Aker Solutions Nabs Additional 30% Share in Subsea Service Company

Aker Solutions ASA has acquired an additional 30% share in Aker Marine Contractors from Taubatkompaniet AS. Taubatkompaniet AS' remaining 10% share in Aker Marine Contractors has been acquired by Aker Capital AS. After these transactions Aker Solutions ASA holds 90% of the shares in Aker Marine Contractors, while Aker Capital AS holds 10% of the shares. Aker Solutions ASA expects to acquire the remaining 10% shares held by Aker Capital AS when formalities related to waivers from the participants in Aker Solutions' bank syndicate are in place.

"This acquisition reflects our long term strategy to expand our foothold and further strengthen our position across the value chain of marine operations and oilfield services," commented Mads Andersen, Executive Vice President of Aker Solutions.

The transactions value Taubatkompaniet AS' previous shareholding in Aker Marine Contractors to NOK 740 million.

Aker Marine Contractors also has entered into a 5-year charter with options with Taubatkompaniet AS, for the vessel BOA Deep C. Aker Marine Contractors has had full marketing control of BOA Deep C since 2004 and since its introduction the vessel has seen almost full utilization.

In Position for Further Growth

Aker Marine Contractors is an international provider of marine operations and installation services to the oil and gas industry within its four main services areas:

  • Floatover
  • Subsea construction
  • Mooring and floater installation
  • Removal

Services offered include concept development, detail engineering, procurement, fabrication and the performance of marine operations, subsea installation and removal activities.

The two state-of-the-art deepwater construction vessels BOA Deep C and BOA Sub C are chartered by Aker Marine Contractors.

Aker Marine Contractors has a proud and unique heritage, having successfully executed the most complex projects around the world over the last 35 years. Aker Marine Contractors handled the largest structure ever moved on the surface of the earth, undertook the longest tow of a fixed platform, pioneered offshore floatover of large topsides and installed subsea equipment at the world's northernmost field.

Glitnir Securities has been Aker Solutions' advisor in connection with the transaction.



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