Aker Solutions board of directors has proposed to the company’s shareholders that Aker Solutions be split into two companies.
The board has also determined to write down the value of some assets in the Aker Oilfield Services unit of Akastor, one of two companies that will emerge from the separation.
Aker Solutions Holding (New Aker Solutions), a subsidiary of Aker Solutions established for the purposes of the demerger, will through the proposed demerger assume Aker Solutions' activities in the following areas of operation:
- Subsea (SUB)
- Umbilicals (UMB)
- Maintenance, Modifications and Operations (MMO)
- Engineering (ENG)
New Aker Solutions will operate under the Aker Solutions name from the first day of listing.
From the first day of listing of New Aker Solutions, the existing Aker Solutions will change its name to Akastor to form the Akastor Group together with the other subsidiaries that have not been transferred to New Aker Solutions. The Akastor Group will, among other things, continue Aker Solutions' activities mainly related to Drilling Technologies, Process Systems, Surface Products and Aker Oilfield Services, as well as Business Solutions, some financial assets and real estate.
On completion of the demerger, consideration shares in New Aker Solutions will be issued to the shareholders of Aker Solutions. Each share in Aker Solutions will give the right to one consideration share in New Aker Solutions. The consideration shares will constitute 100% of the outstanding shares in New Aker Solutions as of completion of the demerger.
The demerger is subject to approval by the shareholders of Aker Solutions at the Extraordinary General Meeting to be held on 12 August 2014, and depends, among other things, on the approval of the application to list New Aker Solutions shares on the Oslo Stock Exchange.
More information can be found on the Aker Solutions website.
Adapted from press release by Katie Woodward
Read the article online at: https://www.oilfieldtechnology.com/exploration/11072014/aker_solutions_proposes_terms_of_demerger_1029/