Aker Solutions Completes Acquisition of Kvaerner

Updated 10 months ago

Aker Solutions has completed a combination with Kvaerner. In recent years, Aker Solutions and Kvaerner have executed work for customers within carbon capture, offshore wind power, hydrogen production, and other renewable industries. The company was the key contractor for delivering the carbon capture technology test center at Mongstad, Norway. Currently, it is delivering to Equinor the Hywind Tampen development. The company’s electrification, maintenance, and modifications business is increasingly engaged in projects to reduce carbon emissions from existing plants and offshore installations.

Kvaerner Brug was founded in 1853 and built its first hydroelectric turbine in 1870. In 1928, Kvaerner bought 85% of turbine competitor Myrens Verksted. The company was listed on the Oslo stock exchange in 1967. In 1988, Govan Shipbuilders was acquired from British Shipbuilders. The company acquired the Swedish company Götaverken and the UK conglomerate Trafalgar House in 1996.

November 11 will be the first day for the Aker Solutions share to be traded after completing the merger with Kvaerner. The combined company had about NOK 38 billion in pro forma revenues in 2019 and will employ approximately 15,000 employees in more than 20 countries. The company's new reporting segments are Renewables & Field Development; Electrification, Maintenance, & Modifications; and Subsea.

CEO of Aker Solutions

We see that our ability to deliver predictably with respect to quality, schedule and costs is equally important for low-carbon projects and renewable energy developments. Over the past few years, we have started to build up our business in these segments, and we will continue to grow this activity further in the new organization.