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Aker Solutions ASA (OSL:AKVER) 12 September 2008 - Aker Solutions today announced organisational changes in its Subsea and Products & Technologies business areas. It also announced changes in the company's executive management team.
"To be at the forefront of key development trends in our markets, we have decided to change the set up of these two business areas. We want to reinforce our position throughout the value chain of subsea technology, solutions and services. We also want to align our offering of drilling solutions, topside technology products and services to realise the potential we see," says Simen Lieungh, President & CEO of Aker Solutions.
The changes involve an integration of Aker Marine Contractors, Aker Well Service and Aker Geo into the Subsea business area. In combination with our ownership and cooperation with Aker Oilfield Services, the new structure will also leverage our well intervention services offering. Until now these business units have been part of the Products & Technologies business area. In addition the drilling riser business will be transferred from Subsea to the Products & Technologies business area to further strengthen our drilling solutions.
"We see strong potential for further growth within high margin, value adding services segments in relation to our fast growing installed base of subsea solutions and topside products and technologies," says Lieungh.
Changes in the executive management team Mads Andersen and Per Harald Kongelf have been appointed executive vice presidents (EVP) to lead the development of the two revised business areas. Mads Andersen will head the Subsea business, while Per Harald Kongelf will assume the position as EVP for the Products & Technologies business area. Raymond Carlsen who has been EVP of the Subsea business area since 2002 will resign from Aker Solutions and take on a new position in Aker ASA.
"I am glad that Mads and Per Harald will take on these challenging positions. I would also like to thank Raymond for his long standing commitment to the development of both our company and our Subsea business area," says Simen Lieungh.
Mads Andersen joined Aker Solutions in 2000 and has been EVP for Products & Technologies since 2003. He has 20 years' experience from the upstream oil and gas industry. Andersen has held various technical and managerial positions in oil field service and oil companies including Schlumberger and Saga Petroleum (now part of StatoilHydro).
Per Harald Kongelf comes from the position of president of Aker Solutions' process systems business, a role he has fulfilled since 2003. Kongelf has more than 20 years experience from senior positions in the oil and gas service industry, including several years as senior vice president and responsible for field development and process technology within the area named Aker Engineering and Technology today.
Raymond Carlsen will remain in his position until 1 October, when the management changes take effect. The process of implementing the organisational changes starts immediately, and will be finalised by 1 January 2009.
At the bottom of the release, please find attached an overview of the new structure
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.
