Aker Solutions

This article appears to be written like an advertisement. Please help improve it by rewriting promotional content from a neutral point of view and removing any inappropriate external links. (April 2011)

This article appears to contain a large number of buzzwords. Specific concerns can be found on the talk page. Please help improve this article if you can. (July 2011)

Aker Solutions ASA

Type	Allmennaksjeselskap
Traded as	OSE: AKSO
Industry	Engineering and construction
Founded	2004 (1841)
Headquarters	Oslo, Norway
Key people	Øyvind Eriksen (Executive chairman), Leif Borge (President and CFO)
Revenue	NOK 36.47 billion (2011)[1]
Operating income	NOK 3.445 billion (2011)[1]
Profit	NOK 1.591 billion (2011)[1]
Total assets	NOK 34.11 billion (end 2011)[1]
Total equity	NOK 11.32 billion (end 2011)[1]
Employees	18,450 (FTE, end 2011)[1]
Website	www.akersolutions.com

Aker Solutions ASA is a Norwegian oil services company that offers engineering, construction, maintenance, modification and operation services for new and existing oil and gas fields. The company, with roots back to 1841, has its headquarters in Oslo and is listed on Oslo Stock Exchange. Until 3 April 2008, the company was named Aker Kværner.

The company was created in 2004 as a merger between Aker Maritime and Kværner Oil & Gas in 2002. It was controlled by the Aker Group until 2007, when a 40% stake was sold to Aker Holding, which is owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB and Investor AB.

Operations

Aker Solutions sells products and services that range from oil exploration, through development of new fields and platforms, to services aimed at prolonging the life of existing fields. It has annual revenues of approximately NOK 36.5 billion and directly employ approximately 23 500 people in around 30 countries. The main offerings include:

Engineering and MMO

Aker Solutions is a global provider of engineering services for new builds, as well as maintenance and modification of existing facilities in the upstream oil and gas industry. The company's offering ranges from concept and feasibility studies, front-end design and detailed engineering for new oil and gas production facilities offshore. The MMO (maintenance, modifications and operations) unit also has the capacity to deliver so-called 'turnkey' installations from its yard in Egersund, on the south west coast of Norway.

Drilling technologies

Aker Solutions delivers complete drilling equipment and systems, including drilling risers, which are produced at the company's manufacturing sites in Malaysia and Brazil. It is one of the world's two leading suppliers of offshore drilling equipment (the other being National Oilwell Varco of the US).

Process systems

Aker Solutions delivers a wide range of wellstream processing technologies, which help treat and transform the oil and gas from their natural state in the reservoir to prodcuts that can be marketed and sold by the major oil companies. The treatments include a range of separation technologies (separating oil, gas, water and solids such as salt and sand).

Mooring and loading systems

The company delivers products such as fairleads and anchor winches used in the mooring of ships, floating platforms and drilling rigs, and complete systems for loading and offloading of oil and gas between oil producing platforms and big tank vessels.

Subsea

The company provides subsea and sub-surface products and services for oil companies. The offerings range from design, through manufacturing and commissioning to maintenance services.

Well intervention services

Aker Solutions delivers products and services that help clean up wells, which improves the flow of hydrocarbons to the surface, thereby making the field more efficient and profitable. On July 4, 2008, Aker Qserv entered into an agreement with Aker Solutions to become a wholly owned subsidiary of Aker Well Service AS. Aker Qserv is headquartered in Aberdeen and has facilities in the UK, Asia and West Africa. Aker Qserv is a leader in the provision of well intervention services in the North Sea with an international presence.

History

Logo of Aker Kværner prior to company renaming.

Aker Kværner is the result of a merger of Aker Maritime and Kværner Oil & Gas in 2002, and later a restructuring resulting in the listing of Aker Kværner on 2 April 2004.^[2] In 2006, the company's paper pulping and power businesses were sold to Finnish-based Metso in a deal worth €335 million.^[3] On 7 June 2007, an agreement was announced where a 40.1% stake of the company would be sold from Aker ASA to Aker Holding. The new company would be owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor (2.5%).^[4] In 2011, the company changed name to Aker Kværner Holding AS, to reflect that Kværner ASA was spun off from Aker Solutions and listed as a separate company. Aker Kværner Holding owns about 40% in Kværner ASA. Also in 2011, Aker ASA took over the 10% stake owned by SAAB and Investor AB, raising its holding in Aker Kværner Holding AS to 70%.

On 3 April 2008 Aker Kværner officially changed its name to Aker Solutions. This was in part due to the difficulty that most non-Norwegian people found in pronouncing "Kværner".

See also

• Sea Launch
• List of oilfield service companies

References

External links

• Official website

Coordinates: 59°53′50.46″N 10°37′39.98″E / 59.89735°N 10.6277722°E / 59.89735; 10.6277722