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.



 

 

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Finance

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

Arctic Operations

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Deal to Build Russian 60MW Icebreakers Imminent

The state nuclear power company Rosatom is about to reach a deal with United Shipbuidling Corporation on the construction of two powerful LK-60 icebreakers according to Barents Observer.

Canada Opts Out of Arctic Council Meeting

Canadian Environment Minister Leona Aglukkaq stated that a principled stand had been taken by Ottawa against Moscow's intervention in events in Ukraine, reports

Mergers & Acquisitions

PetroVietNam Gas's Q1 gross profit falls 27.5%

PetroVietNam Gas's first-quarter gross profit fell 27.5 percent to 3.9 trillion dong ($185 million) from a year earlier, the Lao Dong (Labour) newspaper reported.

Inchcape Shipping Services Opens in Venezuela

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has expanded its network in Central and South America with the opening of ISS Venezuela in Puerto La Cruz,

Van Oord acquires 100% control of Dravo

Van Oord has acquired all shares of its Spanish subsidiary Dravo S.A.  Dravo S.A. has been owned, since 1987, by Van Oord (50%) and the Spanish company Dragados S.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.2115 sec (5 req/sec)