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Tuesday, January 23, 2018

Aker Solutions News

Aker Solutions Demerger Registered

Photo: Aker Solutions / Rolf Estensen

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.

Demerger Proposed at Aker Solutions

Photo: 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 demergerā€¦

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 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.

Aker Solutions Boosts Canada Presence

International oil service group Aker Solutions strengthens its commitment to the Canadian oil and gas market through taking full ownership of Newfoundland and Labrador-based AKCS Offshore Partner. "The buy-out will support Aker Solutions' growth plans in North America and be the foundation for further expansion in St. John's and Atlantic Canada. This is a firm commitment from Aker Solutions to continue to invest in this region to offer the best possible support to our customers," says Tore Sjursen, head of maintenance, modifications and operations (MMO) in Aker Solutions. AKCS Offshore Partner was a partnership formed by Aker Solutions, SNC-Lavalin and G.J Cahill & Co. in 2002 to pursue contracts for the Atlantic Canada oil and gas industry.

Proposed Demerger of Aker Solutions

6 April 2011 - In accordance with the strategy previously disclosed, the Board of Directors of Aker Solutions ASA ("Aker Solutions") has resolved to propose to the shareholders of Aker Solutions that Aker Solutions is to be demerged. ā€¢    The Aker Solutions group's activities relating to its EPC Centre Houston and the union construction businesses in the United States and Canada. Upon completion of the demerger, consideration shares in Kværner will be issued to the shareholders of Aker Solutions. Each share in Aker Solutions will give the right to one consideration share in Kværner.

Aker Solutions Secures New UK Contract

Aker Solutions has secured a contract for maintenance, modifications and operations work with an undisclosed customer in the UK sector of the North Sea. The two-year contract will guarantee over 180 jobs annually for Aker Solutions in Aberdeen, UK. There are also two optional one-year contract extensions that may be exercised in the future. Aker Solutions estimates the contract value to be approximately £13 million per year. Mike Forbes, Aker Solutions' managing director of maintenance, modifications and operations in Aberdeen, comments: "We are delighted to win this important contract. We are dedicated to further developing our highlyā€¦

Subsea Umbilical Frame Agreement

Aker Solutions has signed a frame agreement with Shell Norway and Shell U.K. Limited for the supply of subsea umbilicals. The contract is awarded for one year with an option to extend it an additional 12 months. The award means that Aker Solutions will be the preferred supplier of steel tube umbilicals for projects in the North Sea that are managed by Shell's Norwegian and UK operations. Aker Solutions has held similar frame agreements with Shell UK since 2001. "We have delivered several well-functioning umbilical systems to Shell already. We are therefore in a position where we can look at re-using previous solutions. This can both reduce risk and speed up delivery timeā€¦

Aker Solutions: Seventh Drilling Equipment Package to Brazil

Aker Solutions has won a contract to supply a complete drilling equipment package for a deepwater drillship Jurong Shipyard is building for the Brazilian market. The contract value is undisclosed. Earlier this year Aker Solutions announced a contract to supply six drilling equipment packages to Jurong Shipyard. The contract included an option for an additional drilling package, which the customer now has exercised. The contract includes complete topside and subsea equipment (drilling riser and blow-out preventer). The equipment will be delivered from Aker Solutions in Norway, Germany and Brazil. Aker Solutions is building a new $100m service and manufacturing facility in Macaé, Brazil's offshore capital, in order to meet expected growth.

Deepwater Drillship Package Order for Aker

Aker Solutions to supply a complete drilling equipment package for a deepwater drillship Jurong Shipyard is building for the Brazilian market. On 25 August 2012 Aker Solutions announced a contract to supply six drilling equipment packages to Jurong Shipyard. The contract included an option for an additional drilling package, which the customer now has exercised. The contract includes complete topside and subsea equipment (drilling riser and blow-out preventer) and its value has not been disclosed. he equipment will be delivered from Aker Solutions in Norway, Germany and Brazil. Aker Solutions is building a new $100m service and manufacturing facility in Macaé, Brazil's offshore capital, in order to meet expected growth.

Aker Solutions Wins Multiple Drilling Equipment Contract

Aker Solutions has won a contract with a subsidiary of Honghua Holding Ltd. of China to deliver high specification drilling equipment components for seven new onshore drilling rigs. Honghua is building a series of seven drilling rigs for a premier drilling company in the Middle East region. The contract includes options for another four identical deliveries. Each drilling equipment delivery includes a draw work, three mud pumps, a 1000 tons top drive and other equipment from Aker Solutions. "This contract underlines the quality of Aker Solutions' drilling equipment portfolio, combined with our proven execution ability on multi-rig projects and that our high specification equipment can be applied in the onshore drilling marketā€¦

Aker Solutions Wins Statoil Contract Extension

Statoil has exercised an option of a three year extension of the minor modifications frame agreement contract with Aker Solutions at the Mongstad refinery, located on Norway's west coast. Aker Solutions estimates the contract value to be approximately NOK 360 million. The original frame agreement at the Mongstad refinery commenced in January 2006 and lasts until the end of 2011. Scope of work includes studies and execution of modifications to increase operational stability, capacity and longevity. A total of 100 people at Aker Solutions' office in Bergen will work on the Mongstad contract. "We are very pleased that Statoil has renewed their trust in Aker Solutions.

