Aker Enters Offshore Floating Wind Market
Norwegian oil and gas specialist Aker Solutions has invested in floating wind power technology company Principle Power, with the aim to brings its offshore oil and gas field engineering experience to the renewable energy market. Aker Solutions has an extensive track record in developing offshore oil and gas fields, with particular capabilities in floating facilities. The partnership will help bring Principle Power's technology - an innovative floating foundation for offshore wind turbines, known as WindFloat - to a broader market.
Aker Solutions Signs Agreement with Petrobras
Norwegian oilfield services company Aker Solutions has won a contract to provide maintenance and modifications services for three platforms at Petrobras-operated oil and gas fields offshore Brazil. The four-year contract is valued at about NOK 800 million ($101.5 million) and includes an option for a one-year extension. The order covers a range of services to renovate, repair and upgrade the floating production storage and offloading platforms, or FPSOs, at the Barracuda, Caratinga and Albacora Leste fields in the Campos Basin.
New Directors Elected at Aker Maritime
Aker Maritime's corporate assembly has elected Bengt A Rem and Olav Revhaug as the new shareholder representatives on the board of Aker Maritime ASA. Aker Maritime's corporate assembly has elected new directors to take the place of Kjell Inge Røkke and Helge Lund who resigned as directors of Aker Maritime after being elected to the board of Kværner ASA. The election was in accordance with the election committee's recommendations. Bengt A Rem is executive vice president of Aker RGI with responsibility for finance and administration. RGI since 1995, he previously held positions at the Oslo Stock Exchange and Arthur Andersen & Co. He is a state-authorized accountant and a graduate of the Norwegian School of Management. Olav Revhaug is a director of Aker RGI.
Demerger Proposed at Aker Solutions
The board of directors of Aker Solutions ASA has in accordance with the strategy disclosed April 30 resolved to propose to the company's shareholders that Aker Solutions be split into two companies. The board has also determined to write down the value of some assets in the Aker Oilfield Services unit of Akastor, one of two companies that will emerge from the separation. Aker Solutions Holding ASA - a subsidiary of Aker Solutions ASA established for the purposes of the demerger…
Aker Maritime, Aker RGI In Assets Deal
Aker Maritime is reportedly taking full control of Aker Geo from industrial holding company Aker RGI.
Aker RGI Proposes Alternative to Redemption Offer
Aker Maritime previously obliged to postpone the agreed redemption of shares because of objections raised by the French company Coflexip. Aker RGI now offers to buy all the shares in Aker Maritime at the same price as in the redemption offer. In practice this means that the redemption can be carried out in spite of Coflexip's objections. In the original redemption offer the value of the Aker Maritime share was set at NOK 95. Since then the value of Aker Maritime's shares in Kværner and the CGG seismic company has fallen considerably. The loss of value amounts to about NOK 31 a share. Even so, Aker RGI is offering to purchase Aker Maritime's shares at the same price as in the original redemption offer.
Aker Kværner Expands FPSO Operations
Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA established a new company named Aker Borgestad Operations AS. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business. The company, Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 percent of the shares in Aker Borgestad Operations, while Aker Floating Production ASA and Aker Yards ASA will own five percent each.
Brandal Takes Over as CEO of Aker Kvaerner
Martinus Brandal, former Executive Vice President of Aker ASA assumes the role of president and CEO of Aker Kvaerner, succeeding Inge K. Hansen. Hansen joins Aker ASA as a consultant to the group's management. Martinus Brandal joined Aker in the summer of 2004, and has held a number of Board positions at Aker Group companies. He is very familiar with Aker Kvaerner as a result of being a board member of the company and assisting in developing the strategy that the company has followed in the last two years. He will continue to serve as a board member of Aker Yards. Prior to joining Aker, Brandal was in charge of the Process Automation business area of the ABB industrial group and he has extensive international oil and gas experience. The planned succession of former CEO Inge K.
