Aker Solutions to sell well-intervention services business to EQT

Aker Solutions has agreed to sell its well-intervention services business to EQT, a Swedish private equity fund, for NOK 4 billion ($658 million).

Offshore staff

LYSAKER, NorwayAker Solutions has agreed to sell its well-intervention services business to EQT, a Swedish private equity fund, for NOK 4 billion ($658 million), including an earn-out provision, where Aker Solutions will receive 25% of any internal rate of return exceeding 12% a year on EQT's equity investment.

“The sale is part of a strategy to increase our focus on the deepwater and subsea oil services markets, where Aker Solutions is well-positioned,” said Øyvind Eriksen, executive chairman of Aker Solutions. “The well-intervention services business has limited synergies with the rest of the company and will be better able to develop its full potential with EQT as the owner.”

The transaction is expected to be completed around the end of 2013, pending clearance from Norwegian competition authorities.

11/22/2013

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