Aker Solutions Boosts Canada Presence

International oil service group Aker Solutions strengthens its commitment to the Canadian oil and gas market through taking full ownership of Newfoundland and Labrador-based AKCS Offshore Partner.

"The buy-out will support Aker Solutions’ growth plans in North America and be the foundation for further expansion in St. John’s and Atlantic Canada. This is a firm commitment from Aker Solutions to continue to invest in this region to offer the best possible support to our customers" says Tore Sjursen, head of maintenance, modifications and operations (MMO) in Aker Solutions.

AKCS Offshore Partner was a partnership formed by Aker Solutions, SNC-Lavalin and G.J Cahill & Co. in 2002 to pursue contracts for the Atlantic Canada oil and gas industry. The partnership has been offering maintenance, modifications and operations (MMO) services.

"We will continue to deliver engineering services for maintenance and modification projects offshore Canada. Further, this move enables us to expand local project management capacity to support all Aker Solutions businesses in the region" says Erik Wiik, Aker Solutions’ regional president for North America.

AKCS Offshore Partner, which is based in St John’s, Newfoundland and Labrador, has 48 employees. All personnel currently employed by the partnership will be given the opportunity to pursue a career in Aker Solutions.

The financial details of the buy-out are undisclosed.

In November 2012 Aker Solutions announced the acquisition of St John’s-based asset integrity company Thrum Energy Inc. Following the acquisition of Thrum Energy Inc and buy-out of AKCS Offshore Partner, Aker Solutions employs more than one hundred people in St. John’s. The company is also present in Calgary, Alberta.

"Our company’s heritage lies within harsh and arctic offshore environments, so further growth in the Atlantic Canada market is a good strategic fit for Aker Solutions" adds Tore Sjursen.

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Aker Solutions provides oilfield products, systems and services for customers in the oil and gas industry world-wide. The company’s knowledge and technologies span from reservoir to production and through the life of a field.

Aker Solutions brings together engineering and technologies for oil and gas drilling, field development and production. The company employs approximately 25 000 people in more than 30 countries. They apply the knowledge and create and use technologies that deliver their customers’ solutions.

Aker Solutions ASA is the parent company in the group, which consists of a number of separate legal entities. Aker Solutions is used as the common brand and trademark for most of these entities. In 2011 Aker Solutions had aggregated annual revenues of approximately NOK 36.5 billion. The company is listed on the Oslo Stock Exchange.

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