Aker Solutions to split into two companies

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The Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) areas will form a new company under the Aker Solutions name.

The other units, including Drilling Technologies, Aker Oilfield Services and Process Systems, will be developed independently under a new oil-services investment company called Akastor. Aker Solutions says that these business areas, which have significant operational, technological and commercial differences, will have greater strategic freedom to develop individually through both organic growth and transactions.

“The new Aker Solutions will be a leaner and more focused company that will be able to offer customers the unique and cost-effective technology and design they need to succeed,” said Aker Solutions executive chairman Øyvind Eriksen. “The company will, through a commitment to operational excellence and organic growth, be better placed to build on its leading position in the fastest growing areas of the global energy markets.”

The split, which will take place as a spin-off of the new Aker Solutions, is scheduled to take place around the end of September.

Shareholders will get one new Aker Solutions share for each stock held in the existing company at the time of the separation. They will also keep their shares in the remaining business, which will be renamed Akastor at the time of the split.

An extraordinary general meeting will be held in August to vote on the separation.