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Aker Solutions announces merger with Kvaerner
Norway’s Aker Solutions has announced a merger with Kværner to create an optimised supplier company that will retain the name Aker Solutions. Kjetel Digre will take up the position of Chief Executive Officer of the combined company as of 1 August 2020.
Aker Solutions intends to spin off its wind development business and carbon capture technology business as two separate companies expected to be admitted to trading on the Merkur Market on the Oslo Stock Exchange.
‘Aker Solutions has developed technology and taken strong positions in markets for offshore wind and carbon capture, utilisation and storage,’ says Øyvind Eriksen, Chairman of the pre-merger Aker Solutions. ‘However, it has become increasingly clear that these businesses represent value creation opportunities in a world transitioning to green solutions at accelerated speed and have more potential as stand-alone companies than as an integrated part of an oil service business. Renewables and green technologies have entirely different value chains, customers, investor bases and sources of funding. Capitalising and separating the offshore wind and CCUS business areas from Aker Solutions present a unique opportunity for growth and value creation.’
'The combined company will be a dedicated execution partner for delivery of complete projects for new energy production facilities, for example oil and gas production platforms or subsea systems, or offshore wind power installations,’ adds Digre.
The new merged operation will leverage industrial software and digital technology to optimise output and improve efficiencies in customer projects and operations. It will be a dedicated supplier that adds value by offering early frontend customer engagement, concept and system solutions for renewables and decarbonisation projects in offshore wind, CCUS, electrification and emerging energy segments such as hydrogen. It will utilise its global footprint in brownfield services and subsea to enter international renewables markets.
‘By combining the two companies and their complementary resources, we will be able to deliver a more complete offering to a global energy industry,’ adds Leif-Arne Langøy, Chairman of Kvaerner and the proposed new Chairman of Aker Solutions.
Aker Solutions intends to spin off its wind development business and carbon capture technology business as two separate companies expected to be admitted to trading on the Merkur Market on the Oslo Stock Exchange.
‘Aker Solutions has developed technology and taken strong positions in markets for offshore wind and carbon capture, utilisation and storage,’ says Øyvind Eriksen, Chairman of the pre-merger Aker Solutions. ‘However, it has become increasingly clear that these businesses represent value creation opportunities in a world transitioning to green solutions at accelerated speed and have more potential as stand-alone companies than as an integrated part of an oil service business. Renewables and green technologies have entirely different value chains, customers, investor bases and sources of funding. Capitalising and separating the offshore wind and CCUS business areas from Aker Solutions present a unique opportunity for growth and value creation.’
'The combined company will be a dedicated execution partner for delivery of complete projects for new energy production facilities, for example oil and gas production platforms or subsea systems, or offshore wind power installations,’ adds Digre.
The new merged operation will leverage industrial software and digital technology to optimise output and improve efficiencies in customer projects and operations. It will be a dedicated supplier that adds value by offering early frontend customer engagement, concept and system solutions for renewables and decarbonisation projects in offshore wind, CCUS, electrification and emerging energy segments such as hydrogen. It will utilise its global footprint in brownfield services and subsea to enter international renewables markets.
‘By combining the two companies and their complementary resources, we will be able to deliver a more complete offering to a global energy industry,’ adds Leif-Arne Langøy, Chairman of Kvaerner and the proposed new Chairman of Aker Solutions.
News Item details
Journal title: Petroleum Review
Countries: Norway -
Subjects: Economics, business and commerce, Oil and gas, Business management, Carbon capture and storage, Offshore wind
