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

People & Company News

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

MPC Honors Crowley for Tank Vessel Safety

Crowley Maritime Corporation’s petroleum services division has once again been honored by Marathon Petroleum Company (MPC) with its annual Elite Vessel Award, which

Offshore

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

Mergers & Acquisitions

Ferry Firm DFDS Looks to Expand

Danish ferry and transportation firm DFDS is on the takeover trail, its chief executive said, after reporting its highest first-quarter operating profit on record

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

Hanøytangen Deal Reached – Again

Agreement concluded for the sale of Hanøytangen; new ownership takes over as from today   Bergen Group has reached an agreement with Semco Maritime on sale of

Subsea Defense

China, Russia Conclude Naval Drill

Russia and China naval forces concluded their first-ever joint military exercise in the Mediterranean Sea this morning, according to an online news briefing from the Chinese Defense Ministry.

EU Backs Migrant Crisis Naval Plan

EU foreign ministers have agreed to launch a military mission against migrant smugglers in the Mediterranean.    The decision allows European governments to

US Navy Lays Keel for PCU Indiana

The U.S. Navy held a keel laying ceremony for the Virginia-class submarine Pre-Commissioning Unit (PCU) Indiana (SSN 789) at Huntington Ingalls Industries, Newport News Shipbuilding, May 16.

Subsea Salvage

PSC, BP Claims Against Transocean Resolved

Transocean Ltd. announced that it has reached two separate settlement agreements, with the Plaintiffs' Steering Committee (the "PSC") and with BP Exploration & Production Inc.

Barge Accident off Malaysia: 14 Lost

The Bolivian-registered Ocean Line 208 vessel, which was carrying sand, was hit by a huge wave at 4.20am today early morning and 14 people are feared to have drowned.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1713 sec (6 req/sec)