International oil service company Aker Solutions is establishing a specialised EPC company in order to further leverage the experience and expertise built up through field development projects over more than 40 years.
Today, Aker Solutions announces that the new company, previously launched under the working title “Aker Contractors”, will take the name Kvaerner, thereby continuing a proud industrial heritage since 1853. Kvaerner aims for a separate listing on the Oslo Stock Exchange in July.
The board of directors of Aker Solutions ASA yesterday decided to propose to the annual general meeting on 6 May a demerger of Aker Solutions. This move is in line with plans previously communicated by the company.
“Aker Solutions is cultivating its core businesses in separate companies. The new focused entities have a clear ambition to grow in their respective markets: Kvaerner as a specialised EPC (engineering, procurement and construction) company tailored to meet EPC market trends and client demands in the global market, and Aker Solutions as a fully-fledged provider of engineering, technologies, solutions and services for the upstream oil and gas industry,” says Aker Solutions executive chairman Øyvind Eriksen.
Aker ASA, through Aker Holding, will continue as a long-term investor in both companies.
“The Kvaerner name represents a proud history in the North Sea and international markets. I am proud to see such a powerful name reintroduced for a new EPC company with strong ambitions for growth. I look forward to being a part of writing the next chapter of the Kvaerner story. I am confident about the company’s potential for the future,” says Kjell Inge Røkke, main shareholder of Aker ASA.
“The yards at Stord and Verdal have used the Aker name for decades, and we would of course have preferred to continue this tradition. However, more important is the commitment expressed by Aker ASA and its main shareholder, Mr Kjell Inge Røkke, to continue to support and invest in our business. We look forward to build a successful company together with management and owners,” says Atle Teigland, group union convenor and member of the board of Aker Solutions.
The origins of Kvaerner dates back to Kværner Brug which was founded in Oslo in 1853. The company was first listed on the Oslo Stock Exchange in 1967. The Kvaerner group entered the offshore oil and gas market in the late 1960s, from its base in Oslo and the engineering and contracting company Kvaerner Engineering.
Kvaerner started offshore construction work in the late 1970s and moved later into onshore engineering and construction business. In the 2000s, Kvaerner merged with Aker, later forming Aker Kvaerner. In 2008, Aker Kvaerner adopted the name Aker Solutions. Today, Aker Solutions re-introduces the Kvaerner name by establishing a new EPC company.
Kvaerner is recognised by key customers and potential employees in markets all over the world, both within the onshore and offshore oil & gas industry, and in other industries with large EPC projects.
For further information, please contact:
Geir Arne Drangeid, EVP Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 913 10 458
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194
Aker Solutions ASA, through its subsidiaries and affiliates (“Aker Solutions”), is a leading global oil services company that provides engineering and construction services, technologies, product solutions and field-life solutions for the oil and gas industry. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.
Aker Solutions’ parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 46 billion and employs approximately 20 000 people in about 26 countries.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.