Aker Solutions sells mooring and loading systems division to Cargotec
Aker Solutions has agreed to sell its mooring and loading systems business to Cargotec for NOK 1.4 billion, or about $238 million.
OSLO, Norway – Aker Solutions has agreed to sell its mooring and loading systems business to Cargotec for NOK 1.4 billion, or about $238 million.
The business unit,Pusnes, provides mooring equipment, loading, and offloading systems, as well as deck machinery for the global offshore and shipping markets.
“The proceeds will be used to develop Aker Solutions' main business in thedeepwater and subsea oil-services segments,” said Øyvind Eriksen, executive chairman of Aker Solutions. “While the mooring and loading systems unit for many years has generated healthy returns and enjoys a strong market position, it has limited synergies with the rest of the company.”
The division employs about 370 people in Europe, Asia, and the Americas, and has its main office in Arendal, Norway.
The transaction, structured as a share sale, is set to be completed in the first quarter of 2014, pending government approval.