RRO is a Finish offshore oil and gas contractor and the majority owner with 56 percent of the shares in the Korabel yard in Astrakhan, Russia, near the Caspian Sea. Aker Kvaerner has worked together with RRO at several occasions, latest for the CGBS's at Sakhalin II. The Korabel yard is also involved in the Sakhalin II project delivering steel and piping prefabrication. The Korabel yard is a sub-contractor to Aker Kvaerner's Kashagan project doing the fabrication, outfitting and testing of one of the seven barges for the production facility on the Kashagan field.
Aker Kvaerner acquires 26 percent of the shares in RRO (43.3 percent of the voting shares), with first option to buy additional shares to get majority in 2008. The shares are acquired from ST Holding Ltd which continues to be the majority stakeholder in RRO after the transaction.
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