Aker In Talks to Sell Aker Base Unit
Aker Maritime is in talks to sell a 32.5 percent stake in its Aker Base unit to supply ship owners Simen Moekster Shipping and Eidesvik Holding. Aker Maritime, which would maintain a 35 percent holding in Aker Base, would book a pre-tax gain of 208 million crowns ($25.5 million) from the deal, including 140 million in 2000. Under the deal, Aker Base, a land-based support group for offshore installations, would also service Moekster's and Eidesvik's supply ships.
Aker Solutions Demerger Registered
The consummation of the demerger of Aker Solutions ASA (the existing Aker Solutions) was registered with the Norwegian Registry of Business Enterprises after the close of trading on the Oslo Stock Exchange on September 26, 2014. The separation of Aker Solutions into two independent companies was announced on April 30 and approved by shareholders on August 12, 2014. The completion of the demerger involves changes to the share capital, the registration of new boards of directors, changes in company names and trading tickers and adoption of new articles of association, as outlined below.
Aker Solutions Sells Offshore Ship to Ocean Yield
AMC Connector AS, a Aker Solutions & Emas Offshore joint venture, has agreed to sell subsea construction & cable-lay vessel 'Lewek Connector'. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions, which has since streamlined the company into becoming a fully-fledged provider of oilfield products, systems and services.
Kjelstad Appointed EVP of Aker Solutions
Karl Erik Kjelstad has been appointed executive vice president and member of the executive management team at Aker Solutions. Kjelstad will lead the development of the strategic initiative related to oilfield services and the company's fleet of marine vessels. Kjelstad will report directly to the CEO, and will work with Aker Oilfield Services and marine partner DOF to realize the potential of recent investments. Kjelstad, formerly Senior Partner & President, Maritime Technologies of Aker ASA, has been with the Aker group since 1998. He was President & CEO of Aker Yards ASA from January 2003-June 2007 and currently serves as Chairman of Aker Philadelphia Shipyard ASA, Aker Oilfield Services Ltd, and Aker DOF Deepwater.
Aker Solutions Secures Dow Engineering Contract
The Dow Chemical Company has awarded Aker Solutions a contract to provide engineering services for Dow supplied technologies. Aker Solutions' engineering services are expected to be completed by the third quarter of 2008. The scope of the project includes basic engineering and design services, led by Aker Solutions in . The project will also exhibit Aker Solutions global capacity with deliverables from an integrated project team in Zoetermeer and . The contract was awarded to Aker Solutions US, Inc., a subsidiary of Aker Solutions.
Aker Enters TRS Agreement
Aker ASA entered a TRS (Total Return Swap) agreement with exposure to 1,500,000 shares in Aker Solutions ASA. The expiration date of the TRS agreement is November 1, 2013 and the settlement price in the agreement is NOK 83.717325 share. Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 110,333,615 shares, representing 40.3% of the outstanding shares in Aker Solutions. The Norwegian government, through the Ministry of Trade and Industry, owns the remaining 30% of the Aker Kvaerner Holding shares.
Kvaerner, RGI to Establish Joint Ownership for Shipyards
Aker Kvaerner and Aker RGI have entered into an agreement to establish a joint ownership for their wholly owned shipyards in Germany, respectively Kvaerner Warnow Werft and Aker MTW. Among other conditions, the agreement is dependent on approval from Aker Kvaerner's and Aker RGI's lenders. The aim is to implement the new ownership by the end of 2002. Aker Kvaerner will own 40 percent of the two yards. shipbuilding. shipyards in Europe, USA and Brazil. the largest shipyard groupings in the world. combine their shipbuilding activities when the time is right. in which immediate synergies have been identified. management at each yard have studied alternative forms of cooperation. joint leadership team was established earlier this year. competitiveness.
