Aker Solutions

Aker Solutions ASA
Traded as OSE: AKSO
Industry Oilfield services Subsea (technology) Engineering
Predecessor Aker Mechanical Workshop
Kvaerner Brug
Trafalgar House
Aker Kvaerner
Founded 2008
(as Aker Solutions)
(as Aker Kvaerner)
(as Kvaerner Brug)
(as Aker Mechanical Workshop)
Headquarters Fornebu, Norway
Key people
Iain (Schofield) Wardrope, Øyvind Eriksen (Executive chairman), Leif Borge (President and CFO)
Revenue NOK 44.9 billion (2012) [1]
Owner Aker Holding (40.1%)[2]
(as of 2012)
Number of employees
28,000 [1]
Website www.akersolutions.com

Aker Solutions ASA, a Norwegian oil services company based in Oslo, provides oilfield products, systems and services worldwide for customers in the oil and gas industry. The company, founded in 1841, was known as Aker Kværner until 2008.

Aker Kværner (OSE: AKVER) was founded in 2004 from the major restructuring of a complex "Aker Kværner" business unit, formed originally in 2002 by the merger of Aker Maritime and Kværner Oil & Gas. On April 3, 2008, Aker Kværner was renamed Aker Solutions, partly due to the difficulty that most non-Scandinavians found in pronouncing "Kværner".

The company was majority controlled by Aker ASA until 2007. Then, via a major ownership restructuring on June 22, 2007, Aker ASA completely gave up its holding in Aker Solutions, and transferred a 40% stake to Aker Holding,[2] which in turn was owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor AB (2.5%).[3]

As of 2012 the company employs approximately 28,500 people in more than 30 countries[1] with annual revenues of approximately NOK 44.9 billion.[1]


Aker Solutions is a result of mergers between several Norwegian companies during the 20th century.

Evolution of Aker Kvaerner: 1841 to 2002

The timeline below summarizes the main events leading to the foundation of Aker Kvaerner—from its origins as Aker Mechanical Workshop (1841)—until the merger of Aker Maritime with Kværner Oil & Gas to form Aker Kvaerner (2002).

Aker Kværner, and transition to Aker Solutions: 2002 to 2008

Logo of Aker Kværner prior to company renaming.

Aker Kværner was the result of a merger of Aker Maritime and Kværner Oil & Gas in 2002, and a major restructuring of the Aker Kværner business unit in 2004.

Earlier in 2003, the group structure of Aker Kværner was split into six business areas; Field Development Europe, MMO Europe, Subsea & Oilfield Products, Oil, Gas & Process International, E&C Europe and E&C Americas. A need arose in 2004 to simplify a rather complex group structure which led to the formation of two focused industrial groups: Aker Kvaerner, specialists within Oil, Gas, Energy and Process; and Aker Yards, specialist shipbuilders. In addition, Aker Kværner became a minor shareholder in the Finnish engineering company Aker Arctic in 2004. The new Aker Kvaerner started trading on Oslo Stock Exchange under ticker symbol 'AKVER' on 2 April 2004.[4][5]

In 2006, the company's paper/pulp and power businesses were sold to Finnish-based Metso in a deal worth €335 million.[6] On 7 June 2007, an agreement was announced where a 40.1% stake of the company would be sold from Aker ASA to Aker Holding.[2] The new company would be owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor (2.5%).[3][7]

Aker Solutions: 2008 to present

During the AGM held on April 3, 2008, Aker Kværner announced that it was rebranding as Aker Solutions, referencing the connection with Aker's businesses heritage, but also recognizing that non-Scandinavians find the name Kværner difficult to pronounce. The new company trades under the symbol 'AKSO' on the Oslo stock exchange.

However, on May 6, 2011, the Kværner name re-emerged when Aker Solutions' EPC (engineering, procurement and construction) division was rebadged, with the resulting new company being spun off and listed on Oslo Stock Exchange in 2011/Q3. Aker Solutions' holding company – Aker Holdings AS – was also renamed to Aker Kværner Holding AS owning around 40% of Kværner ASA. Aker ASA took over the 10% stake owned by Saab and Investor AB, raising its stake in Aker Kværner Holding AS to 70%.

In 2014, Aker Solutions was further divided to two companies, Aker Solutions and Akastor, then in August Aker Solutions leased the entire first phase of the new Aberdeen International Business Park[8] as part of a consolidation and strengthening of its oilfield services in and around Aberdeen, Scotland.

However, on February 18, 2015, the company announced the loss of around 300 jobs in Norway as a response to falling oil prices and the decline in demand for drilling services.[9]

See also


External links

Coordinates: 59°53′50.46″N 10°37′39.98″E / 59.8973500°N 10.6277722°E / 59.8973500; 10.6277722

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