Aker Wayfarer Wins 5-Yr Contract from Petrobras
Aker Solutions' subsidiary Aker Oilfield Services (AKOFS) has won a contract worth USD 465 million over five years from Petrobras to provide subsea intervention services offshore Brazil from the Aker Wayfarer vessel. The contract will start within the fourth quarter of 2016 and has a five-year option extension. AKOFS will at the end of September become part of Akastor, an oilfield services investment company that will be one of two companies formed as part of the announced separation of Aker Solutions. The Aker Wayfarer vessel will be outfitted at a yard in Norway to become a deepwater subsea equipment support vessel (SESV). It will have a fibre-rope deployment system…
'Aker Wayfarer' Wins Petrobas Subsea Contract
Aker Solutions' subsidiary Aker Oilfield Services (AKOFS) says it has won a contract worth US$465-million over five years from Petrobras to provide subsea intervention services offshore Brazil from the Aker Wayfarer vessel. The contract will start within the fourth quarter of 2016 and has a five-year option extension. AKOFS will at the end of September become part of Akastor, an oilfield services investment company that will be one of two companies formed as part of the announced separation of Aker Solutions. The Aker Wayfarer vessel will be outfitted at a yard in Norway to become a deepwater subsea equipment support vessel (SESV). It will have a fibre-rope deployment system…
Aker Solutions Reports Earnings Prior to Split
Aker Solutions reports its second-quarter 2014 earnings ahead of its plan to split into two companies at the end of September 2014. One company will keep the current name and be comprised of the Subsea, Umbilicals, Engineering, and Maintenance, Modifications and Operations (MMO) areas. Aker adds that pro-forma second-quarter revenue for the new Aker Solutions rose to NOK 8.1 billion from NOK 7.5 billion a year earlier, helped by a 13 percent increase in sales of subsea equipment and services. The new company's pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) increased to NOK 592 million in the quarter from NOK 481 million a year earlier.
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…
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 will present more information on July 17, when financial results for the second quarter are released.
Aker Solutions to Divide Company in Two
Aker Solutions release Q1 2014 financial results and separately inform they will split into two companies to speed up a streamlining process that will reduce costs and better position all parts of the group to meet the needs of customers in an increasingly competitive global energy industry. Sales rose to NOK 11.2 billion in the first quarter of 2014 from NOK 10.3 billion in the first quarter of 2013. Earnings before interest, tax, depreciation and amortization (EBITDA) gained to NOK 1.05 billion in the quarter from NOK 767 million in the year-earlier period when earnings were impacted by losses in the umbilicals and OMA business areas and increased costs at the Ekofisk Zulu project. The EBITDA margin improved to 9.3 percent in the quarter from 7.4 percent a year earlier.
Subsea Construction Services Contract for 'Aker Wayfarer'
Aker Solutions subsidiary Aker Oilfield Services signs a contract to provide subsea construction services offshore Brazil. An undisclosed customer will utilise Aker Oilfield Services' subsea construction vessel Aker Wayfarer for a period of 230 days. Start-up of operations is likely to be in May/June 2013, with mobilisation and de-mobilisation taking place in north-east UK. Aker Wayfarer has previously been on a year-long campaign offshore Brazil during 2011 and 2012. "To secure another long-term campaign offshore Brazil is a compliment to the capabilities of Aker Wayfarer and her crew.
Deepwater Well Intervention Contract for Aker Solutions
Skandi Aker, Aker's purpose-built intervention vessel will be used for deep and ultra-deep well intervention services. The agreement is valid for a period of two years plus options for three further one-year periods. The firm two-year part of the contract has an aggregated value of approximately USD 250 million. Start-up of operations is planned to take place offshore Angola in Q1 2013. Skandi Aker is the first well service vessel of its kind capable of performing riser-based subsea well intervention in deep and ultra-deep waters. Traditionally subsea well intervention has been performed from drilling rigs. But the rigs' high day rates have made such operations very expensive, while rig availability has been limited.
Aker Solutions to Provide Services to Statoil
Aker Solutions has entered a long-term agreement with Statoil to provide a full range of heavy well intervention and light-drilling services on the Norwegian continental shelf. The contract period is for eight years with options for three further two-year periods (2+2+2). The contract’s value for the initial eight-year period is approximately USD 1.9 billion. Work will be performed from a new build Category B well intervention rig, which will be owned and operated by Aker Solutions' subsidiary Aker Oilfield Services. "Aker Oilfield Services was set up five years ago to develop cost-effective solutions for vessel-based intervention services,” said Øyvind Eriksen, executive chairman, Aker Solutions.
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 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.
Aker Solutions Makes Management Changes
Aker Solutions announced organizational changes in its Subsea and Products & Technologies business areas. It also announced changes in the company's executive management team. The changes involve an integration of Aker Marine Contractors, Aker Well Service and Aker Geo into the Subsea business area. In combination with our ownership and cooperation with Aker Oilfield Services, the new structure will also leverage our well 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 to further strengthen our drilling solutions.
ODIM Scores Deepwater Breakthrough
ODIM secured a contract from Aker Oilfield Services to deliver a 125-tonne ODIM CTCU system. program. This contract also opens the way for deliveries of ODIM CTCU systems to the Aker Oilfield Services newbuilding program, which includes five vessels in addition to the ship covered by the JIP. ‘‘This is an important breakthrough for our deepwater technology ODIM CTCU, and our commitment to the very promising deepwater market,’’ says chief executive Jogeir Romestrand at ODIM ASA. The contract primarily ensures full financing for ODIM’s fabrication and on- field testing of a system with a twofall configuration, which allows players pursuing demanding deepwater projects to install structures weighing up to 250 tons. The system is due for delivery in April 2009.
Aker Yards to Build Construction Vessels for Aker Oilfield Services
Aker Yards has entered into a contract with Aker Oilfield Services to build four large well intervention / construction vessels, and an option for another two vessels. The Owner has a cancellation possibility for the two last fixed vessels. All vessels will be delivered from Aker Yards` sites in Norway. The value of the contract for the four vessels is approximately NOK 4 000 million. The contract is subject to financing. The vessels are of Aker Yards design, type Aker OSCV 06 WI, developed for Aker Oilfield Services on basis of the OSCV 06 design, adapted for well intervention purposes. Delivery of the first vessel is scheduled for spring 2010, and the following vessels will be delivered with approximately six months interval.