Norwegian oilfield services firm Aker Solutions reported Wednesday that it has agreed to sell its mooring and loading systems business to Cargotec for $238 million.
The business provides mooring equipment, loading and offloading systems as well as a deck machinery for the global offshore and shipping markets.
The firm plans to use the proceeds gained from the sale to develop its main business in the deepwater and subsea oil services segments, Aker Executive Chairman Øyvind Eriksen said in a company statement.
"While the mooring and loading systems unit for many years has generated healthy returns and enjoys a strong market position, it has limited synergies with the rest of the company," he added.
Aker said the unit employs about 370 people in Europe, Asia and the Americas and has its main office in Arendal, Norway. It generated revenue of $187 million and earnings before interest, tax depreciation and amortization of $31 million in 2012.
The head of the mooring and loading systems business, Leif Haukom, will continue to lead the unit after the transaction, Aker said.
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