What was once Aker Solutions is now two separate trading companies, following the demerger of the Norwegian offshore contracting powerhouse.
Designed to reduce corporate complexity, the demerger rearranges Aker into two distinct units. Aker Solutions now comprises subsea, umbilicals, engineering, maintenance and modifications operations in one, with this to focus in particular on provision of deepwater and subsea oil services, since subsea and field design areas share the same customers and main markets, the contractor says.
Akerstor, meanwhile, is the newly-created oilfield services business that will provide drilling technologies.
Louis Araujo, chief executive of the new Aker Solutions, said the separation created a simpler and more focused Aker Solutions. “We are winning market share in subsea, particularly in Brazil and West Africa, and we are the leader in offshore engineering and maintenance and modifications services in the North Sea market,” he said.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Initiative Equity Partners Acquires Equity in Renewable Firm ArtIn Energy
2024-04-26 - Initiative Equity Partners is taking steps to accelerate deployment of renewable energy globally, including in North America.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.