Aker names new EPC company Kvaerner
Kvaerner name reintroduced into EPC vocabulary through demerger
International oil service company Aker Solutions has said that it is establishing a specialised EPC (engineering, procurement and construction) company in order to further leverage the experience and expertise built up through field development projects over more than 40 years.
Aker Solutions announced that the new company, previously launched under the working title Aker Contractors, will take the name Kværner. Kværner aims for a separate listing on the Oslo Stock Exchange in July.
The board of directors of Aker Solutions ASA last week 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, the company said in a statement.
"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 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," said Aker Solutions executive chairman Øyvind Eriksen.
Aker ASA, through Aker Holding, will continue as a long-term investor in both companies.
"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," said 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 building a successful company together with management and owners," said 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 Engineering.
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.