Aker Kvaener Increases Ownership in Indian Engineering Company

Aker Kvaerner increases its ownership in the Indian engineering company Aker Kvaerner Powergas and becomes the majority owner with 64 per cent of the shares. Aker Kvaerner will increase the use of nearly 1000 highly trained engineers in Powergas in projects around the world. Aker Kvaerner Powergas has for many years delivered solid profit, and access to skilled engineers is strategically important in an international job market straining for technical specialist. 13 Feb 06

Aker Kvaerner became a shareholder in the engineering consultancy company Aker Kvaerner Powergas in Mumbai, India, in 1976. Since then, Aker Kvaerner has gradually increased its position up to 48.9 per cent of the shares, and will now increase this further to 64 per cent ownership.

"We are confident that this will continue to be a profitable financial investment, but even more important is the strategic importance," says Inge K. Hansen, president and CEO of Aker Kvaerner ASA.

"For many years, the engineers from Powergas have been important parts of our projects world wide. Access to skilled engineers with relevant experience is key in the competition for and execution of new projects," concludes Hansen.

In addition to Aker Kvaerner, the other major shareholders are the four employee benefit trusts.

"Over the last few years, participation in projects together with the various Aker Kvaerner companies have counted for 20 per cent of our capacity, but we now see exciting opportunities for expanding this cooperation," says Dr. Rama Iyer, chairman of the board of Aker Kvaerner Powergas.

Aker Kvaerner Powergas is involved in both oil and gas projects as well as projects for the onshore based process industries. The company will be a subsidiary of Aker Kvaerner's Houston-based business area Oil, Gas, Process and Energy, OGPE.