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Aker Rgi News

01 Oct 2003

New Board Member Appointed for Kvaerner Masa-Yards

Kvaerner Masa-Yards Inc.. Niemi, a Finnish citizen, has broad Finnish and international industry experience. During the years 1989-1997 he was Managing Director and Member of the Board of the Finnish Guarantee Board. Countries. services in Investment and Development Finance. "We at Kvaerner Masa-Yards are very pleased to have Mr. board," said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards. Trond Ø.

08 Mar 2004

Lund Named New Statoil CEO

At its meeting on March 7, 2004, Statoil's board of directors appointed Helge Lund (42) as new chief executive for the Statoil group. Mr Lund is currently chief executive of Aker Kværner ASA. "Helge Lund was the first choice of the board and we are very pleased that he has agreed to lead Statoil in the years ahead," said Statoil chair Jannik Lindbæk. Lund graduated as a business economist at the Norwegian School of Economics and Business Administrationin Bergen. He also has a master of business administration (MBA) from the Insead business school in France. Before he became chief executive of Aker Kværner, Lund had a number of positions in the Aker RGI system, and before that he had a central role in the top management of Hafslund Nycomed.

30 Nov 2001

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.

29 Nov 2001

Kvaerner Proposes New Board of Directors

Kvaerner, the international engineering and construction group said that the board election committee had reached a decision concerning nominations for a new board to be elected at the extraordinary general meeting in Oslo, Norway, later today. The nominations are as follows: Kjell Inge Rokke, Helge Lund, Anders Eckhoff, Tore Tonne, Reidar Lund, and Yngve Hagensen. The election committee consists of Ragnhild Wilborg (chairman), head of investments for ODIN Forvaltning, Allen Akerstedt, president of Storebrand Kapitalforvaltning, and Kjell Inge Rokke, chairman of Aker RGI. The current board of Kvaerner advised the election committee yesterday that its members were prepared to resign their positions following the announcement of a preliminary agreement between Kvaerner and Aker Maritime.

18 Dec 2001

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.

04 Feb 2002

Kvaerner and Aker Join Forces in Shipbuilding

Kvaerner announced that it has agreed with Aker RGI Holding to establish a jointly owned shipbuilding management company. Together, the two groups own 12 shipyards in Europe, and one in the USA and Brazil. These yards have a total of some 13,500 employees with combined revenues of $2.2 billion. Kvaerner and RGI have on a number of previous occasions stated the intention to merge their respective shipbuilding operations in the future. The parties have, however, agreed to postpone such negotiations until a better assessment of the financial and operational issues have been concluded, and until such time as the value of the operations can be more precisely determined. that the value of their respective operations will increase through the establishment of a joint management company.

07 Apr 2000

Aker Brattvaag Acquires Romanian Yard

Norway’s Aker Brattvaag AS, a unit of Aker RGI signed a contract with Romania's main privatization agency to acquire a majority stake in a local shipyard. A statement from the State Ownership Fund (FPS) said that under the contract, the FPS sold its 69.999 percent stake in Santierul Naval Tulcea in a deal worth some $22.6 million, including investments. Two-year investments, mainly in technology and environmental protection, represents some 60 percent of the value of the deal. Under the deal, Aker also assumes the shipyard's debts, mainly to banks and suppliers, of $12.1 million. Santierul Naval Tulcea, based in the Danube port town of Tulcea, has a share capital of $6 million.

07 Aug 2000

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.

01 Mar 2001

Aker, Kvaerner Merger Proposed

Norwegian industrialist Kjell Inge Roekke proposed merging his Aker firms with the shipbuilding and oil and gas divisions of Kvaerner on Wednesday to combat stiffening world competition. Aker forecast synergies from 2003 worth $89-$112 million, from the link-ups, the latest in a string of proposed ties between the two groups, which are struggling in a dwindling Norwegian oil and gas services market. "We expect that most of Kvaerner's shareholders will accept this," said Roekke, a billionaire investor whose interests range from fisheries to building oil platforms. Kvaerner welcomed proposed talks on shipbuilding but reacted frostily to the suggested tie-up in oil and gas, saying it would not help the company to meet future challenges. It said Aker over-estimated synergies.

05 Feb 2003

Kjelstad to Head of Aker Kvaerner Yards

The Board of Aker Kvaerner Yards has appointed Karl Erik Kjelstad as the company's President and Chief Executive Officer. Kjelstad has occupied these posts in an acting capacity since January 16, 2002, when the previous incumbent, Leif-Arne Langøy, left to become president and CEO of Aker RGI. Kjelstad graduated as an engineer specializing in marine subjects from the Norwegian Institute of Technology (now the Norwegian University of Science and Technology) in 1992. In the last 11 years he has held a number of leading positions in the maritime industry - with Aker Yards since 1998 and Aker Kvaerner Yards since the company was established in February 2002.

13 Aug 1999

Aker RGI Records 42% Drop

Norwegian industrial holding group Aker RGI recorded a 42 percent drop in first half operating profits, mainly pressured by weaker results for its offshore supply unit Aker Maritime. The group posted operating profits for the first six months of the year at 276 million crowns ($36 million), down from $61.4 million in the same year-ago period.

