Aker Solutions to Acquire Norwegian Oil-Services Provider Reinertsen
(Thomson Reuters ONE) -
March 30, 2017 - Aker Solutions agreed to buy oil-services provider Reinertsen
to build on its position as a leading maintenance and modifications supplier
offshore Norway.
The asset deal is set to be concluded in the second quarter, giving Aker
Solutions ownership of Reinertsen's Norwegian oil and gas services business. The
agreement excludes Reinertsen's liabilities as of December 19, 2016, when the
company went into debt negotiation proceedings. The purchase price is NOK 212.5
million.
Reinertsen, the third-largest maintenance and modifications supplier offshore
Norway with about 700 employees, has its main offices in Trondheim and Bergen,
where Aker Solutions also has a solid presence. The company's order backlog
contains key maintenance and modifications contracts with Statoil, including a
minimum six-year framework agreement awarded in December 2015. It also has some
smaller subsea services and engineering contracts.
"Combining our capabilities will boost our presence in the Norwegian maintenance
and modifications market, helping to safeguard core competencies at key
locations and positioning us for a market recovery," said Luis Araujo, chief
executive officer of Aker Solutions. "Our companies also have a history of
collaborating offshore Norway that we will build on to the benefit of our
customers."
The companies worked together from 2002 to 2010 on projects offshore Norway
through the Aker Reinertsen joint venture. Reinertsen employees in Trondheim and
Bergen will be moved to local Aker Solutions offices as part of synergies to be
generated.
"We're glad to have found a new home for our oil and gas business after a very
difficult time for our company," said Thomas Reinertsen, deputy CEO of
Reinertsen. "Short term we still face some challenges, but in the longer term
this move will secure jobs in central Norway and enable us to continue our
strong tradition of delivering high-quality services."
Reinertsen had revenue of about NOK 800 million in 2016 and is expected to
contribute positively to Aker Solutions' earnings from 2018.
"We welcome the Reinertsen employees to Aker Solutions and expect the
integration of our two businesses to further strengthen our leading project
execution," said Araujo. "While the global oil-services market remains
challenging, we are seeing some signs of improvement, particularly in the
brownfield segment."
The acquisition is subject to approval by the Norwegian competition authorities.
ENDS
Media Contacts:
Bunny Nooryani, tel: +47 67 59 42 71, mob: +47 480 27 575, e-mail:
bunny.nooryani(at)akersolutions.com
Stina Kildedal-Johannessen, tel: +47 55 22 28 00, mob: +47 934 12 301, e-mail:
stina.kildedal-johannessen(at)akersolutions.com
Investor Contacts:
Per Christian Olsen, tel: +47 67 51 36 58, mob: +47 900 29 077, e-mail:
per.christian.olsen(at)akersolutions.com
Aker Solutions is a global provider of products, systems and services to the oil
and gas industry. Its engineering, design and technology bring discoveries into
production and maximize recovery. The company employs approximately 14,000
people in about 20 countries. Go to http://akersolutions.com for more
information on our business, people and values.
This press release may include forward-looking information or statements and is
subject to our disclaimer, see http://akersolutions.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aker Solutions ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 30.03.2017 - 08:31 Uhr
Sprache: Deutsch
News-ID 533348
Anzahl Zeichen: 4172
contact information:
Town:
Fornebu
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Aker Solutions to Acquire Norwegian Oil-Services Provider Reinertsen"
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Aker Solutions ASA (Nachricht senden)
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