Aker Kvaerner Forms FPSO Entity

Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA have established a new company, Aker Borgestad Operations AS, that will operate the floating production storage and offloading (FPSO) units owned by Aker Floating Production.

The business model reportedly will allow Aker Floating Production to remain focused on developing business using the leverage of Aker Kvaerner and Borgestad, whose core businesses each include the operation of assets.

Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 percent of the shares in Aker Borgestad Operations. Aker Floating Production ASA and Aker Yards ASA will own 5 percent each.

To date, Aker Floating Production has acquired three tankers that will be converted to FPSOs. The company plans to develop and own at least four such vessels. It has selected the jointly established company as its partner to undertake the responsibility for the operation of the vessels.

Aker Borgestadís parent companies have extensive experience related to oil and gas processing; marine operations; optimization; and health, safety, and environment) issues. These areas will form the basis for the operations services to Aker Floating Production.

"By combining the competence of Aker Kvaerner and Borgestad in this new venture, our Smart FPSOs will have access to premier expertise within both process technology and marine operations,Ē says Svein Olsen, Aker Floating Productionís president and CEO. The new company will be established in Brevik on Norway's southeastern coast. "This region is well-known for its long industrial and marine tradition, which represents a strong basis for recruitment of key resources," adds Olsen.

Gard Madsen from Borgestad has been appointed Aker Borgestadís managing director.

Aker Kvaerner Operations was established in 2003 to provide operational competence and resources to offshore operators. Provision of operational services on FPSOs is a natural and important development for Aker Kvaerner Operations, and it will extend the companyís market and customer base.

Aktieselskabet Borgestad ASA, shipping activity is focused on technical management of open-hatch bulk carriers. The company has technical management of 11 vessels.

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