Aker Solutions announces name for new EPC company: Kværner

4/6/2011, 7:58 AM (Source: GlobeNewswire)
International oil service company Aker Solutions is establishing a specialised
EPC company in order to further leverage the experience and expertise built up
through field development projects over more than 40 years.

Today, Aker Solutions announces that the new company, previously launched under
the working title "Aker Contractors", will take the name Kværner, thereby
continuing a proud industrial heritage since 1853. Kværner aims for a separate
listing on the Oslo Stock Exchange in July.

The board of directors of Aker Solutions ASA yesterday decided to propose to the
annual general meeting on 6 May a demerger of Aker Solutions. This move is in
line with plans previously communicated by the company.

"Aker Solutions is cultivating its core businesses in separate companies. The
new focused entities have a clear ambition to grow in their respective markets:
Kværner as a specialised EPC (engineering, procurement and construction) company
tailored to meet EPC market trends and client demands in the global market, and
Aker Solutions as a fully-fledged provider of engineering, technologies,
solutions and services for the upstream oil and gas industry," says Aker
Solutions executive chairman Øyvind Eriksen.

Aker ASA, through Aker Holding, will continue as a long-term investor in both

"The Kværner name represents a proud history in the North Sea and international
markets. I am proud to see such a powerful name reintroduced for a new EPC
company with strong ambitions for growth. I look forward to being a part of
writing the next chapter of the Kværner story. I am confident about the
company's potential for the future," says Kjell Inge Røkke, main shareholder of
Aker ASA.

"The yards at Stord and Verdal have used the Aker name for decades, and we would
of course have preferred to continue this tradition. However, more important is
the commitment expressed by Aker ASA and its main shareholder, Mr Kjell Inge
Røkke, to continue to support and invest in our business. We look forward to
build a successful company together with management and owners," says Atle
Teigland, group union convenor and member of the board of Aker Solutions.

The origins of Kværner dates back to Kværner Brug which was founded in Oslo in
1853. The company was first listed on the Oslo Stock Exchange in 1967. The
Kværner group entered the offshore oil and gas market in the late 1960s, from
its base in Oslo and the engineering and contracting company Kværner

Kværner started offshore construction work in the late 1970s and moved later
into onshore engineering and construction business. In the 2000s, Kværner merged
with Aker, later forming Aker Kværner. In 2008, Aker Kværner adopted the name
Aker Solutions. Today, Aker Solutions re-introduces the Kværner name by
establishing a new EPC company.

Kværner is recognised by key customers and potential employees in markets all
over the world, both within the onshore and offshore oil & gas industry, and in
other industries with large EPC projects.


For further information, please contact:


Geir Arne Drangeid, EVP Communications, Aker Solutions. Tel: +47 67 51 30 36,
Mob: +47 913 10 458

Investor relations:

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39,
Mob: +47 911 37 194

Career opportunities:

Visit http://www.akersolutions.com/careers

Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"),
is a leading global oil services company that provides engineering and
construction services, technologies, product solutions and field-life solutions
for the oil and gas industry. The Aker Solutions group is organised in a number
of separate legal entities. Aker Solutions is used as the common brand/trademark
for most of these entities.

Aker Solutions' parent company is Aker Solutions ASA.  Aker Solutions has
aggregated annual revenues of approximately NOK 46 billion and employs
approximately 20 000 people in about 26 countries.

This press release may include forward-looking information or statements and is
subject to our disclaimer, see www.akersolutions.com.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Aker Solutions ASA via Thomson Reuters ONE

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.