Aker Kvaerner Acquires Phoenix Polymers

Aker Kvaerner has acquired 50 percent of Phoenix Polymers International Ltd. Phoenix develops and manufactures buoyancy and polyurethane products for the worldwide oil and gas sector and is an important supplier of floatation elements to Aker Kvaerner's deepwater marine drilling riser projects.

"The acquisition of Phoenix secures the delivery of key elements to our deepwater drilling riser technology" said Svein Haug, Senior Vice President Umbilical and Risers, Aker Kvaerner Subsea. "We believe Aker Kvaerner can help Phoenix realize their full growth potential. Phoenix has a significant growth potential and we believe that Aker Kvaerner can contribute to further expand this company."

Phoenix was established in 2003 and has its offices and manufacturing facilities in Aberdeen.

The company will continue to trade under the successful Phoenix name.