Cargotec Buys Aker Mooring and Loading Systems Business

MarineLink.com
Wednesday, October 30, 2013
Photo: Aker Solutions

Aker Solutions today agreed to sell its mooring and loading systems business to Cargotec for an enterprise value of NOK 1.4 billion, or about €180 million.

The unit, known for the Pusnes brand name, provides mooring equipment, loading and offloading systems, as well as deck machinery for the global offshore and shipping markets. Aker Solutions will book a gain of about NOK 1 billion from the sale.

"The proceeds will be used to develop Aker Solutions' main business in the deepwater and subsea oil-services segments," says Øyvind Eriksen, executive chairman of Aker Solutions. "While the mooring and loading systems unit for many years has generated healthy returns and enjoys a strong market position, it has limited synergies with the rest of the company."

The division employs about 370 people in Europe, Asia and the Americas and has its main office in Arendal, Norway. It generated revenue of NOK 1.1 billion and earnings before interest, tax depreciation and amortisation of NOK 158 million in 2012.

Leif Haukom, who heads the business area at Aker Solutions, will continue to lead the unit after the transaction.

The transaction, structured as a share sale, is set to be completed in the first quarter of 2014, pending approval from competition authorities.

akersolutions.com

cargotec.com
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to

Thrustmaster Announces Factory Expansion

Thrustmaster of Texas, a manufacturer of commercial marine propulsion products, signed a deal last week to expand its Houston-based production facility by 100,000 sqft (93,000 sq m).

News

Missouri River Basin is Booming

The U.S. Army Corps of Engineers Missouri River Basin Water Management Division is maintaining above normal releases at the four lower dams on the Missouri River.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Twin Disc Offers Virtual and Real EJS Experience

Visitors to the Fort Lauderdale International Boat Show, October 30–November 3, 2014, can experience what it’s like to control a diesel-powered, conventional driveline

Marine Equipment

Twin Disc Offers Virtual and Real EJS Experience

Visitors to the Fort Lauderdale International Boat Show, October 30–November 3, 2014, can experience what it’s like to control a diesel-powered, conventional driveline

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

SOSI Delivers Mooring Winches; Completes Test Pad

Sound Ocean Systems, Inc. (SOSI) announced the delivery of two unique mooring winches, both tested on its newly constructed test pad at its primary manufacturing facility in Sultan, Wash.

Mergers & Acquisitions

Navico Acquires MARIS; Expands Portfolio

Navico Holding AS, parent company to the Simrad brand of navigational marine electronics, has reached an agreement to acquire MARIS (Maritime Information Systems A/S) from The Grieg Group.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

KBR, Daewoo win Eni FLNG FEED

KBR Inc. announced today that the KD Consortium, consisting of KBR and Daewoo Shipbuilding & Marine Engineering Company, Ltd, has been awarded a front end engineering

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2051 sec (5 req/sec)