Finland: A Hot-Bed of ICEBREAKER Technology
Finland is a traditional marine tech hub, with almost 90 company members in the Finnish Maritime Industries association. While the country has a storied maritime history across many sectors, based on geographic locale, it’s Arctic and ice marine technology is second to none, and it’s hoping the U.S. Coast Guard is taking notice.The Finnish maritime industry is hoping to get involved in developing the new icebreakers for the U.S. Coast Guard polar icebreaker program. Ulla Lainio…
Statoil Inks Subsea pacts with Duo
Statoil Petroleum AS has signed Master Service Agreements with Aker Solutions ASA and OneSubsea Processing AS. The agreements signed form the basis for potential new EPC contracts (engineering, procurement and construction) for subsea equipment in the medium term future. An EPC option agreement for subsea production system (SPS) has also been signed with OneSubsea, including framework agreements for subsea operations services and subsea add-ons. Last year Statoil also signed a…
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.
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…
Companies Offered 6% Share of Aker Solutions
Aker ASA has engaged ABG Sundal Collier Norge ASA and Arctic Securities ASA to explore the opportunity to acquire approximately 16.5 million shares (roughly 6% of the share capital) in Aker Solutions ASA, but with the possibility for Aker ASA at its full discretion to increase or decrease the number of shares to be acquired. The offer is carried out through a book building process. The managers will gather and accumulate sales orders from existing shareholders. All existing shareholders are invited to offer shares at a price level defined by the selling shareholder.
Statoil Extends Aker Maintenance ContractTwo Years
Aker Solutions ASA secured a two-year option agreement extension valued at NOK 3 billion from Statoil ASA to provide maintenance and modifications work offshore Norway. The option is part of a 2010 framework agreement to provide maintenance and modifications work on the Statoil-operated offshore installations Snorre A/B, Gullfaks A/B/C, Visund and Åsgard A/B. The agreement was for an initial four years with extension options for a total of four years. The extension is from August 2014 to August 2016. The contract includes engineering, procurement, construction and installation (EPCI) modification work, as well as corrective maintenance and studies.
Aker Solutions' Subsea Business Does Best in Q3 2013
Aker Solutions ASA publish their third-quarter results 2013 showing a fairly even performance in the group's sectors, but in subsea widening its profit margin to 10.9 percent from 8.7 percent a year earlier. Sales were NOK 10.9 billion in the third quarter of 2013, compared with NOK 11.2 in the third quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1.07 billion in the quarter, compared with NOK 1.12 billion in the year-earlier period. The EBITDA margin was 9.8 percent in the quarter, compared with 10.1 percent a year earlier.
Aker Sees Robust Demand Following Q2 2013 Slip
Aker Solutions generated revenue of NOK 11.9 billion in the second quarter of 2013, compared with NOK 11.9 billion in the second quarter of 2012. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 946 million in the quarter, compared with NOK 1.36 billion in the year-earlier period. The EBITDA margin was 7.9 percent in the quarter, compared with 11.4 percent a year earlier. Earnings per share (EPS) were NOK 0.44 in the quarter, down from NOK 2.50 a year earlier. The order intake was NOK 10.9 billion in the quarter, compared with NOK 12 billion a year earlier. The prior-year figure excludes a Category B rig contract of NOK 11 billion that was cancelled in June. The order backlog was NOK 59.8 billion at the end of the quarter.
Aker and Statoil Cancel Cat B Contract
Aker Solutions ASA and Statoil ASA have cancelled a contract for delivery of a semi-submersible rig capable of year-round well-intervention services on the Norwegian continental shelf. The companies in April 2012 agreed Aker Solutions would build the Category B (Cat B) rig and use it to provide Statoil with a range of well-intervention and drilling services for an initial eight years, starting in 2015. The technology development needed to build the rig has since proven to be considerably more demanding than initially anticipated and the parties on June 24 mutually agreed to terminate the contract with immediate effect. "Aker Solutions and Statoil have together concluded that the project can't be realized within the framework of the contract…
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.
Aker Solutions Slow Out of the Blocks
"The slow start to 2013 is truly disappointing," says Øyvind Eriksen, Executive Chairman of Aker Solutions ASA. Aker Solutions decided to disclose preliminary information on its financial performance in the first three months of 2013 as the results so far considerably lag current consensus market estimates. Aker Solutions expects to report revenue of NOK 11.1 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) of NOK 868 million for the first quarter of 2013. The earnings were impacted by increased costs at the Ekofisk Zulu platform project as work was accelerated to ensure the platform will be transported from the Egersund yard to the Ekofisk field in mid-June and start producing oil by October 2013.