Aker Kværner Forms FPSO Operations Entity
Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA established a new company named Aker Borgestad Operations AS, combining expertise within oil field processing and marine operations. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business. The Aker Kvaerner company Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 per cent of the shares in Aker Borgestad Operations…
Aker Yards Secures Contracts for Diving Support Vessels
Aker Yards ASA said it won an order from DOF ASA for a diving support vessel (DSV), and a contract from DOFCON ASA and Technip for a second DSV. For DOF, Aker Yards will build a DSV based on Aker Yards' Aker DSV06 design, while the other DSV will be to the Aker OSCV-06L DSV design. Source: Forbes
Aker Yards Launches Aker Yards Cabins, France
Aker Yards Cabins, France has been launched under the legal name of Aker Yards Cabins SAS. It is part of the cabins business within Aker Yards, Cruise & Ferries including two factories in Finland and one in France. Aker Yards Cabins, Finland has in the last 25 years developed an independent and profitable business of prefabricated cabins serving yards all over Europe. The French unit will benefit from this unique expertise and both units will develop synergies in R&D, design, production, sourcing and human resources.
Aker Floating Production Wins $1b Contract
Aker Floating Production ASA said it had won a 10-year contract from Reliance Industries Limited worth $1.1b. Aker said Reliance Industries Limited had exercised an option to call a 10-year bare boat contract with Aker's subsidiary Aker Contracting for the FPSO (floating production, storage and offloading vessel) Aker SMART 1.
Aker Arctic Ice Lab Inaugurated
Aker Arctic, which started operations as a new company in the beginning of 2005, has erected a modern new office and ice model test facility in the Vuosaari district of Helsinki. The premises were inaugurated today in the presence of Finland s Minister of Trade and Industry, Mr. Mauri Pekkarinen. Speeches were also heard from President Yrjö Julin with the compliments of Aker Yards, and Mikko Niini, Managing Director of Aker Arctic. In addition to the ice laboratory and model testing activities Aker Arctic is offering its own portfolio of conceptual ship designs for various yards, ship owners and offshore operators interested in operations in ice-infested cold waters. Aker Yards is the majority share holder of Aker Arctic with 62.5 %.
Kvaerner Makes A Play For Aker Maritime
The Scandinavian drama between Kvaerner and Aker Maritime has escalated a notch, with Kvaerner making a bid to acquire Aker Maritime, a bid which was summarily classified as "too low." "Aker RGI believes that the bid does not reflect the values in Aker Maritime," the company said in a statement. Aker RGI, owned by Norwegian billionaire Kjell Inge Roekke, owns 63 percent of Aker Maritime. It said Kvaerner's share price on the Oslo bourse on Monday, of 113 crowns per Kvaerner A share, valued Aker Maritime at about 4.3 billion Norwegian crowns, or 75 crowns per share, and a 15 percent premium to Aker Maritime's close last Friday.
Total Cancel 'Skandi Aker' Vessel Contract
Aker Solutions' subsidiary Aker Oilfield Services says it has been notified by Total in Angola of the termination of a USD 250 million, two-year contract for the 'Skandi Aker'. Aker explain that the Skandi Aker started operations as a well-intervention vessel for the first time in September 2013 when the contract with Total commenced. The value of the remaining contract period is about USD 150 million and will be removed from the order backlog. The vessel's capacity utilization has been 37 percent so far in 2014 after operations halted at the end of March for maintenance and repairs.
Aker Solutions 3Q Results
Aker decided to change the set-up of the two business and Products & Technologies to reinforce its deepwater position. The changes involve an integration of Aker Marine Contractors and our Well Service and Geo business units into the Subsea business area. In combination with our ownership and cooperation with Aker Oilfield Services, the new structure will also leverage Aker’swell intervention services offering. Until now these business units have been part of the Products & Technologies business area. In addition the drilling riser business will be transferred from Subsea to the Products & Technologies business area. On 22 August Aker Solutions ASA acquired an additional 30 percent of the shares in Aker Marine Contractors from for USD 80.30 million.