FORNEBU, Norway – Aker Solutions is set to acquire Reinertsen’s Norwegian oil and gas maintenance/modifications business for NOK212.5 million ($25 million), subject to approval from Norway’s competition authorities.
Reinertsen is the third largest maintenance and modifications supplier offshore Norway with around 700 employees, and main offices in Trondheim and Bergen, where Aker Solutions also has a solid presence. Staff in those offices will likely move to Aker Solution’s local centers.
Its order backlog includes a six-year minimum framework agreement awarded by Statoil in late 2015, and various smaller subsea services and engineering contracts.
Luis Araujo, CEO of Aker Solutions, said: “Combining our capabilities will boost our presence in the Norwegianmaintenance and modifications market, helping to safeguard core competencies at key locations and positioning us for a market recovery.
“Our companies also have a history of collaboratingoffshore Norway that we will build on to the benefit of our customers.”
Between 2002 and 2010 the two companies collaborated on projects offshore Norway through theAker Reinertsen joint venture.
Thomas Reinertsen, deputy CEO of Reinertsen, said: “We’re glad to have found a new home for our oil and gas business after a very difficult time for our company. “Short term we still face some challenges, but in the longer term this move will secure jobs in central Norway and enable us to continue our strong tradition of delivering high-quality services.”
Reinertsen had revenue of around NOK800 million ($94 million) in 2016 and should contribute positively to Aker Solutions’ earnings from 2018 onwards.