Aker Kvaerner acquires Phoenix Polymers

Aker Kvaerner has acquired 50% of Phoenix Polymers International Ltd.

Offshore staff

KRISTIANSUND, Norway -- Aker Kvaerner has acquired 50% of Phoenix Polymers International Ltd.

"The acquisition of Phoenix secures the delivery of key elements to our deepwater drilling riser technology" says Svein Haug, senior vice president, umbilical and risers, for Aker Kvaerner subsea. "We believe Aker Kvaerner can help Phoenix realize their full growth potential."

Aberdeen-based Phoenix develops and manufactures buoyancy and polyurethane products for the oil and gas sector and is a supplier of floatation elements to Aker Kvaerner's deepwater marine drilling riser projects.

The company will continue to trade under the Phoenix name, Aker Kvaerner says.

6/12/2007

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