Aker Solutions to sell well-intervention services business to EQT

Offshore staff

LYSAKER, NorwayAker Solutions has agreed to sell its well-intervention services business to EQT, a Swedish private equity fund, for NOK 4 billion ($658 million), including an earn-out provision, where Aker Solutions will receive 25% of any internal rate of return exceeding 12% a year on EQT's equity investment.

“The sale is part of a strategy to increase our focus on the deepwater and subsea oil services markets, where Aker Solutions is well-positioned,” said Øyvind Eriksen, executive chairman of Aker Solutions. “The well-intervention services business has limited synergies with the rest of the company and will be better able to develop its full potential with EQT as the owner.”

The transaction is expected to be completed around the end of 2013, pending clearance from Norwegian competition authorities.

11/22/2013



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...