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Aker Solutions ASA (OSL:AKVER) 22 August 2008 - Aker Solutions ASA has acquired an additional 30% share in Aker Marine Contractors from Taubåtkompaniet AS. Taubåtkompaniet AS' remaining 10% share in Aker Marine Contractors has been acquired by Aker Capital AS. After these transactions Aker Solutions ASA holds 90% of the shares in Aker Marine Contractors, while Aker Capital AS holds 10% of the shares. Aker Solutions ASA expects to acquire the remaining 10% shares held by Aker Capital AS when formalities related to waivers from the participants in Aker Solutions' bank syndicate are in place.
"This acquisition reflects our long term strategy to expand our foothold and further strengthen our position across the value chain of marine operations and oilfield services", says Mads Andersen, executive vice president of Aker Solutions.
The transactions value Taubåtkompaniet AS ' previous shareholding in Aker Marine Contractors to NOK 740 million.
Aker Marine Contractors also has entered into a 5-year charter with options with Taubåtkompaniet AS, for the vessel BOA Deep C. Aker Marine Contractors has had full marketing control of BOA Deep C since 2004 and since its introduction the vessel has seen almost full utilization.
In position for further growth Aker Marine Contractors is an international provider of marine operations and installation services to the oil and gas industry within its four main services areas:
* Floatover * Subsea construction * Mooring and floater installation * Removal
Services offered include concept development, detail engineering, procurement, fabrication and the performance of marine operations, subsea installation and removal activities.
The two state-of-the-art deepwater construction vessels BOA Deep C and BOA Sub C are chartered by Aker Marine Contractors.
Aker Marine Contractors has a proud and unique heritage, having successfully executed the most complex projects around the world over the last 35 years. Aker Marine Contractors handled the largest structure ever moved on the surface of the earth, undertook the longest tow of a fixed platform, pioneered offshore floatover of large topsides and installed subsea equipment at the world's northernmost field.
Glitnir Securities has been Aker Solutions' advisor in connection with the transaction.
Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. The Aker Solutions group is organised in a number of separate legal entities. Aker Solutions is used as the common brand/trademark for most of these entities.
Aker Solutions' parent company is Aker Solutions ASA. Aker Solutions has aggregated annual revenues of approximately NOK 58 billion and employs approximately 24 000 people in about 30 countries.
Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions. This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.
