Photo: Courtesy: Aker Solutions

Aker Solutions to step up energy transition game after the merger

Aker Solutions and Kvaerner have completed a merger whereby Aker Solutions has absorbed all the assets, rights and obligations of Kvaerner and Kvaerner has been dissolved.

The two entities have joined forces to create a new supplier of solutions to reduce climate gas emissions from oil and gas installations, and for delivery of complete renewable energy production facilities.

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The name of the merged company is Aker Solutions, listed under the at the Oslo Stock Exchange.

Today, 11 November will also be the first day for the Aker Solutions share to be traded after completing the merger with Kvaerner.

The combined company will employ approximately 15,000 employees in more than 20 countries.

Going forward, the company will have three segments: Renewables and Field Development; Electrification, Maintenance and Modifications; and Subsea.

Post-merger backlog for Aker Solutions at the end of Q3 2020 stands at $4.22 billion, of which subsea backlog is $1.21 billion.

Aker Solutions CEO, Kjetel Digre, stated:

“We see that our ability to deliver predictably with respect to quality, schedule and costs is equally important for low-carbon projects and renewable energy developments.

“Over the past few years, we have started to build up our business in these segments, and we will continue to grow this activity further in the new organization.

“Our strategy as a supplier is to enable our customers and the society to accelerate the transition to sustainable energy production.”