Coordinates: 59°53′50.46″N 10°37′39.

98″E

Aker Solutions
Aker Solutions ASA, a global engineering company based in
Aker Solutions ASA
Oslo, provides the products, systems and services required to
unlock energy from sources such as oil, gas and offshore wind.
The company, founded in 1841, was known as Aker Kværner
Type Allmennaksjeselskap
until 2008.
Traded as OSE: AKSO (https://www.oslobor
Aker Kværner (OSE: AKVER) was founded in 2004 from the s.no/ob_eng/markedsaktivitet/stoc
major restructuring of a complex "Aker Kværner" business unit, kOverview?newt__ticker=AKSO)
formed originally in 2002 by the merger of Aker Maritime and Industry Oilfield services Subsea
Kværner Oil & Gas. On April 3, 2008, Aker Kværner was (technology) Engineering
renamed Aker Solutions, partly due to the difficulty that most Predecessor Aker Mechanical Workshop (1841)
non-Scandinavians found in pronouncing "Kværner".
Founded Aker Solutions (2008)
In 2007, the company was identified by Amnesty International Aker Kværner (2004)
as an accessory to torture and other human rights abuses for its Kværner Brug (1853)
collaboration in constructing and maintaining the US detention Aker Mechanical Workshop (1841)
camp at Guantanamo Bay. Aker Kværner first broke ground at
Headquarters Fornebu, Norway
the site in 1993 and continued contract work with the US
Area served Worldwide
Department of Defense until 2006.[3] The company was
majority controlled by Aker ASA until 2007. Then, via a major
Key people Øyvind Eriksen (Chairman)
ownership restructuring on June 22, 2007, Aker ASA Luis Araujo (CEO)
completely gave up its holding in Aker Solutions, and Svein Stoknes (CFO)
transferred a 40% stake to Aker Holding,[2] which in turn was Revenue NOK 22,461 million (2017) [1]
owned by Aker ASA (60%), the Norwegian Ministry of Trade
Operating NOK 571 million (2017)[1]
and Industry (30%), SAAB (7.5%) and Investor AB (2.5%).[4] income
Total assets NOK 19,736 million (2017)[1]
Owner Aker Kværner Holding AS
Contents (40.56%), as of 2017[2]

History Number of 13,796[1]

Evolution of Aker Kvaerner: 1841 to 2002 employees
Aker Kværner, and transition to Aker Solutions: 2002
Website www.akersolutions.com (http://ww
to 2008
w.akersolutions.com/)
Aker Solutions: 2008 to present
See also
References
External links

History
Aker Solutions is a result of mergers between several Norwegian companies during the 20th century.
Evolution of Aker Kvaerner: 1841 to 2002
The timeline below summarizes the main events leading to the foundation of Aker Kvaerner—from its origins as Aker
Mechanical Workshop (1841)—until the merger of Aker Maritime with Kværner Oil & Gas to form Aker Kvaerner (2002).

Timeline

1841: Aker established its first mechanical workshop along the Aker river in Oslo called Aker Mechanical
Workshop
1853: Kværner Brug was founded in Oslo.
1922: Kværner Brug began cooperation with Myrens Verksted
1943: Kværner and Myren jointly acquired the majority shareholding in Thunes Mekaniske Verksted.
1960: Kværner Brug's President, Kjell Langballe, was appointed President of all companies within the 'Kværner
Group'
1967: Joint holding company Kværner Industries AS was established in December that year, and listed on the
Oslo Stock Exchange. The Kværner 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
Kværner Engineering, which was established as an engineering and contracting company in the late 1960s.
1978: Offshore construction work started at Kværner Egersund and during this period the shipyard in Stavanger
was converted into an offshore fabrication facility.
1993: Construction work began at the Guantanamo Bay detention camp through its jointly owned subsidiary,
Kværner Process Services Inc. (KPSI), initiating a business partnership with the US Department of Defense that
would last until 2006.[3]
1996: Kværner 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: Kværner'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 Kværner ASA.
2001: In November of that year, an agreement was reached between Aker Maritime ASA and Kværner 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 Kværner's debt.
2002: The Group decided to adopt the Aker Kvaerner brand for the entire Group.

