Aker Solutions ASA: NPS transaction update
Aker Solutions has today ended the process to acquire the Dubai-headquartered oil services company NPS Energy.
Aker Solutions announced an agreement to buy the shares in NPS Energy on 21 May 2012. The agreement was conditional upon a series of parameters being fulfilled before the end of the closing period.
The agreement stated that if the transaction had not closed by 20 November 2012, both parties had the right to terminate from 21 November 2012. Aker Solutions has today informed the seller of NPS Energy that it has terminated the agreement.
"We and the seller have not been able to reach the conditions for closing as agreed, and rather than risk increasing uncertainty, it was in the company and our shareholders' interest to terminate the transaction," says Øyvind Eriksen, executive chairman of Aker Solutions.
Aker Solutions remains committed to grow its business and to serve its clients in the Middle East and North Africa. A consequence of today's announcement is that Aker Solutions' near-term growth in this market is likely to be organic. At the same time, the oil and gas markets are in a growth cycle globally, and the cancelled transaction means the company can deploy more of its constrained resources on current and future opportunities.
"We will continue to develop Aker Solutions as a more focused, global oilfield products, systems and services provider, by building on our strength in our home market and growing in a controlled manner internationally," says Eriksen.
For further information, please contact:
Ivar Simensen, Acting Chief Communications Officer, Aker Solutions. Tel: +47 67 59 41 90, Mob: +47 46 40 23 17, E-mail: firstname.lastname@example.org
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194, E-mail: email@example.com
For further information about sourcing and potential subcontracts for this project, please visit www.akersolutions.com/suppliers
Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company's knowledge and technologies span from reservoir to production and through the life of a field.
Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 25 000 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers' solutions.
Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.