UK: Aker Solutions Completes Enovate Transaction

Aker Solutions confirms that the transaction to buy a majority stake in Enovate Systems Limited, a leading technology company within subsea well control equipment, has been closed.

Aker Solutions on January 29 announced that it had agreed to buy a controlling stake in Aberdeen-based Enovate. The transaction was closed on 26 February 2013. Enovate has developed a wide range of unique and patented components and products for use in open water workover systems, in riser workover systems, rigless intervention systems and drilling safety systems.

Enovate’s financial results will be consolidated in Aker Solutions’ subsea business area. The financial details of the acquisition are undisclosed.

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Press Release, February 27, 2013; Image: Enovate