MAN & Statoil Sign Turbo-machinery Agreements
MAN Diesel & Turbo, Switzerland, signs to provide Norway's Statoil with new subsea compressor equipment & maintenance services. The Zurich-based MAN Diesel & Turbo Schweiz AG and Statoil have followed a joint subsea compressor qualification programme since 2005. In early 2011 Aker Solutions ASA, Statoil’s main contractor for the Asgard subsea project, awarded a contract to MAN to build the world's first subsea compressors for gas production on the sea floor. "The currently signed framework agreement is another milestone in our partnership with Statoil," said Dr. Uwe Lauber, CEO of MAN Diesel & Turbo Schweiz AG and Head of the Oil & Gas Business Unit. "The previous joint development of subsea compression technology was built on trust and mutual respect.
Aker Solutions Report Solid, Not Spectacular Financial Progress
Aker Solutions ASA release fourth quarter and preliminary annual results 2012. Aker Solutions reported revenues of NOK 12.0 billion and earnings before interest, tax, depreciation and amortisation of NOK 1.2 billion in the fourth quarter of 2012. Based on the preliminary annual results, which show revenues of NOK 44.9 billion and EBITDA of NOK 4.7 billion, the Board of Directors proposes to pay a dividend of NOK 4.00 per share. "The performance in the fourth quarter can be described as solid, rather than spectacular. The first full year of operation since the restructuring of Aker Solutions has generated strong results, mainly due to favourable development in the larger business areas like Subsea, Drilling Technologies, MMO and Engineering.
Aker Solutions ASA: NPS Transaction Update
Aker Solutions has ended the process to acquire the Dubai-headquartered oil services company NPS Energy. Aker Solutions announced an agreement to buy the shares in NPS Energy on 21 May 2012. The agreement was conditional upon a series of parameters being fulfilled before the end of the closing period. The agreement stated that if the transaction had not closed by 20 November 2012, both parties had the right to terminate from 21 November 2012. Aker Solutions has today informed the seller of NPS Energy that it has terminated the agreement. "We and the seller have not been able to reach the conditions for closing as agreed, and rather than risk increasing uncertainty…
Aker Solutions ASA: Q3 2012 Results
Aker Solutions' operating revenues were NOK 11 158 million in the third quarter of 2012. Year-to-date revenues are 32 percent higher than in the first nine months of 2011. Quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1,122 million with a margin of 10.1 percent. "The quarter can be summarized in three headlines: continued stable operational performance, strong order intake and a number of breakthrough contracts," said Øyvind Eriksen, executive chairman of Aker Solutions. The order intake in the quarter was NOK 16.9 billion. Order backlog at the end of the quarter stood at NOK 59.7 billion, an increase of 44 percent from the beginning of the year.
Aker Solutions Report Growth in All Segments
Aker Solutions ASA: Second quarter results 2012. Aker Solutions' operating revenues were NOK 11.9 billion in the second quarter and NOK 21.7 billion for the first six months of 2012. The latter is 33 per cent higher that the same period in 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding non-recurring items, amounted to NOK 1 192 million with an adjusted margin of 10.0 per cent. Including non-recurring items, which includes a NOK 165 million gain related to sale of real estate, EBITDA for the quarter was at NOK 1 357 million. "We are pleased to see revenue and margin growth in almost all business segments.
Aker Solutions Reports 4Q 2011 Results
Aker Solutions ASA: Fourth quarter and preliminary annual results 2011. Aker Solutions reported an 18 percent increase in revenues and a solid operating result in the fourth quarter of 2011, reflecting strong market conditions and high activity in the oil and gas industry. Revenues in the fourth quarter of 2011 amounted to NOK 11 600 million, compared with NOK 9 794 million in the same period one year ago. Earnings before interest, tax, depreciation and amortisation continuing operations (EBITDA) rose 29.6 percent to NOK 1 047 million (NOK 808 million)…
Aker Solutions ASA: Drilling in Houston
International oil services group Aker Solutions is about to open North America's most advanced drilling equipment simulator in Houston, Texas. The simulator will be available to rig operators with the objective of making offshore drilling operations safer and more cost effective. Aker Solutions is investing USD 2.5 million in the new state-of-the-art drilling equipment simulator, which will be available 24/7 for North American based rig operators and oil companies. It will double the capacity of the current training centre located in Katy near Houston.
Kvaerner Announces Election of New Board Members
The Directors to Kvaerner's Board have been elected. From Kvaerner's first day of trading on the Oslo Stock Exchange in July 2011, the Board of Directors will consist of five shareholder-elected members as well as three members elected by Kvaerner's employees. The shareholder-elected members are Kjell Inge Røkke (chairman), Tore Torvund, Bruno Weymuller, Lone Fønss Schrøder and Vibeke Hammer Madsen. The employee-elected members are Rune Rafdal, Ståle Knoff Johansen and Bernt Harald Kilnes. Kjell Inge Røkke is an entrepreneur and industrialist, and has been a driving force in the development of Aker since the 1990s. Mr. Røkke owns 67.8 percent of Aker ASA through The Resource Group TRG AS.
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. • 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 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.