Aker Contemplates Demerger

The board of directors of Aker Solutions ASA has, in accordance with the strategy disclosed on April 30th, proposed to the company’s shareholders that Aker Solutions be split into two companies.

 
The demerger is subject to approval by the shareholders of Aker Solutions at the Extraordinary General Meeting to be held on August 12, 2014, and depends, among other things, on the approval of the application to list New Aker Solutions shares on the Oslo Stock Exchange.

If given a “go ahead”, Aker Solutions Holding ASA, a subsidiary of Aker Solutions ASA established for the purposes of the demerger, would through the proposed demerger assume Aker Solutions’ activities in the following areas of operation: Subsea (SUB), Umbilicals (UMB), Maintenance, Modifications and Operations (MMO) and Engineering (ENG).

From the first day of listing of New Aker Solutions, the existing Aker Solutions ASA will change its name to Akastor ASA to form the Akastor Group together with the other subsidiaries that have not been transferred to New Aker Solutions.

The Akastor Group will, among other things, continue Aker Solutions’ activities mainly related to Drilling Technologies, Process Systems, Surface Products and Aker Oilfield Services, as well as business solutions, some financial assets and real estate.

[mappress]
Press Release, July 11th, 2014