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Aker Solutions
Aker Solutions ASA, a Norwegian oil services company based in Oslo,
Aker Solutions ASA
provides oilfield products, systems and services worldwide for customers in
the oil and gas industry. The company, founded in 1841, was known as Aker
Kværner until 2008. Type Allmennaksjeselskap
Aker Kværner (OSE: AKVER) was founded in 2004 from the major Traded as OSE: AKSO (https://ww
restructuring of a complex "Aker Kværner" business unit, formed originally
w.oslobors.no/ob_eng/
markedsaktivitet/stock
in 2002 by the merger of Aker Maritime and Kværner Oil & Gas. On April 3,
Overview?newt__ticker
2008, Aker Kværner was renamed Aker Solutions, partly due to the difficulty
=AKSO)
that most non-Scandinavians found in pronouncing "Kværner".
Industry Oilfield services
The company was majority controlled by Aker ASA until 2007. Then, via a Subsea (technology)
major ownership restructuring on June 22, 2007, Aker ASA completely gave
Engineering
up its holding in Aker Solutions, and transferred a 40% stake to Aker Predecessor Aker Mechanical
Holding,[2] which in turn was owned by Aker ASA (60%), the Norwegian Workshop
(1841)
Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor AB
Kvaerner Brug
(2.5%).[3]
(1853)
As of 2012 the company employs approximately 28,500 people in more than Trafalgar House
(1996)
30 countries[1] with annual revenues of approximately NOK 44.9 billion.[1]
Aker Kvaerner
(2004-2008)
Founded 2008
(2002). (http://www.akersolutio
ns.com/)
Timeline
1841: Aker established its first mechanical workshop along the Aker river in Oslo called Aker Mechanical Workshop
1853: Kvaerner Brug was founded in Oslo.
1922: Kvaerner Brug began cooperation with Myrens Verksted
1943: Kvaerner and Myren jointly acquired the majority shareholding in Thunes Mekaniske Verksted.
1960: Kvaerner Brug's President, Kjell Langballe, was appointed President of all companies within the 'Kvaerner
Group'
1967: Joint holding company Kvaerner Industries AS was established in December that year, and listed on the Oslo
Stock Exchange. The Kvaerner Group comprised 10 Norwegian companies with 3,200 employees and operating
revenues of NOK 385 million. It entered the offshore oil and gas market from its base in Oslo through Kvaerner
Engineering, which was established as an engineering and contracting company in the late 1960s.
1978: Offshore construction work started at Kvaerner Egersund and during this period the shipyard in Stavanger
was converted into an offshore fabrication facility.
1996: Kvaerner sought to strengthen its engineering base internationally through the acquisition of the UK-based
conglomerate, Trafalgar House and became an international player in shipbuilding, oil and gas, pulp and paper and
engineering and construction. It moved its international headquarters to London.
1998: Kvaerner's pulp and paper became a core business area in its own right
1999: The company initiated a major sell-off, focusing on realising capital through divestments. These efforts did not
solve the mounting financial and operational challenges, which eventually brought the company into an acute
liquidity crisis in August 2001.
2000: In July of that year, Aker Maritime ASA, a Norway-based offshore products, technology and services provider,
bought a 26 per cent of the shares in Kvaerner ASA.
2001: In November of that year, an agreement was reached between Aker Maritime ASA and Kvaerner ASA. Aker
Maritime injected NOK 2.8 bn in net assets, raised another NOK 3.5 bn through two direct issues and renegotiated
NOK 8.6 bn of Kvaerner's debt.
2002: The Group decided to adopt the Aker Kvaerner brand for the entire Group.
In 2006, the company's paper/pulp and power businesses were sold to Finnish-based Metso in a deal worth €335 million.[6]
On 7 June 2007, an agreement was announced where a 40.1% stake of the company would be sold from Aker ASA to Aker
Holding.[2] The new company would be owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%),
SAAB (7.5%) and Investor (2.5%).[3][7]
However, on May 6, 2011, the Kværner name re-emerged when Aker Solutions' EPC (engineering, procurement and
construction) division was rebadged, with the resulting new company being spun off and listed on Oslo Stock Exchange in
2011/Q3. Aker Solutions' holding company – Aker Holdings AS – was also renamed to Aker Kværner Holding AS owning
around 40% of Kværner ASA. Aker ASA took over the 10% stake owned by Saab and Investor AB, raising its stake in Aker
Kværner Holding AS to 70%.
In 2014, Aker Solutions was further divided to two companies, Aker Solutions and Akastor, then in August Aker Solutions
leased the entire first phase of the new Aberdeen International Business Park[8] as part of a consolidation and strengthening
of its oilfield services in and around Aberdeen, Scotland.
However, on February 18, 2015, the company announced the loss of around 300 jobs in Norway as a response to falling oil
prices and the decline in demand for drilling services.[9]
See also
Sea Launch
List of companies
References
1. http://www.akersolutions.com/Documents/Investors/Annual%20reports/AkerSolutions_AnnualReport_2012_interactive.pdf
2. "Ownership of Aker Solutions" (http://www.akersolutions.com/en/Global-menu/Investors/The-share/major-
shareholders/). Retrieved 26 July 2012.
3. "Strategic ownership of Aker Kvaerner to be established" (http://www.akersolutions.com/Documents/PressReleaseFiles/
070622PREAkerHoldingpressrelease1.doc) (Press release). Retrieved 26 July 2012.
4. "Aker Kvaerner successfully listed" (http://www.akersolutions.com/en/Global-menu/Media/Press-Releases/All/2004/Aker
-Kvaerner-successfully-listed/) (Press release). Retrieved 26 July 2012.
5. Dagens Næringsliv (2006-12-27). "20 minutter unna konkurs" (http://www.dn.no/forsiden/naringsliv/article968187.ece).
6. Kati Renvall (2006-08-02). "Metso to acquire Aker Kvaerner's Pulping and Power business" (https://web.archive.org/we
b/20110927183819/http://www.metso.com/News/newsdocuments.nsf/Web2NewsDoc/801DD9F1D5C958FCC225710F0
036D075?OpenDocument&ch=ChMetsoPaperWebEng). Metso. Archived from the original (http://www.metso.com/New
s/newsdocuments.nsf/Web2NewsDoc/801DD9F1D5C958FCC225710F0036D075?OpenDocument&ch=ChMetsoPaper
WebEng) on 27 September 2011.
7. Norwegian Ministry of Trade and Industry (2007-06-22). "The Norwegian Government contributes to long-term strategic
ownership of Aker Kværner" (http://www.regjeringen.no/en/dep/nhd/Press-Centre/Press-releases/2007/The-Norwegian-
Government-contributes-to-.html?id=473400) (Press release).
8. http://www.bbc.co.uk/news/uk-scotland-scotland-business-28755287
9. "Aker Solutions cuts 300 Norway jobs" (http://petroglobalnews.com/2015/02/aker-solutions-cuts-300-norway-jobs/).
Petro Global News. Retrieved 19 February 2015.
External links
Official website (http://www.akersolutions.com)
https://en.wikipedia.org/wiki/Aker_Solutions 3/4
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