Aker Chair Kjell Inge Røkke thinks that Norwegian offshore families spent too much money on vessels at the wrong time. He writes this in a letter to shareholders in Aker Group, in which he praises John Fredriksen and airs the idea of selling off subsidiaries.
Aker plans to remain a dominant player in the current consolidation of the oil industry. Group CEO Øyvind Eriksen tells Dagens Næringsliv that the group is focusing on both small and large acquisitions.
Norwegian Aker Solutions buys family-owned oil service company for a little over NOK 200 million. The acquisition of the company, Norway's third-largest offshore supplier, is expected completed in the second quarter.
Norway's Kjell Inge Røkke and his Aker group are allegedly weighing a sale of offshore-engineering business Aker Solutions. The company is discussing various options with potential adviser Goldman Sachs, sources say.
Norwegian oil and gas company Aker Solutions, which delivers products, services, and systems to the oil and gas industry, must cut 650 jobs globally. Job wills primarily be cut in Norway, the UK, and India, report several media.
Not all shareholders were treated equally in the merger earlier this year between Rem Offshore and Solstad Offshore. The carrier thus faces a violation charge from the Oslo Stock Exchange for approximately USD 58,000.
Offshore supplier Aker Solutions took a big hit in the third quarter, and the company sees the challenging Norwegian oil service market continue in spite of a more stable oil price. Aker Solutions thus points to a bigger growth potential outside Norway.
Three Norwegian offshore companies across the supply chain are now joining forces to develop solutions for operator Det Norske's subsea fields with a joint alliance. The industry needs to find new ways to work, says Det Norske CEO.
Aker Solutions is in the process of assigning a new executive team to help pick up the pace in the efficiency measures currently being implemented at the major offshore supplier. The target is a 30 percent reduction across the organization. A new COO has been recruited from Schlumberger.
Meanwhile, Norwegian business magnate Kjell Inge Røkke is behind yet another offshore development. After a refinancing plan for the dwindling offshore carrier Rem was thwarted, the carrier will now join forces with another Norwegian offshore carrier.
Aker Solutions noted a decline in the second quarter at a time where the offshore crisis is still squeezing suppliers. The greatest growth potential lies outside Norway, though offshore is also subdued here, writes Aker in its interim report.
In his native Norway, Kjell Inge Røkke is known as the man from the small town of Molde, who started as a fisherman and who has since then usually been drawing the longest straws. With the creation of new oil giant Aker BP, the billionaire strikes again.
Solstad Offshore welcomes a new majority shareholder, Aker, which is injecting USD 30.7 million in the Norwegian offshore carrier as part of a new large-scale financing plan. The plan should bolster Solstad to take part in the consolidation of the offshore market.
Norwegian offshore subcontractor Aker Solutions has won a contract worth more than USD 120 million, or one billion Norwegian kroner, to supply umbilical cables for the Egyptian natural gas field Zohr. The cables will be delivered next April, while the value will be booked in the second quarter.
One of Norway's dominant companies in the offshore industry, Aker Solutions, is feeling the pressure with heavily reduced revenue in the first three months of 2016. The only real bright spot on the horizon is the future oil field Johan Sverdrup.
Aker CEO Øyvind Eriksen had inquired about the "rumors of unethical business conduct" during a meeting with Unaoil in 2011. This is evident in the minutes taken at the meeting, which Norwegian newspaper Dagens Næringsliv has seen.