Anglo-Norwegian conglomerate Aker Solutions (formerly Aker Kværner) aches to integrate its diverse operations into practical solutions for the global energy industry. The company provides design, construction, and maintenance and operation of industrial facilities and equipment for oil and gas companies. Its subsidiaries' services range from installing complex projects in the North Sea to servicing smaller facilities in shallow waters. Aker Solutions provides drilling technologies for oil and gas companies, subsurface and well services, and mooring and loading systems, and a range of related services and equipment.
Aker Solutions, which has offices in 30 countries, leverages its global scale and multiple services to offer oil and gas clients complete solutions for complex engineering projects.
Aker Solutions is a leading contractor for such structures as floating production facilities, process facilities and concrete marine structures, LNG terminals, subsea systems, and mooring systems. It operates in nearly every area where offshore oil and gas exploration and production occur. Its Aker Stord unit is an assembly yard for modules and topsides of fixed and floating oil and gas platforms.
Expanding globally and deepening its services portfolio are key driving strategies behind the company's growth. Aker Solutions expanded its field development and maintenance business in 2010 through a 50-50 joint venture with KGNT Holding to service the offshore oil and gas industry in the Kazakhstan sector of the Caspian Sea. The venture, called Aker Caspian, owns, manages and operates a fabrication yard in Aktau, located next to the largest sea port of Kazakhstan. It offers services to offshore field development, maintenance, and modification projects as well as fabrication services for onshore plants.
Aker Solutions posted only a small dip in revenues in 2009 despite the global recession's impact on weakening demand for oil and gas exploration and production, mining, and other industrial activities. Cost savings enabled the company post improved operating profits in 2009 despite the drop in revenues.
In a move to pay down debt, 2010 Aker Solutions sold most of its Process and Construction business to Jacobs Engineering Group for about $675 million. The deal expands Jacobs' presence in global mining and metals markets, particularly in China and South America.
The dispostions led to lower revenues and income in 2010, but Akers Solutions expected its restructuring activities to put it on a sounder, growth-oriented footing.
To further raise cash and streamline its business, in 2011 the company spun off its specialized engineering, procurement and construction unit as Kværner. It also sold its marine specialist subsidiary Aker Marine Contractors in a $250 million deal and in 2012 agreed to sell subsea construction and cable-lay vessel Lewek Connector to subsidiary Ocean Yield AS for $315 million.
Strengthening its engineering portfolio and its presence in offshore Norway, in 2012 the company acquired Norway-based engineering company Sandnessjøen Engineering. Growing its asset base in the Middle East and North Africa, it also agreed to buy NPS Energy, a unit oilfield services company National Petroleum Services. It also agreed to buy Canadian asset integrity management company Thrum Energy.
In 2013 Aker Solutions agreed to buy contol of Aberdeen-based Enovate Systems Limited, a leading technology company within subsea well control equipment market.
Aker ASA, through Aker Holding AS, controls 40% of the company. – less