Aker Completes Well-intervention Services Business Sale
Aker Solutions says it has completed the sale of its well-intervention services business area to EQT, a Swedish private equity fund.
The unit was sold for an enterprise value of NOK 4 billion and the agreement includes an earn-out provision where Aker Solutions (AKSO.OL) will receive 25 percent of any internal rate of return exceeding 12 percent a year on EQT's equity investment.
Aker explain that the business provides services that optimise flows from oil reservoirs. It is strongly positioned within wireline tractor services, which are used to transport well-intervention equipment along horizontal wells, as well as coiled tubing. Its main markets are in the UK and Norway.
"The sale is part of a strategy to increase our focus on the deepwater and subsea oil-services markets, where Aker Solutions is well-positioned," said Øyvind Eriksen, executive chairman of Aker Solutions. "The well-intervention services business has limited synergies with the rest of the company and will be better able to develop its full potential with EQT as the owner."