Aker Kvaerner Buys Finnish RR Offshore, Ends ST Holdings Partnership

Aker Kvaerner has entered into an agreement which gives full ownership of Finnish RR Offshore and ends the co-operation between Aker Kvaerner and its former Russian partner ST Holdings. As part of the agreement, Aker Kvaerner sells its shares in the Astrakhan Korabel yard to ST Holding. The parties have agreed to not disclose any transaction values.

RR Offshore OY is a Finnish engineering and project management company with considerable experience in Russia and the North Caspian region. From before, Aker Kvaerner owned 26% of the shares in the company.

Aker Kvaerner is actively positioning itself for future projects in Russia and the Caspian region. The acquisition of the remaining shares in RR Offshore will support the execution of Aker Kvaerner's strategy and further build on our Russian activities. The intention is to develop our business in the region to the benefit of all parties, says Paal Helsing, executive vice president of Aker Kvaerner's business area Field Development.

Simultaneously with the acquisition of the RR Offshore shares, Aker Kvaerner has also reached an agreement with its former business partner ST Holding, where Aker Kvaerner sells its shares in the Astrakhan Korabel yard at the Caspian Sea to ST Holding. This transaction will settle the yard's ownership structure.

We are confident about the continued development of the North Caspian Sea and we intend to strengthen our presence there. This will benefit not only Aker Kvaerner, but also the local communities, local business partners and has the potential for the creation of new employment opportunities in the region, Helsing says.

Aker Kvaerner is well positioned in the Russian- and Caspian market and has a good track record in the region. Aker Kvaerner is currently holding a large contract (EPC) on construction of seven modules to the Kashagan field. One is delivered, five are produced in Norway and one will be delivered from Korabel according to plan. Aker Kværner is also mobilising for the next phase and pursuing market opportunities on the Kashagan field.