Aker Solutions Wins Contract from Daewoo

Aker Solutions Malaysia Sdn Bhd has won a contract from Daewoo Shipbuilding & Marine Engineering (DSME) Malaysia Star reported. Aker Solutions opened a hi-tech manufacturing center at the Port Klang Free Trade Zone last year.  Aker Solutions said the contract was for the delivery of a complete deepwater marine drilling riser system with a buoyancy package and associated equipment.  This is the fourth similar contract from DSME to Aker Solutions this year. Source:  Malaysia Star

Aker Solutions Acquires Sandnessjøen Engineering

Aker Solutions acquires Norwegian engineering company Sandnessjøen Engineering. The acquisition will strengthen Aker Solutions' presence in northern Norway and grow the company's engineering capacity for offshore projects. Over the past 20 years, Sandnessjøen Engineering has established a strong and experienced team, which supplies engineering and project management services to the oil and gas and construction industries in the area. The company is located in the Petro Næringshage in Sandnessjøen, Norway, a central key location for services to several oil and gas fields in the Norwegian Sea.

Aker Solutions Selected as Contractor for Brunei

Aker Solutions helps extend the life of the fields offshore Brunei. Aker Solutions has been selected as the management contractor for Brunei Shell Petroleum Co Sdn Bhd's (BSP) offshore construction and maintenance services. The contract runs for five years and has an estimated value of over NOK 2.3 billion. As the management contractor Aker Solutions will be responsible for managing the construction and maintenance work for BSP's offshore assets, and transferring competence to enable local businesses to gradually assume responsibility for the work. "This is another very important contract for Aker Solutions in South East Asia and a strategic development for our maintenanceā€¦

Aker Solutions Sells Remaining Ownership in Lewek Connector

AMC Connector AS, a joint venture between Aker Solutions and Emas Offshore Limited, has agreed to sell subsea construction and cable-lay vessel Lewek Connector (previously called AMC Connector) to Ocean Yield AS. 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 Solutionsā€¦

Aker Solutions Power Cable Installation Contract

Aker Solution' marine operations unit has entered into a long-term agreement with ABB regarding installation of power cables and related services. ABB will charter one of Aker Solutions' new vessels for installation campaigns during 2012 and 2013. Aker Solutions estimates that this can generate revenues up to $82.3m. The agreement also includes options for further campaigns in the period 2014 - 2016. Key deliverables from Aker Soutions will in addition to the vessel include project management, engineering and offshore execution. The vessel is a state-of-the-art installation vessel uniquely equipped to install long, heavy power cables and subsea umbilicals. It is one of Aker Solutions' vessels already under construction.

Aker Solutions Secures Contract with Perenco UK

Aker Solutions has secured a three year contract extension worth £18million (GBP) to provide onshore and offshore operations and maintenance services to Perenco UK. The agreement includes provision of operations, maintenance and technical support personnel for Perenco at its on and offshore assets in the southern North Sea. More than 80 Aker Solutions employees are currently involved in delivering work for Perenco UK with the majority based offshore. The contract is valid for three (3) years, with an optional two (2) year extension.

BP Extends Contract With Aker Solutions

BP has decided to extend the maintenance and modification contract with Aker Solutions, exercising a one year option in the existing agreement for the Ula, Valhall, Hod and Tambar fields. Work under the new option will last until April 2012. The contract value is estimated to be NOK 2-300 MNOK. The original maintenance and modification contract was signed in 2005. "We are very pleased that BP again demonstrates their trust in Aker Solutions. We look forward to continue our long term cooperation with BP"ā€¦

Aker Solutions to Lease 31,100 sq.m Aberdeen Office

David Currie: Photo Aker Solutions

"This move is a long-term investment for us and underlines our commitment to Aberdeen and our customers in the area," said David Currie, Aker Solutions' regional head in the UK. Aker Solutions explains that the facility is under development and will consist of three interconnected buildings in the Aberdeen International Business Park on Dyce Drive, the main route between Aberdeen's city center and international airport. The complex will total about 31,100 square meters (334,713 square feet) of office space and related facilitiesā€¦

StatoilHydro and Aker Solutions Sign Agreement

Aker Solutions has signed a letter of intent with StatoilHydro to enter into a frame agreement for the delivery of drilling equipment and related operational services.   The agreement will put Aker Solutions among the preferred suppliers of drilling equipment and operational services to StatoilHydro operated fields. The agreement for the delivery of Aker Solutions drilling equipment is awarded for a three year period with an optional period of two (2) x two (2) years. The agreement for operational services will run for five years with an optional period of two (2) x five (5) years. The contract between StatoilHydro and Aker Solutions is expected to be signed and made effective mid October 2008. The contract party is Aker Solutions subsidiary Aker MH AS.  

Aker Solutions Wins Jack-up Drilling Contract

Aker Solutions has won a contract from Yantai CIMC Raffles Offshore Ltd to supply a complete drilling equipment package for a new jack-up drilling rig, being built by the Chinese yard. The contract value is undisclosed. The new rig is of the 2000E jack-up design, and the contract includes options for a further three jack-up rigs of the same design. "We are pleased to see Aker Solutions' competitive position in the jack-up market, which we expect to be active in the future," says Thor Arne Håverstad, head of drilling technologies in Aker Solutions. The equipment will be delivered in 2013.

Aker Solutions Wins Kristin LPP Modification Contract

Aker Solutions has won a contract to build and install a new compressor module on the Statoil-operated Kristin platform in the Norwegian Sea. The contract value is approximately $151m. The purpose of the modification is to increase recovery from the field and accelerate production by adapting the platform to changes in reservoir pressure. Work starts immediately, with a scheduled delivery in Q1 2014. "We are very pleased to win the Kristin LPP contract. This project is in line with our strategy to be the preferred life-of-field partner through assisting our customers in executing their increased recovery projects," said president for maintenance, modifications and operations in Aker Solutions, Stian Vemmestad.

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