Aker Innovation is currently developing several potential projects. Together with the listed company DOF Subsea, Aker Innovation has identified interesting opportunities within subsea well intervention services for deepwater offshore fields, and is planning to establish a new company Aker Oilfield Services.

The planned new company will be a leading subsea well intervention company.  According to current plans, Aker Kvaerner would deliver complete well access & control equipment and services in addition to complete wireline well intervention equipment and services. DOF would deliver marine crew and other operational services. Aker Yards would design and construct the state of the art well intervention vessels. Further details of Aker Oilfield Services will be announced at a later stage.

"With the establishment of Aker Innovation we are creating a vehicle for the long-term, industrial cooperation among Aker, Aker Kværner, and Aker Yards that we have called Aker's value-creating triangle," says Leif-Arne Langøy, Aker Board Chairman and President and CEO.

The two listed companies Aker Drilling and Aker Floating Production, which have a combined market capitalization of nearly NOK 4 billion, are the direct outgrowth of the industrial cooperation that Aker Innovation is tapping. Through their joint ownership of Aker Innovation, all three founders: Aker, Aker Kværner, and Aker Yards will receive future ownership interests in the new projects and companies that are developed. As in the past, the companies in Aker's value-creating triangle can supply expertise and technology to new projects.

Aker owns 67 percent of Aker Innovation, while Aker Kværner and Aker Yards each own 16.5 percent of the company. The founding companies' capital contributions to Aker Innovation will be determined by the company's capital needs for future projects.

Aker Innovation's Board of Directors comprises the following members: Leif-Arne Langøy, Bengt A. Rem, and Nils Are Karstad Lysø of Aker's group management; Aker Kværner's President and CEO Martinus Brandal; and Aker Yards' President and CEO Karl Erik Kjelstad.

ENDS

 

Media:

Torbjørn S. Andersen, SVP Group Communications, Aker Kvaerner. Tel: +47 67 51 30 36, Mob: +47 928 85 542

Investor relations:
Lasse Torkildsen, VP Investor Relations, Aker Kvaerner. Tel: +47 67 51 30 39

 

Career opportunities:
Visit http://www.akerkvaerner.com/Internet/CareerCentre

 

AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals and Power Generation. The Aker Kvaerner group is organised in a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.

The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 50 billion and employs approximately 23 000 people in about 30 countries.

Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 55 000 employees and NOK 80 billion revenues. Aker owns 40.1 percent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.

This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com