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Aker Solutions to Spin Off Offshore Wind & CCUS Businesses & Merge with Kvaerner

Gasoil News - Published on Wed, 29 Jul 2020

Image Source: Aker Solutions Kværner
Aker Solutions is launching a series of structural and strategic changes to transform the company and enhance shareholder value by spinning off the wind and carbon capture businesses to shareholders and merging Aker Solutions ASA with Kværner ASA to create an optimized supplier company. Kjetel Digre has been appointed Chief Executive Officer of Aker Solutions, effective August 1, 2020, and will lead the combined company. Aker Solutions intends to spin off its wind development business as well as the carbon capture technology business to Aker Solutions’ shareholders in two separate companies expected to be admitted to trading on Merkur Market on the Oslo Stock Exchange.

Aker Solutions will be an alliance partner and preferred supplier to both companies to create revenue and customer value within wind and CCUS markets.

Kjetel Digre will on August 1 join Aker Solutions as CEO. Digre joins from Aker BP, where he held the role of Senior Vice President of Operations and Asset Development. Idar Eikrem, currently Chief Financial Officer of Kvaerner, has been appointed CFO of Aker Solutions, effective August 1. Eikrem will step down as CFO of Kvaerner on the same date.

Kvaerner and Aker Solutions have entered into a merger plan, whereby the two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries. Aker Solutions and Kvaerner have agreed to merge the companies based on the principle of equal parties. The name of the new company will be Aker Solutions ASA.

Following completion of the Merger, the shares in the combined company will continue to be listed on Oslo Børs.

Advokatfirmaet BAHR AS has acted as legal counsel in connection with the merger.

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Posted By : Yogender Pancholi on Wed, 29 Jul 2020
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