Aker Solutions has today engaged an international investment bank to conduct a new review of the transactions which took place on 1 April 2009. A separate international investment bank has been hired to advise Aker Solutions on the group's future strategic work.
"We have been under substantial pressure over the past two weeks, and there is a need to clarify some of the issues around these transactions," says Simen Lieungh, President & CEO of Aker Solutions. "One of the investment banks will conduct an independent review which will hopefully allow us to do that."
In parallel with that work, Aker Solutions - in consultation with the other adviser and on the basis of its existing strategic guidelines - will establish a specific action plan for developing the assets in the various parts of the Aker Solutions group.
"Through our takeover of companies from the Aker ASA group, we have obtained valuable building blocks which will allow us to secure new positions in important growth markets," said Mr Lieungh. "The international adviser will provide assistance allowing us to realise the potential value of the individual parts of our group as quickly as possible."
The work now being initiated is expected to be completed by the end of May.
Until then, the businesses acquired from the Aker ASA group will be maintained as independent units. For its part, Aker ASA has accepted that settlement will not be made for the shares in the relevant companies - Aker Oilfield Services, Aker DOF Deepwater, Odim and Midsund Bruk - until the end of May.
ENDS
For further information, please contact:
Media:
Jannik Lindbæk, SVP Corporate Communications, Aker Solutions. Tel: +47 67 51 30 36, Mob: +47 977 55 622
Investor relations:
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39, Mob: +47 911 37 194
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Aker Solutions ASA, through its subsidiaries and affiliates ("Aker Solutions"), is a leading global provider of engineering and construction services, technology products and integrated solutions. Aker Solutions' business serves several industries, including oil & gas, refining & chemicals, mining & metals and power generation. 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 58 billion and employs approximately 23 000 people in about 30 countries.
Aker Solutions is part of Aker (www.akerasa.com), a group of premier companies with a focus on energy, maritime and marine resource industries. The Aker companies share a common set of values and a long tradition of industrial innovation. As an industrial owner controlling 40.27 percent of the shares in Aker Solutions through Aker Holding AS, Aker ASA takes an active role in the development of Aker Solutions.
This press release may include forward-looking information or statements and is subject to our disclaimer, see www.akersolutions.com.