Aker Kværner form new powerful FPSO operations entity
6 Jul 06, Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA establish a new company named Aker Borgestad Operations AS, combining expertise within oil field processing and marine operations. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business.
The Aker Kvaerner company Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 per cent of the shares in Aker Borgestad Operations, while Aker Floating Production ASA and Aker Yards ASA will own 5 per cent each. Aker Floating Production has so far acquired three tankers which will be converted to FPSOs. The company plans to develop and own a minimum of four FPSO’s. It has selected the jointly established company as their partner to undertake the responsibility for the operation of the vessels. The companies behind Aker Borgestad Operations have extensive experience related to oil and gas processing, marine operations and optimisation, Health, Safety and Environment (HSE) issues, and this will form the basis for the operations services to Aker Floating Production.
“By combining the competence of Aker Kvaerner and Borgestad in this new venture, our Smart FPSOs will have access to premier expertise within both process technology and marine operations, says Svein Olsen, President & CEO of Aker Floating Production. The new company will be established in Brevik on Norway’s south-eastern coast. ”This region is well-known for its long industrial and marine tradition, which represents a strong basis for recruitment of key resources" Mr Olsen adds.
Aker Kvaerner Operations was established in 2003 for provision of operational competence and resources to offshore operators. Provision of operational services on FPSO’s is a natural and important development for Aker Kvaerner Operations, and will extend the market and customer base for the company.
Aktieselskabet Borgestad ASA, shipping activity is focused on technical management of open-hatch bulk carriers. The company has technical management of eleven vessels.
Aker Borgestad Operations will be established with head office in Brevik, Norway. Gard Madsen from Borgestad is appointed Managing Director.
AKER KVÆRNER ASA, through its subsidiaries and affiliates (“Aker Kvaerner”), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities.
The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 35.6 billion and employs approximately 22,000 people in more than 30 countries.
Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40 000 employees and NOK 60 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry.
Aker Kværner Operations AS is a company specialising in the provision of world class operations management and duty holder services to the Oil & Gas industry. Aker Kvaerner Operations provide all the resources required to operate Oil & Gas facilities at an optimum balance between cost and performance whilst achieving and improving excellent HSE performance.
Aktieselskabet Borgestad ASA, an international company, is a stock listed company involved in shipping, refractory products and real estate. The shipping activity is focused on technical management of open-hatch bulk carriers. The company has technical management of eleven vessels. The technical management is performed from the head-quarter at Borgestad in Skien, Norway.
This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com
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- Aker Kvaerner ASA
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