Marine Link
Tuesday, December 6, 2016

Aker Solutions Acquires Subsea Companies

July 17, 2012

Aker Solutions has acquired Subsea House and SSH Engineering

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 (AKSO.OL)' 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 Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News