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 Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gulf and Hendry Marine Consolidate Operations

Gulf Marine Repair Corporation, a southeastern tug-barge shipyard, announced it is consolidating operations with Hendry Corporation, its affiliated company and fellow shipyard,

Damen’s Norway Foray

The Damen Shipyard Group’s man in Norway likes picking up the phone these days. With offshore markets in the doldrums, a unique phenomenon is occurring: “Norwegians are talking to me,

It's All in the Planning

Continuing voracious demand for mined materials in China, India and other developing nations has led to an associated requirement for increased bulk terminal capacity


The Digital Oilfield Microwave Communication Offshore Brazil

With most offshore wells in Brazil located between 30 and 300 km from the coast, communication with offshore assets has not always been straightforward or reliable.

Fugro to Survey off Equatorial Guinea

Fugro has been awarded a contract by Ophir Equatorial Guinea (Block R) Limited for the provision of survey services for the development of large scale assets and

Wärtsilä Sternguard In-Water Serviceable Seal Launched

Wärtsilä, the marine and offshore industry's leading solutions and services provider, introduces an innovative new seal that can be fully serviced underwater, without setting up a habitat.

Mergers & Acquisitions

Gulf and Hendry Marine Consolidate Operations

Gulf Marine Repair Corporation, a southeastern tug-barge shipyard, announced it is consolidating operations with Hendry Corporation, its affiliated company and fellow shipyard,

Groundbreaking Ceremony for Seaspan's Vancouver Office

Seaspan hosted a groundbreaking ceremony today to announce it has officially started construction on a new head office in North Vancouver. The 7,800 square metre (84,

Shipping to See Further Consolidation

The CMA CGM's move to buy Singapore’s Neptune Orient Lines (NOL), could lead to one of the biggest acquisitions in the shipping container industry in years.   If it goes through,

Subsea Defense

North Korea Submarine-Launch Missile a Flop Show

North Korea apparently failed to launch a ballistic missile from a submarine in a sign that Pyongyang has yet to master the technology, Yonhap news agency quoted a government official as saying.

Russian Navy Trying Hard for Facelift

Official announcements related to naval shipbuilding give the appearance of a Russian Navy that is undergoing a rapid revival. However, the reality is that many

New Facility for Virginia-Class Submarine Sailors at Newport News Shipbuilding

Huntington Ingalls Industries (HII) announced today that its Newport News Shipbuilding division has opened a new facility that provides workspace for the crews

Subsea Salvage

Rocket Debris Found Near Isles of Scilly

A piece of metal thought to be debris from an American space rocket was recovered from the sea off the Isles of Scilly.   The metal – a large section of alloy about 10 meters by 4 meters,

Fugro's Havila Harmony to join MH370 Search

Fugro is providing an additional vessel, the Havila Harmony, to join the search for the missing flight MH370 in the southern Indian Ocean. From the 93-metre multi-role vessel,

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.1048 sec (10 req/sec)