Aker Solutions and Kværner ASA plan merger and wind spin-off

In: Windfarms
17/07/2020
Aker Solutions is launching a series of structural and strategic changes, spinning off the wind and carbon capture businesses to shareholders and merging Aker Solutions ASA (Aker Solutions) with Kværner ASA (Kvaerner). Kjetel Digre has been appointed Chief Executive Officer of Aker Solutions, effective 1 August 2020, and will lead the combined company.

Digre joins from Aker BP, where he held the role of Senior Vice President of Operations and Asset Development. Idar Eikrem, currently Chief Financial Officer of Kvaerner, has been appointed CFO of Aker Solutions, effective 1 August. Eikrem will step down as CFO of Kvaerner on the same date.


Kvaerner and Aker Solutions have entered into a merger plan, whereby the two entities will join forces to create a new supplier company based on the principle of equal parties. The name of the new company will be Aker Solutions ASA.


Aker Solutions had at the start of 2020 approximately 16,000 employees, and Kvaerner had about 2,800. As an adaption to changing markets, both companies have prior to the merger commenced necessary reductions of capacities and cost. Most of the ongoing staff reductions will be completed before the merger is implemented. The cuts aim to reduce the fixed cost-level by about NOK 1.5 billion on an annualised basis, from 2019 to 2021.


The combined company will have about 15,000 employees in more than 50 locations around the world, including about 8,000 employees in Norway. Combined 2019 revenues for the companies were about NOK 38 billion, with an EBITDA of NOK 2.7 billion.
Completion of the merger is subject to both companies' shareholder approval, through extraordinary general meetings, expected to be held in September 2020.

Aker Solutions intends to spin off its wind development business as well as the carbon capture technology business to Aker Solutions’ shareholders in two separate companies expected to be admitted to trading on Merkur Market on the Oslo Stock Exchange. Aker Solutions will be an alliance partner and preferred supplier to both companies.


Aker Solutions intends to separate its wind development business in a separate entity, Aker Offshore Wind, and carry out a private placement in this company, guaranteed by Aker ASA, to secure funding for the next phase of the development of this portfolio.


Aker Offshore Wind will apply for its shares to be admitted to trading on Merkur Market and Aker Solutions will then propose to distribute its shares in the Wind Development Company to Aker Solutions’ shareholders. The shares of the Wind Development Company are expected to start trading on Merkur Market during August 2020. Astrid Skarheim Onsum will be appointed CEO of Aker Offshore Wind.


Aker Solutions intends to separate its Carbon Capture, Utilisation, and Storage (CCUS) business in a separate entity, Aker Carbon Capture followed by a private placement in the company, guaranteed by Aker ASA, to secure funding for the next phase of the development. The CCUS Company will then apply for its shares to be admitted to trading on Merkur Market and Aker Solutions will propose to distribute its shares in the CCUS Company to Aker Solutions’ shareholders. The shares in the CCUS Company are expected to start trading on Merkur Market during August 2020. Valborg Lundegaard will be appointed CEO of Aker Carbon Capture.

Aker Solutions ASA has called for an extraordinary general meeting for the approval of the distribution of shares in the Wind Offshore Company and the CCUS Company.The EGM will be held on Friday, August 14, 2020


Copyright © 4C Offshore 2019

  • ISO 14001 173953 2015 AHSO GBR UKAS 2 | 4C Offshore
  • Achilles UVDB Supply Chain Community | 4C Offshore