Aker Solutions Acquires Subsea Companies

(Press Release)
Tuesday, July 17, 2012
Aker Solutions has acquired Subsea House and SSH Engineering

Aker Solutions has acquired the Norwegian companies Subsea House and SSH Engineering and plans to further expand and recruit 50-100 people in Stokke, located in the Vestfold county of Norway.

The transaction value is undisclosed. Subsea House and SSH Engineering, currently owned by Subsea Holding, employs 40 people in total. The companies were established in 2007 and have a solid background within development, assembly, testing and refurbishment of subsea tools and products. The companies developed a state-of-the-art subsea facility in Stokke, one hour southwest of Oslo, designed for testing of subsea products, systems and tools in 2007, which is part of this acquisition.

The facility is equipped with test bunkers and large test pits with overhead crane capacity suitable to perform most required testing and refurbishment scenarios for subsea systems, tools and accessories. Aker Solutions' ambition is to double the current revenue of Subsea House and SSH Engineering and recruit 50-100 people over the next two years.
 
Knut Røsjorde, Aker Solutions' head of subsea in Norway and Africa, says: "This acquisition is a response to the growing market demand both in Norway and internationally. By acquiring Subsea House and SSH Engineering, Aker Solutions will gain immediate access to skilled resources in a region where Aker Solutions has limited presence within the subsea industry segment. In addition, we will get access to additional assembly and test capacity."

He adds: "Aker Solutions' ability to serve its current and future clients will be improved and this development will facilitate market share growth within subsea production technologies, including subsea trees, work-over systems and related tooling."
CEO of Subsea House and SSH Engineering Tor Ole Myhre, says: "Aker Solutions' ability as a provider of complete subsea production systems is backed by an extensive portfolio of products and technologies. They have the ability to grow our business and offer great opportunities for current and future employees in Vestfold. We look forward to being part of the Aker Solutions family."

As previously announced, Aker Solutions is preparing for major growth by investing NOK 500 million (USD 87 million) in its subsea business which comes in addition to the acquisition of Subsea House. This investment is set to double the capacity of its manufacturing plants in Tranby, Norway, and Port Klang, Malaysia. New service bases will also be established in Malaysia and Thailand.

The subsea segment of the oil and gas industry is growing rapidly and is expected to develop exponentially over the next few years. Of Aker Solutions' 25 000 employees almost 7 000 are employed within the subsea business.
The transaction of Subsea House and SSH Engineering is expected to be completed in the third quarter of 2012. The acquisition is subject to approval from the Norwegian Competition Authority.

 

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

People & Company News

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

USNS Ship Rescues Nine in Gulf of Oman

'USNS Richard E. Byrd' (T-AKE 4), a Lewis and Clark-class dry cargo ship, rescued 9 crew members from a Yemeni-flagged cargo vessel 'Asaed' that had lost power,

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

Offshore

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Corvus Energy, GMC Close Financing Agreement

Corvus Energy today announced that it has completed a strategic investment by Green Marine Capital (GMC) previously announced on May 5, 2014. Green Marine Capital,

Valemon Topsides Installed

On Monday, July 28, the topsides were lifted into place on the steel jacket on the Valemon field in the North Sea. Produced by Samsung Heavy Industries this is

Mergers & Acquisitions

Total Sells ts Coal Mining Assets to Exxaro

Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa.

Braemar Completes Merger with ACM Shipping

Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services,

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

Subsea Salvage

Search for Flight MH370: Update

Australia's Joint Agency Coordination Centre (JACC) says that a bathymetric survey of the 60,000km2 search area is well underway, with two vessels, the Australian-contracted

Sunken WW II Ship Oil Leak Plugged

Atlantic Coast Marine Group, Inc. successfully responds to World War II era motor tanker leaking massive cargo of oil into the Atlantic Ocean's waters. Beaufort,

Treasure Hauled from SS Central America Shipwreck

Odyssey Recovers Over 13,500 Silver and Gold Coins as Well as Gold Ingots, Dust, Nuggets and Jewelry From SS Central America Shipwreck; Newly Released Inventory

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
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: 0.2163 sec (5 req/sec)