Aker Solutions

Aker Solutions

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. Aker Holding, that is owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor (2.5%), owns 40% of the company. Until April 3, 2008 the company was named Aker Kværner.

Operations

Overview

The Aker Solutions group provides advanced technology products, on their own or as part of integrated solutions. Aker Solutions' businesses span a number of industries, including petroleum, refining and petrochemicals, pharmaceuticals and biotechnology, power generation, mining and metals. It also owns a 20% stake in Sea Launch. The group has approximately 23,000 employees in more than 30 countries, in addition to more than 5,500 agency staff and contract personnel.

The financial reporting structure of the group is based on four main segments: Field Development, Maintenance, Modifications & Operations (MMO), Subsea and Products & Technologies, and Process. A fifth segment (Pulping and Power) used to be reported but has since been divested. In 2004 Oil & Gas represented 65 per cent of group operating revenues and Engineering & Construction 35 per cent.

Field Development Europe

Field Development consists of construction and managing all aspects of deployment of oil and gas fields. The division consists of the divisions Aker Kværner Contracting, Aker Kværner Engineering and Technology in addition to the yards Aker Kværner Egersund, Aker Kværner Stord and Aker Kværner Verdal. The division also owns 12,5% of Aker Arctic ice laboratory.

Maintenance, Modifications and Operations Europe

Maintenance, Modifications and Operations operates on the Norwegian and British continental shelf providing services related to maintenance, modification, inspection, operation and operation support on oil platforms and other offshore installations.

Subsea

The subsea division delivers all kinds of subsea installations providing the full value chain from concept and engineering to manufacturing and operation and maintenance.

Products and Technologies

Products and Technologies provides a large array of different products and services to the petroleum industry including such things as oil well services, equipment supply, oil prosessing equipment and LNG marine loading arm manufacturing, including the brand names Pusnes and Woodfield.

Oil, Gas, Process and Energy

Oil, Gas, Process and Energy provides engineering services, concept development, pre-studies, project management, maintenance, and modifications for the chemicals, mining and metals, energy sector, and refineries. Plant facilities for the downstream oil and gas industry are the main market for the process business segment. The process segment’s services cover the entire value chain, from the chemistry and polymers industry to refineries for land-based oil and gas industries. Aker Solution's process companies also deliver complete engineering services to selected process-based industries, such as the mining, water and pharmaceutical industries, in addition to decommissioning of nuclear plants in the UK. Process segment is currently delivering projects and services to customers in several continental Europe countries, the UK, India, China, Saudi Arabia, Australia and South and North America.

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 April 2 2004. In 2006, the company's paper pulping and power businesses were sold to Finnish-based Metso in a deal worth €335 million. On April 3 2008 Aker Kvaerner officially changed its name to Aker Solutions.

References

External links

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