HOUSTON – The board of directors of Aker Solutions ASA, in accordance with the strategy disclosed April 30, has resolved to propose 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 ASA ("New Aker Solutions") – a subsidiary of Aker Solutions ASA established for the purposes of the demerger and which will apply for listing of its shares on the Oslo Stock Exchange – will, through the proposed demerger, assume Aker Solutions' activities in subsea; umbilicals; maintenance, modifications and operations; and engineering.
New Aker Solutions will operate under the Aker Solutions name from the first day of listing, at which time the existing Aker Solutions ASA will change its name to Akastor ASA to form the Akastor Group together with the other subsidiaries that have not been transferred to New Aker Solutions.
The Akastor Group will 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.
The demerger is subject to approval by shareholders at the Extraordinary General Meeting on Aug. 12, and depends, among other things, on the approval of the application to list New Aker Solutions shares on the Oslo Stock Exchange.
ABG Sundal Collier, Barclays, and Carnegie will act as joint lead managers for the listing process.