Aker Completes Well-intervention Services Business Sale

MarineLink.com
Thursday, January 09, 2014
Image courtesy of Aker Solutions

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 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."

 

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

People & Company News

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

Key to Somalia's Recovery

Piracy, terrorism and criminal activities originating in Somalia can only be addressed by creating a climate of security, engagement and empowerment that will encourage home grown businesses,

Finance

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

Mergers & Acquisitions

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

TRIYARDS Buys into Aluminium Shipbuilding Expertise

TRIYARDS Holdings Limited, an offshore vessel fabrication and engineering solutions provider to the oil and gas (O&G) industry, has added new capabilities, products

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Offshore Energy

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Ocean Power Technologies to Deploy PB40 PowerBuoy Off New Jersey

Ocean Power Technologies, Inc., announced today that the PB40 PowerBuoy(R) fabricated for the WavePort Project has shipped from Santander, Spain to Bayonne, NJ

Underwater Engineering

Boskalis Consortium Wins Suez Canal Expansion Contract

A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has acquired a contract from the Suez

Hydroid Wins Gold at MassEcon Impact Awards

Hydroid, Inc., a subsidiary of Kongsberg Maritime and a leading manufacturer of autonomous underwater vehicles (AUVs), today announced that it has been named

Mærsk Deliverer's Contract extended

Cabinda Gulf Oil Company Limited, a Chevron subsidiary in Angola, has extended the current contract for the ultra deepwater semi-submersible Mærsk Deliverer expiring in June 2015 by two years.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3179 sec (3 req/sec)