Aker Kvaerner Acquires Engineering Company and Sells Off Shares in Russian Yard |
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Aker Kvaerner
12657 AlCosta Blvd., Suite 200
San Ramon, CA, 94583
USA
Press release date: February 13, 2008
13 February 2008 - Aker Kvaerner has entered into an agreement which gives full ownership of Finnish RR Offshore and ends the co-operation between Aker Kvaerner and it's 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 per cent 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, says Paal Helsing.
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 7 modules to the Kashagan field. One is delivered, five are produced in Norway and one will be delivered from Korabel according to plan. Aker Kvaerner is also mobilising for the next phase and pursuing market opportunities on the Kashagan field. AKER KVAERNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.
The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 24 000 people in about 30 countries.
Aker Kvaerner is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine-resources industries. The Aker companies share a common set of values and long traditions of industrial innovation. As an industrial owner with a 40.27 percent holding in Aker Kvaerner, Aker ASA takes an active role in the development of its holdings.
For further information, please contact: Media: Jannik Lindbæk, SVP Corporate Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 977 55 622
Investor relations: Lasse Torkildsen, SVP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39, Mob: +47 911 37 194
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