Aker Solutions To Merge With Kværner
The combined company will target the renewables market. Aker Solutions intends to spin off its wind development and its carbon capture technology businesses into two new companies, which will be part of its renewable energy group, Aker Horizons.
Aker Solutions and Kværner plan to merge to create a new supplier company targeting the renewables market. Aker Solutions, an engineering firm, will absorb Kværner, a provider of engineering, procurement, and construction services, to complete the consolidation.
Aker Solutions intends to spin off its wind development business as well as its carbon capture technology business into two new companies, Aker Offshore Wind and Aker Carbon Capture, which will be part of its renewable energy group, Aker Horizons. They are expected to be admitted to trading on the Merkur Market on the Oslo Stock Exchange.
Aker Solutions will be an alliance partner and preferred supplier to both spin-off companies.
“The combined entity will be a dedicated execution partner for delivery of complete projects for new energy production facilities, for example oil and gas production platforms or subsea systems, or offshore wind power installations”, said Kjetel Digre, Aker Solutions’ onboarding CEO and also the proposed CEO for the combined company.
Completion of the merger is subject to approval by the shareholders of both Aker Solutions and Kværner, expected in September. Completion of the merger is also subject to third-party approvals and customary closing conditions, but is not subject to any finance conditions, due diligence, or material adverse change.
Aker BP’s senior VP of operations and asset development, Digre, will become CEO of the company [Aker BP is Aker’s oil company] and Kvaerner’s CFO, Idar Eikrem, will transition to become CFO of the combined company, effective 1 August.
The new company will have about 15,000 employees in more than 50 locations globally, with 8,000 in Norway. The company will have operations in about 25 countries providing concept development, engineering and project execution, and fabrication yards and facilities for manufacturing of equipment.