Aker Kvaerner Acquires Shares in RR Offshore

Aker Kvaerner has made a strategic acquisition buying a substantial part of the Finnish contractor RR Offshore OY (RRO) which is the majority owner of the OAO Astrakhan Korabel yard located in Astrakhan, Russia. The acquisition ensures Aker Kvaerner competence and yard capacity, as well as essential local content for projects in the region.

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.

Door opener for Aker Kvaerner in Russia and Kazakhstan
This transaction is securing Aker Kvaerner local content for projects executed in Russia and Kazakhstan. This is expected to improve the commercial edge for projects in the region and internationally. "This yard is of strategic importance for future projects in the Caspian Sea, Sakhalin and the Barents region", says CEO Inge K. Hansen.

Access to competence, experience and resources
In addition to provide local content for future projects, this acquisition gives access to low cost fabrication at the Korabel yard, a low cost engineering resource base and experienced project management resources for Russia and Kazakhstan. "Furthermore, the competence and experience in business development for this region possessed by RRO is a valuable addition to Aker Kvaerner's own competence", says Hansen.


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