Aker Solutions to Spin Off Offshore Wind, Carbon Capture Ahead of Kvaerner Merger

July 17, 2020

Illustration - Credit: Aker Solutions
Illustration - Credit: Aker Solutions

Norwegian offshore energy services provider Aker Solutions will spin off its wind development business and the carbon capture technology business in two separate firms, ahead of the proposed merger with engineering and construction firm Kvaerner.

Aker Solutions said Friday that the offshore wind and carbon capture would be better off as standalone businesses than as integrated with oilfield services. They are expected to be admitted to trading on Merkur Market on the Oslo Stock Exchange.

Øyvind Eriksen, Chairman of Aker Solutions: "Aker Solutions has developed technology and taken strong positions in markets for offshore wind and carbon capture, utilization, and storage." 

"However, it has become increasingly clear that these businesses represent value creation opportunities in a world transitioning to green solutions at accelerated speed and have more potential as stand-alone companies than as an integrated part of an oil service business."



"Renewables and green technologies have entirely different value chains, customers, investor bases, and sources of funding. Capitalizing and separating the offshore wind and CCUS business areas from Aker Solutions presents a unique opportunity for growth and value creation," says Eriksen. 

The offshore wind spin-off will be headed by Astrid Onsum as CEO, while Aker Carbon Capture will be headed by Valborg Lundergarrd.

Aker Solutions (merged with Kvaerner) will be an alliance partner and preferred supplier to both spin-off companies "to create revenue and customer value within wind and CCUS markets", the company said.

New CEO

Also worth noting, Kjetel Digre will on August 1 join Aker Solutions as CEO. Digre joins from Aker BP, where he held the role of Senior Vice President of Operations and Asset Development.

"Kjetel has done a remarkable job as project director for the Johan Sverdrup development, where his ability to bring together people and organizations to foster strong collaboration yielded great results. I'm confident that Kjetel will do a great job leading the new company," says Eriksen. "I would also like to thank Luis Araujo for his leadership as CEO of Aker Solutions for the past six years." 

Idar Eikrem, currently Chief Financial Officer of Kvaerner, has been appointed CFO of Aker Solutions, effective August 1. Eikrem will step down as CFO of Kvaerner on the same date.

Aker Solutions and Kvaerner expect that their proposed merger, as announced on Friday,  would will create a new supplier company with a stronger position as a solid execution partner, "enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries."

Aker Solutions and Kvaerner have agreed to merge the companies based on the principle of equal parties. The name of the new company will be Aker Solutions ASA.



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