Inge Roekke News

Norway's Aker BioMarine plans to raise 2.15 billion Norwegian crowns ($225 million) in a private share sale valuing it at 8 billion crowns, followed by a listing of the company's stock, its owners Aker ASA and Aker Capital said on Friday.Aker BioMarine harvests off Antarctica small ocean crustaceans known as krill, rich in omega-3 fatty acids and eaten by whales, fish, seals and penguins, and turns it into food supplements and animal feed.Arctic Securities, DNB Markets, and Skandinaviska Enskilda Banken (SEB) were appointed joint bookmakers for the planned transaction and listing of shares on

Norway's offshore service vessels (OSVs) supplier Solstad Offshore and its creditors have agreed on a draft restructuring plan, which includes converting 10 billion crowns ($962.17 million) of debt into equity, the company said on Tuesday.The large majority of stakeholders, including secured lenders, leasing companies, industrial shareholders and key bondholders plan to sign a binding agreement by the end of April, the Oslo-listed firm added in a statement."We are entering a period…

Norwegian oil service vessels (OSV) firm Solstad Offshore is seeking negotiations with creditors and other stakeholders to boost liquidity ahead of the slow winter season, the company said on Monday, sending its shares down 20 percent."We were all too optimistic about when the recovery will happen," Chief Executive Lars Peder Solstad told Reuters. "2019 will probably be a bit better, but we will need to wait until 2020 or 2021 to see the rates rising to reasonable levels."The largest owners of Solstad are billionaire investors Kjell Inge Roekke and John Fredriksen…

When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps, heat and pressure sensors, maintenance records and even staff rotas to improve efficiency and safety.Less than two years later, Cognite is selling its software to Aker BP's rivals and one competitor, Sweden's Lundin Petroleum, has even agreed to share its real-time oilfield data with Aker in what they say is an industry first."This will be the first time two different operators…

Norway's independent oil firm Aker BP has agreed to buy stakes in 11 production licenses off Norway from French Total for a cash consideration of $205 million, the company said on Tuesday.The portfolio includes four discoveries with net recoverable resources of 83 million barrels oil equivalents based on estimates from the Norwegian Petroleum Directorate (NPD), it added."With this transaction, we get access to new tie-back opportunities in the Alvheim and Skarv areas, we strengthen our resource base in the NOAKA area, and we increase our interest in exploration acreage near the Ula field," Ake

Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell raised $175 million via a new share issue on Thursday to help buy semi-submersible Stena Midmax Rig from Samsung Heavy Industries for $505 million.

Oil firm Aker BP, the second-largest operator of oil and gas platforms off Norway, raised its 2017 output guidance and lowered its production cost outlook as it posted second-quarter earnings roughly in line on Friday. The company is the result of a merger between the Norwegian business of oil major BP and the Norwegian oil company Det norske controlled by billionaire Kjell Inge Roekke. Aker BP said its output guidance for 2017 would be raised to a range of 135,000-140,000 barrels of oil per day, against an earlier view of 128,000-135,000, while its production cost would be lowered by one dollar to $10 per barrel of oil equivalent. Its earnings before interest…

Debt-laden Farstad Shipping gets lifeline; billionaires Fredriksen and Roekke join forces. Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn. Under the deal Farstad is to complete a financial restructuring via a debt-for-equity swap and new share issue, and will then be merged with Deep Sea Supply and Solstad Offshore, controlled by Norwegian billionaires John Fredriksen and Kjell Inge Roekke respectively. With a combined fleet of 154 ships, the new combined company, Solstad Farstad, will be the biggest owner of large vessels in the supply…

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. * CEO says Oct. * Farstad shares down 4.7 pct to 8.9 crowns at 1004 GMT compared to a rise of 0.5 pct in Oslo's benchmark share index.

