Aker Solutions Update on Company Hive-Off

By George Backwell
Tuesday, September 02, 2014
Image courtesy of Aker Solutions

Aker Solutions informs updated unaudited financial information for the two companies - the new Aker Solutions and Akastor - that will be formed following the split of the business at the end of September.

Previous pro forma financial information was disclosed in the information memorandum of July 11, 2014, and the second-quarter 2014 results published July 17 this year.

The updated financial information reflects a decision in August by the board of directors to transfer the Aker Geo AS business unit to Akastor instead of keeping it within the new Aker Solutions as previously announced. The figures have also been revised because of continued work to reflect the financial performance of the two new companies as accurately as possible. Financial information on Aker Geo is included in the real estate and other holdings reporting segment in the attached financial information on Akastor.

Stavanger-based Aker Geo has about 65 permanent employees including geologists, geophysicists and reservoir engineers. It provides geological and geophysical interpretation, petrophysics, reservoir modelling and simulation, production technology and operation and wellsite geology. The Aker Solutions board decided to transfer Aker Geo to Akastor based on an assessment that synergies with Aker Solutions were limited and that Akastor would be a better owner for the unit.
 
Key financial information for New Aker Solutions and Akastor is downloadable at: hugin.info/77/R/1852902/647752.pdf


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