Aker Kværner, and transition to Aker Solutions: 2002 to 2008

Aker Kværner was the result of a merger of Aker Maritime and Kværner Oil &
Gas in 2002, and a major restructuring of the Aker Kværner business unit in
Logo of Aker Kværner prior to
2004.
company renaming.
Earlier in 2003, the group structure of Aker Kværner was split into six business
areas; Field Development Europe, MMO Europe, Subsea & Oilfield Products,
Oil, Gas & Process International, E&C Europe and E&C Americas. A need arose in 2004 to simplify a rather complex
group structure which led to the formation of two focused industrial groups: Aker Kværner, specialists within Oil, Gas,
Energy and Process; and Aker Yards, specialist shipbuilders. In addition, Aker Kværner became a minor shareholder in
the Finnish engineering company Aker Arctic in 2004. The new Aker Kvaerner started trading on Oslo Stock Exchange
under ticker symbol 'AKVER' on 2 April 2004.[5][6]

In 2006, the company's paper/pulp and power businesses were sold to Finnish-based Metso in a deal worth €335
million.[7] 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%).[4][8]

In 2007, the company was identified by Amnesty International as an accessory to torture and other human rights abuses
for its collaboration in constructing and maintaining the US detention camp at Guantanamo Bay.[3]

Aker Solutions: 2008 to present

During the AGM held on April 3, 2008, Aker Kværner announced that it was rebranding as Aker Solutions, referencing
the connection with Aker's businesses heritage, but also recognizing that non-Scandinavians find the name Kværner
difficult to pronounce. The new company trades under the symbol 'AKSO' on the Oslo stock exchange.

Between April 2010 and June 2010, the company was awarded three contracts by Noble Energy to supply steel tube
umbilicals, a complete mono-ethylene glycol (MEG) reclamation unit, and subsea control equipment for the construction
of offshore oil platforms in the Tamar gas field in Israel. Together, the contracts were worth NOK 1.1 billion.[9]

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[10] 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.[11]

See also
Sea Launch
List of companies

References
1. "2017 Annual Report" (https://akersolutions.com/globalassets/huginreport/2017/annual-report-2017.pdf) (PDF).
Akersolutions.com. Retrieved 4 January 2019.
2. "Ownership of Aker Solutions" (http://www.akersolutions.com/en/Global-menu/Investors/The-share/major-shareholder
s/). Retrieved 26 July 2012.
3. "Aker Kværner har medvirket til tortur på Guantànamo" (https://www.amnesty.no/aktuelt/flere-nyheter/arkiv-nyheter/ak
er-kv%C3%A6rner-har-medvirket-til-tortur-p%C3%A5-guant%C3%A1namo) [Aker Kværner Contributed to Torture at
Guantanamo] (in Norwegian). Amnesty International. 10 January 2007. Retrieved 24 October 2018.
4. "Strategic ownership of Aker Kvaerner to be established" (http://www.akersolutions.com/Documents/PressReleaseFil
es/070622PREAkerHoldingpressrelease1.doc) (Press release). Retrieved 26 July 2012.
5. "Aker Kvaerner successfully listed" (http://www.akersolutions.com/en/Global-menu/Media/Press-Releases/All/2004/Ak
er-Kvaerner-successfully-listed/) (Press release). Retrieved 26 July 2012.
6. Dagens Næringsliv (2006-12-27). "20 minutter unna konkurs"
(http://www.dn.no/forsiden/naringsliv/article968187.ece).
 7. Kati Renvall (2006-08-02). "Metso to acquire Aker Kvaerner's Pulping and Power business" (https://web.archive.org/w
eb/20110927183819/http://www.metso.com/News/newsdocuments.nsf/Web2NewsDoc/801DD9F1D5C958FCC22571
0F0036D075?OpenDocument&ch=ChMetsoPaperWebEng). Metso. Archived from the original (http://www.metso.co
m/News/newsdocuments.nsf/Web2NewsDoc/801DD9F1D5C958FCC225710F0036D075?OpenDocument&ch=ChMet
soPaperWebEng) on 27 September 2011.
8. 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).
9. "Tamar Natural Gas Field" (https://www.offshore-technology.com/projects/tamar-field/). Verdict Media. Retrieved
24 October 2018.
10. "Oil firm signs major office lease" (https://www.bbc.com/news/uk-scotland-scotland-business-28755287). Bbc.co.uk.
12 August 2014. Retrieved 4 January 2019.
11. "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)
2017 Annual Report (https://akersolutions.com/globalassets/huginreport/2017/annual-report-2017.pdf)

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This page was last edited on 6 February 2019, at 11:12 (UTC).

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