New, powerful FPSO operations business formed

Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA establish a new company named Aker Borgestad Operations AS, combining expertise within oil field processing and marine operations. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business.