Aker Maritime Asa 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.

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.

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.

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.

Standard & Poor's placed on CreditWatch with negative implications its triple-'B'-plus long-term corporate credit rating on Coflexip S.A., the parent company of the Coflexip Stena Offshore group. The 'A-2' short-term corporate credit rating was affirmed, as the long-term rating will not fall below triple-'B' The rating action follows a previous announcement that Coflexip has entered into a conditional agreement to acquire the deepwater division of Norway-based Aker Maritime ASA in a cash and debt-financed transaction set to weaken the group's previously very strong balance sheet. The transaction, which aims to create the leading global provider of offshore solutions in the oil services industry, would cost $513 million, with an additional $112 million of net debt assumed.

The European Commission said on Thursday it had opened an in-depth four-month investigation into plans by Norway's Aker Maritime ASA to buy a 26.7 percent stake in Anglo-Norwegian engineering firm Kvaerner. "The Commission's initial investigation has shown that the transaction may create or strengthen a dominant position on the markets for contracts for construction of oil and gas platforms (EPCI contracts) as well as the modification and maintenance of such platforms," the Commission said in a statement. It said the combined company would have a high market share in both markets particularly on the Norwegian Continental Shelf of the North Sea.

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.

Coflexip Stena Offshore has finalized, with Aker Maritime ASA, the acquisition of its deepwater operations, the "Deepwater Division" headquartered in Houston, for $513 million plus the assumption of net debt of $112 million. The two parties had announced on 29 October 2000 that they had entered into a conditional agreement whereby Coflexip Stena Offshore will acquire the shares of the companies making up the Deepwater Division of Aker Maritime ASA for a value of $513 million plus the assumption of debt of $112 million at December 31, 2000. The final price of the acquisition will be subject to various adjustment mechanisms on the basis of audited financial statements of the Deepwater Division at December 31, 2000.

Coflexip Stena Offshore has finalized, with Aker Maritime ASA, the acquisition of its deepwater operations, the "Deepwater Division" headquartered in Houston, for $513 million plus the assumption of net debt of $112 million. The two parties had announced on October 29, 2000, that they had entered into a conditional agreement whereby Coflexip Stena Offshore will acquire the shares of the companies making up the Deepwater Division of Aker Maritime ASA for a value of $513 million plus the assumption of debt of $112 million at December 31, 2000. The final price of the acquisition will be subject to various adjustment mechanisms on the basis of audited financial statements of the Deepwater Division at December 31, 2000.

Aker RGI has halted plans to sell offshore supply company Aker Maritime ASA, of which it holds 63 percent, according to company officials. The talks relating to a possible sale have ended, officials said, adding that the parent company is working on a strategy to both improve operations and find a good industrial solution, which could include moving into oil and gas production on the Norwegian continental shelf (NCS).

Aker Maritime ASA's parent company, Aker RGI, has halted plans announced earlier in the year to sell the company. Aker RGI, which holds 63 percent of Aker Maritime, said earlier this year that it was in talks to merge or form an alliance for the company. "The process linked to a possible sale of Aker RGI's shares in Aker Maritime is now ended," a spokesman for Aker Maritime said. He added that Aker is continuing to develop strategy to both improve operations and find a good industrial solution, which could include moving into oil and gas production on the Norwegian continental shelf (NCS). Norway's offshore industry has been hit by a downturn in investment in oil and gas projects following a plunge in oil prices last year.