20 Aug 1999

Aker Chair Launches Bid For Control Of Company

Norwegian billionaire Kjell Inge Roekke launched a bid last week for full control of industrial holding firm Aker RGI, valuing it at about $1.09 billion. Roekke, who is chairman of Aker RGI and already owns almost two-thirds of the firm after a raid last year, said he wanted to delist Aker RGI from the Oslo bourse if his new bid succeeds. He said he is offering approximately $14 per “A” voting share and $13 per “B” share for Aker, whose interests range from offshore supply company Aker Maritime to an indirect stake in English premier league soccer club Wimbledon. Roekke will buy shares from anyone willing to sell. Under Norwegian law, he can force all minority shareholders to sell to him if he achieves 90 percent control. The offer will run from Aug. 23 to Sept.

06 Aug 1999

Aker Maritime, Aker RGI In Assets Deal

Aker Maritime is reportedly taking full control of Aker Geo from industrial holding company Aker RGI.

16 Aug 1999

Aker RGI Chair Launches Bid For Full Control Of Company

Norwegian billionaire Kjell Inge Roekke has reportedly launched a bid for full control of industrial holding firm Aker RGI, valuing it at about $1.09 billion. Roekke, who is chairman of Aker RGI and already owns almost two-thirds of the firm after a raid last year, said he wants to delist Aker RGI from the Oslo bourse if his new bid succeeds.

31 Aug 1999

Kvaerner Says It Has Common Interests With Aker Maritime

Kvaerner's chief official Kjell Almskog reportedly said a possible union between Kvaerner's Oil & Gas division and Aker Maritime is an exciting prospect but only theoretical, after the company announced that the two firms have common interests and a complementary spectrum of products. Aker Maritime's majority shareholder, Aker RGI, has said that it is looking for a potential partner or buyer of Aker Maritime.

13 Sep 1999

Roekke Fails To Win Full Control Of Aker

Norwegian billionaire Kjell Inge Roekke failed to win full control of industrial holding firm Aker RGI after a controversial buyout bid that ended Sept. 10. Roekke, who is chairman of Aker RGI and who already held two-thirds of the group after a raid last year, reportedly gained control of almost 88 percent of Aker, just short of the 90 percent minimum needed under Norwegian law to force remaining shareholders to sell their stakes and delist the company from the Oslo bourse.

20 Sep 1999

Roekke Loses Bid To Win Full Control Of Aker

Norwegian billionaire Kjell Inge Roekke failed to win full control of industrial holding firm Aker RGI after a controversial buyout bid valuing the group at $1.16 billion. Roekke, who is chairman of Aker RGI and who already held two-thirds of the group after a raid last year, controlled almost 88 percent of Aker under a new buyout bid that expired on Sept. 10. The figure leaves Roekke just short of his goal of 90 percent control, the minimum needed under Norwegian law to force remaining shareholders to sell their stakes and delist the company from the Oslo bourse. Roekke, who made a fortune from fisheries and has extended his empire to Aker RGI…

01 Nov 1999

Aker Maritime Sale Plans Halted

Aker RGI has halted plans to sell offshore supply company Aker Maritime ASA, of which it holds 63 percent, according to company officials. The talks relating to a possible sale have ended, officials said, adding that the parent company is working on a strategy to both improve operations and find a good industrial solution, which could include moving into oil and gas production on the Norwegian continental shelf (NCS).

05 Nov 1999

Aker Maritime Sale Plans Halted

Aker Maritime ASA's parent company, Aker RGI, has halted plans announced earlier in the year to sell the company. Aker RGI, which holds 63 percent of Aker Maritime, said earlier this year that it was in talks to merge or form an alliance for the company. "The process linked to a possible sale of Aker RGI's shares in Aker Maritime is now ended," a spokesman for Aker Maritime said. He added that Aker is continuing to develop strategy to both improve operations and find a good industrial solution, which could include moving into oil and gas production on the Norwegian continental shelf (NCS). Norway's offshore industry has been hit by a downturn in investment in oil and gas projects following a plunge in oil prices last year.

03 Feb 2000

AKER FINNYARDS

Based in Rauma, Aker Finnyards recent history is indicative of the changes, which continue to sweep the Finnish maritime scene. Finnyards is owned 100 percent by Norwegian interests, part of Aker Yards, an international shipbuilding group comprising Aker Finnyards together with a German and two Norwegian shipyard groups. Aker Yards is owned by Aker RGI. Aker Finnyards' main activities are construction of specialized ships, vessels for oil and gas production and heavy offshore structures. While the shipyard's reign under Norwegian rule is relatively short, its experience and accrued expertise spans many decades and includes more than 1,500 ships built — both long series and extremely demanding one-offs.

23 Oct 2002

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.

05 May 2003

The Best of Both Worlds

Oslo-based Aker Kvaerner Yards is irony in action. It serves an ancient industry dominated by older generation, yet is led by a fresh faced young executive. It prospers in a capital and equipment intensive market, yet is helping to re-define some of these relationships via the Internet. The organization is the largest shipbuilding consortium in Europe, yet good prospects for growth lie in smaller, compact yards. Once the cover of the book is read, though, it is increasingly easy to see why Karl Erik Kjelstad, 36, was tapped to lead one of the top shipbuilding consortiums in the world. Aker Kvaerner Yards is a collection of 16 yards and approximately 16,500 employees that generates an annual turnover of nearly $3 billion.