Norwegian industrial holding company Aker expects to conduct more acquisitions and other transactions in coming years, the firm's top owner said on Friday. "At Aker, and companies owned by Aker, the transaction activity will probably increase," billionaire investor Kjell Inge Roekke, who holds 67 percent of the company's shares, wrote in an annual letter to his fellow shareholders. Over the past year, Aker's investment team has been presented with an unusually high number of projects and companies seeking investors, and is prepared to take part in transactions and restructurings, he added. Roekke has an estimated net wealth of 11.1 billion crowns ($1.36 billion) according to financial periodical Kapital, which in 2015 ranked him Norway's ninth-richest person.

Aker Maritime has acquired control of about one fourth of Kvaerner for a reported $350 million (3 billion crowns). The purchase made the industrial holding firm, a group of companies operating in more than 20 countries with no previous Kvaerner ownership, the biggest shareholder in Kvaerner. "Aker Maritime ASA has today bought rights issues, shares and options in Kvaerner ASA which together amount to 26.39 percent of the company after the ongoing rights issue," Aker Maritime said in statement to the Oslo bourse. Kvaerner, which core activities include oil and gas, engineering and construction, announced in May a 2.5 billion crowns rights issue to exploit opportunities for growth and development. The subscription period ended on Wednesday.

Kvaerner, reporting a bigger-than-expected first half profit, said it would not raise a rejected takeover bid for oil and gas services group Aker Maritime. Kvaerner swung to a first half pre-tax profit of 155 million Norwegian crowns ($17.4 million) from a loss of 4.81 billion in the same period of last year, when it made giant provisions for a wrenching restructuring. "We find no economic argument to raise the offer (for Aker Maritime), so we won't do it," chief executive Kjell Almskog told a news conference of Kvaerner's all-share bid for Aker, which itself owns 26 percent of Kvaerner. He said the planned takeover was not essential to Kvaerner.

Kvaerner's Chief Executive Kjell Almskog rejected any merger of Kvaerner Oil & Gas with offshore supply firm Aker Maritime. "That has not been and is not an issue on the agenda," Almskog reportedly said after meeting with Trade Minister Grete Knudsen to discuss last week's raid of one-fourth of Kvaerner. Kjell Inge Roekke, through his 63 percent-owned Aker Maritime, had surprised Kvaerner management by buying shares, options and rights issues corresponding to about 26 percent in Kvaerner. Some analysts have interpreted Roekke's move as part of a plan to merge Aker Maritime with Kvaerner Oil & Gas, following several previous failed attempts by Kvaerner to buy Aker Maritime.

The Scandinavian drama between Kvaerner and Aker Maritime has escalated a notch, with Kvaerner making a bid to acquire Aker Maritime, a bid which was summarily classified as "too low." "Aker RGI believes that the bid does not reflect the values in Aker Maritime," the company said in a statement. Aker RGI, owned by Norwegian billionaire Kjell Inge Roekke, owns 63 percent of Aker Maritime. It said Kvaerner's share price on the Oslo bourse on Monday, of 113 crowns per Kvaerner A share, valued Aker Maritime at about 4.3 billion Norwegian crowns, or 75 crowns per share, and a 15 percent premium to Aker Maritime's close last Friday.

Kvaerner ASA Chairman Christian Bjelland reportedly he won't seek re-election because of conflict between the Norwegian maker of equipment for the energy industry and Aker Maritime ASA, its major shareholder and a rival, Reuters reported. Aker, controlled by Kjell Inge Roekke, bought options in July to purchase 26.7 percent of Kvaerner. Aker scaled back its plan to take control of Kvaerner in December after the European Commission agreed to drop a probe into the purchase.

Kvaerner posted better-than-expected 2000 profits and outlined plans to split into three companies, hoisting its share up more than five percent. The company said pre-tax profits totaled 513 million crowns ($56.69 million) last year compared with a loss of 5.5 billion crowns in 1999 when the group took heavy provisions for restructuring. Analysts had expected a profit of 441 million crowns. "The report was better than expected, and splitting the company seems reasonable," one trader said. Kvaerner also said it expected earnings to improve further in 2001. "We are now searching for growth opportunities in our chosen areas," chief executive Kjell Almskog said in a statement.

