Marine Link
Thursday, October 27, 2016

Aker Maritime Wants to Strengthen Kværner

November 27, 2001

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.

The Aker Maritime proposal offers: a more robust financial solution for Kværner, more attractive to current and future shareholders and lenders an opportunity to secure a strong, Norwegian-based industrial future for the company a clarification of the ownership position and ownership conflicts in Kværner 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.

A combined oil and gas unit along these lines will be owned by Kværner, with Aker Maritime as its largest shareholder after the proposed transactions and planned share issue. Aker Maritime's plan is to keep Kværner as intact as possible. There is no requirement to split up or sell off parts of the group, apart from the sale already agreed with Yukos. The new Kværner will have sufficient financial strength to develop its operations in a sensible manner within a long-term industrial perspective.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News