Finland Takes Majority Stake in Aker Arctic Technology Inc.

MarineLink.com
Tuesday, December 17, 2013

A Finland government owned investment company, Finnish Industry Investment Ltd, has today purchased a 66.4 per cent majority stake of the shares of Aker Arctic Technology Oy (Aker Arctic) from STX Finland Oy.

Aker explain that In recent months the Ministry of Employment and the Economy has been studying actively the possibilities for securing the Company's know-how and further development in Finland. The transfer of the Company´s know-how, such as intellectual property rights, away from Finland, would have meant a serious setback for the entire Finnish Arctic marine industry's future development.

Aker Arctic is one of the world's leading companies in Arctic marine logistics and offshore solutions as well Arctic vessels design. The Company's other shareholders ABB Oy Finland and Norway's Aker Engineering and Technology AS, part of the Aker Solutions group, are holding equal shares, each 16.8 per cent.

The value of the deal is 9.3-million euros. Acquisition is being carried out at market terms based on an external expert valuation. At the same time, the minority shareholders will increase their share in Aker Arctic on equal terms with the state acquisition.

“Arctic shipping is expected to increase substantially in the upcoming years and decades. As a world leader in solutions for development of Arctic engineering Aker Arctic has good prospects to gain a significant market share in the industry. This of course also has a positive impact on the Company´s long-term value. That is why I consider this deal highly successful from the state’s point of view”, Finland's Minister of Economic Affairs, Mr. Jan Vapaavuori says.



 

 

 


People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Finance

Cochin Port Gets a Little 'Breathing Space'

The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government

Asia’s Biggest Container Shipper Posts Loss

Asia’s largest container shipping company China Cosco Holdings Co  posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn

Hoegh LNG Profits Dip

Norway-based owner and operator of floating LNG import terminals, Höegh LNG  reported a second quarter profit after tax of US$3.5 million, down from $6.3 million in the first quarter 2016.

Arctic Operations

Tuco’s New Arctic Workboat to Debut at SMM

Danish producer Tuco Marine said it will reveal a new Arctic workboat daughter craft at next month’s SMM in Hamburg.   Many arctic patrol vessels, icebrakers

USCG Evaluates Comms Equipment in Alaska

Coast Guard Research and Development Center evaluates state-of-the-art communications equipment and Next Generation Incident Command System in Alaska   At nearly 663,

Ice Free Arctic?

Arctic melting slowed enough in midsummer that scientists don't expect this year's sea ice minimum to set a new record. This year’s melt season in the Arctic Ocean

Mergers & Acquisitions

Asia’s Biggest Container Shipper Posts Loss

Asia’s largest container shipping company China Cosco Holdings Co  posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn

J.F. Lehman Acquires Oldenburg's Heavy Equipment Group

J.F. Lehman & Company (JFLCO) informs it has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units.

UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Sonar 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: 0.0947 sec (11 req/sec)