Norwegian industrialist Kjell Inge Roekke proposed merging his Aker firms with the shipbuilding and oil and gas divisions of Kvaerner on Wednesday to combat stiffening world competition. Aker forecast synergies from 2003 worth $89-$112 million, from the link-ups, the latest in a string of proposed ties between the two groups, which are struggling in a dwindling Norwegian oil and gas services market. "We expect that most of Kvaerner's shareholders will accept this," said Roekke, a billionaire investor whose interests range from fisheries to building oil platforms. Kvaerner welcomed proposed talks on shipbuilding but reacted frostily to the suggested tie-up in oil and gas, saying it would not help the company to meet future challenges. It said Aker over-estimated synergies.

Kvaerner beat market expectations with a jump in first-quarter profits, and the company reiterated opposition to a tie-up with Norwegian oil industry services rival Aker. Kvaerner, trying to recover from a wrenching 1999 restructuring, said pre-tax profits leapt to 151 million crowns ($16.66 million) in the quarter to March 31 from 10 million crowns in the same period of 2000. Net profits leapt to 110 million from 10 million. "We're not jumping for joy about it but with the starting point we've had this has to be a pleasant confirmation that we are on the right track," Chief Executive Kjell Almskog told a news conference. Operating profits…

Norwegian billionaire Kjell Inge Roekke failed to win full control of industrial holding firm Aker RGI after a controversial buyout bid that ended Sept. 10. Roekke, who is chairman of Aker RGI and who already held two-thirds of the group after a raid last year, reportedly gained control of almost 88 percent of Aker, just short of the 90 percent minimum needed under Norwegian law to force remaining shareholders to sell their stakes and delist the company from the Oslo bourse.

Norwegian billionaire Kjell Inge Roekke has reportedly launched a bid for full control of industrial holding firm Aker RGI, valuing it at about $1.09 billion. Roekke, who is chairman of Aker RGI and already owns almost two-thirds of the firm after a raid last year, said he wants to delist Aker RGI from the Oslo bourse if his new bid succeeds.

Anglo-Norwegian engineering group Kvaerner is expected to report a 61 percent drop in second-quarter pre-tax profits due to weak market conditions in the U.S., a Reuters survey showed on Tuesday. Six analysts forecast the company would report pre-tax profits of 56 million Norwegian crowns ($6.30 million) in the three months to June 30 from 145 million in the same period last year. Kvaerner's operating profit for the period was seen at 179 million, down from 282 million in the second quarter of 2000. The company is scheduled to present its second-quarter results on Wednesday morning. Kvaerner's shares hit a 15-year low of 40.6 crowns last week on the back of negative reports from some brokerages.

Norwegian billionaire Kjell Inge Roekke launched a bid last week for full control of industrial holding firm Aker RGI, valuing it at about $1.09 billion. Roekke, who is chairman of Aker RGI and already owns almost two-thirds of the firm after a raid last year, said he wanted to delist Aker RGI from the Oslo bourse if his new bid succeeds. He said he is offering approximately $14 per “A” voting share and $13 per “B” share for Aker, whose interests range from offshore supply company Aker Maritime to an indirect stake in English premier league soccer club Wimbledon. Roekke will buy shares from anyone willing to sell. Under Norwegian law, he can force all minority shareholders to sell to him if he achieves 90 percent control. The offer will run from Aug. 23 to Sept.

Aker Maritime, which wants wide-ranging link-ups with Kvaerner, proposed a new board for Kvaerner before a corporate showdown on Friday. Aker, the top shareholder in Kvaerner with 17.8 percent, put forward Pehr Gyllenhammar, chairman of Britain's biggest insurance group CGNU, as chairman of its proposed board. Kvaerner has said it opposes Aker's plans for link-ups. Gyllenhammar said he hoped he could help resolve the clash between the two Norwegian industrial groups but stressed he would be independent. "The new board will have a completely free rein to assess the best strategy for Kvaerner," he said. Last month, Kvaerner's own election committee proposed a new board led by former Christiania Bank chairman Harald Arnkvaern.