Aker Solutions

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Aker Solutions ASA
Type Allmennaksjeselskap
Traded as OSE: AKSO
Industry Engineering and construction
Founded 2004
Headquarters Oslo, Norway
Key people Øyvind Eriksen (Executive chairman), Leif Borge (President and CFO)
Revenue NOK 46.27 billion (2010)[1]
Operating income NOK 2.907 billion (2010)[1]
Profit NOK 1.957 billion (2010)[1]
Total assets NOK 40.02 billion (end 2010)[1]
Total equity NOK 10.35 billion (end 2010)[1]
Employees 19,440 (FTE, end 2010)[1]
Website www.akersolutions.com

Aker Solutions ASA is a Norwegian multinational provider of services related to engineering, construction, maintenance, modification and operation of both large and small industrial facilities. 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—owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor (2.5%).

Operations

Aker Solutions delivers engineering and construction services, technology products and integrated solutions to the petroleum, natural gas, refining and petrochemicals, mining & metals and power generation industries. It has annual revenues of approximately NOK 58 billion and directly employ approximately 26 000 people in around 30 countries. Aker Solutions is part of Aker, a group of companies with activities in various sectors and markets.

Energy development and services

Aker Solutions is a global provider of turnkey engineering and construction solutions for new builds, maintenance and modifications for the upstream oil and gas industry. They deliver the full value chain from concept and feasibility studies, front-end design and detailed engineering through procurement, project management, fabrication and hook-up to installation, maintenance and modifications. They focus on developing new oil and gas production facilities offshore and on land, as well as lifecycle services for the operational phase of such installations.

Process and construction

A global provider of management, design and construction of major projects across refining, petrochemical processing and biorefinery, mining and metals, liquefied natural gas (LNG), gas- and coalfired power generation, acid plants, nuclear cleanup services and water treatment. They provide the full lifecycle of services – from initial concept through technology development, process technology application, design, procurement, construction and commissioning to operations, maintenance, modification and decommissioning.

Products and technologies

A global provider of specialised products and services to the upstream oil and gas industry, based on proprietary technology and know-how. Key deliverables include advanced drilling equipment, systems and risers, upstream processing technology and mooring systems, as well as loading and offloading technology.

Subsea

A global provider across the value chain of subsea and sub-surface technologies, solutions and services. Their offerings cover all phases of the life of field, from concept screening and design through manufacturing and commissioning to operational support and maintenance services. Their activity as a provider of subsea production systems is backed by an "extensive portfolio" of additional capabilities such as well services, marine operations including installation, and geological services. Their capabilities are available for new and existing fields either as individual products and services or as complete EPCI deliveries.

Well Services

On July 4th 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 are a leader in the provision of well intervention services in the North Sea with an international presence. Revenues in 2009 were 210 Million GBP, of which approximately a quarter was outside the North Sea.

Aker Qserv are a provider of: Well service, Coil tubing services, Pumping services, Wireline services inclusing slickline, cased hole / tractor logging and heavy duty fishing, Subsea well intervention, Engineering services, Pipeline services, Precommissioning and commissioning services, Flexible riser system testing, Process services, Helium leak detection, Bolt tensioning and torquing, Pipe freezing, Nitrogen services, Refrigerant recovery, Hydrojetting, Video inspection, Chemical cleaning, Oil flushing.

History

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] 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

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Annual Report 2010". Aker Solutions. http://www.akersolutions.com/Documents/Investors/Annual%20reports/AkerSolutions-2010-red.pdf. Retrieved 17 April 2011.
  2. ↑ Dagens Næringsliv (2006-12-27). "20 minutter unna konkurs". http://www.dn.no/forsiden/naringsliv/article968187.ece.
  3. ↑ Kati Renvall (2006-08-02). "Metso to acquire Aker Kvaerner’s Pulping and Power business". Metso. http://www.metso.com/News/newsdocuments.nsf/Web2NewsDoc/801DD9F1D5C958FCC225710F0036D075?OpenDocument&ch=ChMetsoPaperWebEng.
  4. ↑ Norwegian Ministry of Trade and Industry (2007-06-22). "The Norwegian Government contributes to long-term strategic ownership of Aker Kværner". http://www.regjeringen.no/en/dep/nhd/Press-Centre/Press-releases/2007/The-Norwegian-Government-contributes-to-.html?id=473400.

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