea subsidiary. The scope for the project includes the delivery of wellheads, valve-trees and subsea production control systems for ten wells. Four, 4-slot wellhead templates are also included. will assemble the wells at its Tranby site outside Oslo, Norway. The templates will be built at Kvaerner's yard in Egersund, Norway, where integration testing of the wellhead equipment will also be undertaken.

Kvaerner, has launched a new company with 18,000 employees in 17 countries and on five continents. The new company, to be known as 'Aker Kvaerner', will supply products, services, technology and solutions worth NOK 20 billion a year to the global oil and gas industry. Aker Kvaerner is the result of a merger between Aker Maritime and Kvaerner Oil & Gas, and forms one of four business areas within the Kvaerner Group. Subsidiaries of Aker Kvaerner have already won contracts totalling NOK 15.5 billion since the start of 2002, almost doubling the Group's order backlog in just over two months. The many companies embraced by the new organisation…

Aker Kvaerner, part of the international oil services, engineering and construction, and shipbuilding Group, Kvaerner, announced that Husky Energy has awarded the joint venture comprising Aker Kvaerner (49 per cent) and its partner Peter Kiewit & Sons Co. (51 per cent), an EPC contract for the complete topside facilities for the White Rose FPSO, offshore Newfoundland, Canada. The contract has a value of approximately $400 million. The White Rose field will be developed with a production vessel, and the contract is regarded as a major milestone in Aker Kvaerner's strategy, for which the Canadian market is a key geographical area. All engineering…

KBR recently completed a conceptual engineering study of a Spar/Deep Draft Caisson Vessel (DDCV) in 10,000 ft. water depth in the Gulf of Mexico. The six-month study was sponsored and funded by the Joint Industry Project DeepStar, which is supported by 15 oil company participants and 48 other contributor companies. KBR is the wholly owned engineering and construction subsidiary of Halliburton. The primary objectives of the study were to assess credible technology alternatives for mooring systems and production risers for a large ultra-deepwater DDCV, and to quantify the total system cost incentives for pursuing synthetic moorings and composite production risers.

KBR recently completed a conceptual engineering study of a Spar/Deep Draft Caisson Vessel (DDCV) in 10,000 ft. water depth in the Gulf of Mexico. The six-month study was sponsored and funded by the Joint Industry Project DeepStar, which is supported by 15 oil company participants and 48 other contributor companies. KBR is the wholly owned engineering and construction subsidiary of Halliburton. The primary objectives of the study were to assess credible technology alternatives for mooring systems and production risers for a large ultra-deepwater DDCV, and to quantify the total system cost incentives for pursuing synthetic moorings and composite production risers.

Kvaerner announced its results for the three months ending March 31, 2002. Operating profit for the Kvaerner Group in the first quarter of 2002 amounted to $19 million, compared to a loss of $41.6 million in the previous quarter. Coming out of a difficult year in 2001, the Group has restored profitability. In the first quarter of 2002, three of the four business areas reported operating profits. Including $3.7 million of non-recurring costs related to the integration of former Aker Maritime units, operating profit in Aker Kvaerner was $9.7 million. Aker Maritime units were consolidated with effect from March. Kvaerner E&C (Engineering & Construction) reported an operating profit of $2.1 million, and Shipbuilding, $16 million.