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Aker's 175 Anniversary Aker“Aker’s’s 175 175thth anniversary” -- An insight iintonto Aker’Aker´ss DNADNA andand important important events events f fromrom thethe ppastast 2525 Yearsyears Fredrik Raak Dahl SVPRO 4000 -Prosjektforum Sofia Ellen Davidson Mira Sofie H.Iversen 2015 Silje Ingeborg Nordstad Camilla H.Riibe EXECUTIVE SUMMARY Survival is not about being one of many, it is about respecting your legacy, being able to see opportunities when they arise and dare to take a risk where no else does. ! ! In 2016 Aker will be celebrating its 175th anniversary. This report is written in association with this celebration. Its main purpose is to highlight important events that have occurred over the past 25 years. What events are considered to be important? How have these events influenced the environment and Aker’s future? This is what we have attempted to answer in our report. We chose a snowball method which means we performed a few preliminary interviews that guided us to our next interview subjects. After analysing the data we collected from our interviews, combined with our literature, we ended up with several interesting findings. Our findings include: - Aker’s part in the development of the oil and gas industry in Norway - The growth of subsea - New ownership in Aker, an event that occurred in 1996-1997 - Fishing industry becomes a part of Aker’s portfolio in 1996 - Aker Maritime and Kvaerner merge and de-merge, this happened in 2002 and 2011 - Aker ASA goes in a new direction from 2009 - An acquisition in Det norske takes place, and Aker Exploration merges with Det norske 2009 - Ocean Yield is established in 2012 ! We have analysed these events and areas of importance, and attempted to establish how they have impacted Aker’s future and its environment. As a result of our analysis we have also discovered three characteristics that have reoccurred several times throughout our research and that we believe is the foundation of Aker’s DNA. These characteristics are;!adaptability, skilled employees and cooperation. ! ! PREFACE This report is written as a part of “Prosjektforum” at the University of Oslo (UiO). The research group consists of five students who are studying for a Masters in Organisation, Leadership and Work at UiO. Working on this report has been exciting, challenging and not to mention educational. We would like to thank Aker Solutions for the opportunity to write this report and be a part oftheir anniversary. We would like to give a special thanks to Audun Melaas, Manager in Organisational Development at Aker Solutions and Atle Kigen, Head of Corporate Communications in Aker. We would also like to thank all of our interview subjects for their time and being a part of our research. Last but not least, we would like to thank our advisor, Pål Nygaard, at the Oslo and Akershus University College of Applied Sciences, for helping us throughout the project and providing us with constructive feedback. We could not have done any of this without your contributions. Oslo, May 2015. Fredrik Raak Dahl Sofia Ellen Davidson Mira Sofie H.Iversen Silje Ingeborg Nordstad Camilla H.Riibe © Fredrik Raak Dahl, Sofia Ellen Davidson, Mira Sofie H.Iversen, Silje Ingeborg Nordstad & Camilla H.Riibe Aker’s 175th anniversary - An insight into Aker’s DNA and important events from the past 25 years 2015 Aker Solutions University of Oslo TABLE OF CONTENT 1.0 INTRODUCTION ................................................................................................... 7 1.1 Background ..................................................................................................................... 7 1.2 Main purpose of the report ............................................................................................ 7 1.3 Research question ........................................................................................................... 7 1.4 Structure .......................................................................................................................... 7 2.0 METHOD AND RESEARCH DESIGN ............................................................... 8 2.1 Research design .............................................................................................................. 8 2.2 Data collection ................................................................................................................. 9 2.2.1 Sample and sample size ........................................................................................... 9 2.2.2 Recruitment strategy ............................................................................................. 10 2.2.3 Interview guide ...................................................................................................... 10 2.3 Data analysis process ................................................................................................... 12 2.4 Further points on validity and reliability ................................................................... 13 2.5 Ethics ............................................................................................................................. 13 2.6 Reflections ..................................................................................................................... 14 3.0 THE HISTORY OF AKER .................................................................................. 15 3.1 Introduction .................................................................................................................. 15 3.2 Early years .................................................................................................................... 15 3.3 The first wave – technology ......................................................................................... 15 3.4 The second wave – organisational ............................................................................... 16 3.5 The oil-adventure ......................................................................................................... 17 3.6 The third wave - ICT ................................................................................................... 18 3.7 Kjell Inge Røkke and Aker Kvaerner ........................................................................ 18 3.8 The last ten years .......................................................................................................... 19 3.9 Aker Solutions .............................................................................................................. 20 3.10 Aker today ................................................................................................................... 21 4.0 “AKER SKOLEN” AND “AKER MODELLEN” ............................................. 22 4.1 “Aker skolen” ............................................................................................................... 22 4.2 “Aker modellen” ........................................................................................................... 23 5.0 SUMMARY OF FINDINGS ................................................................................ 24 5.1 Findings within transactions ....................................................................................... 24 5.2 Findings within technology and knowledge ............................................................... 25 6.0 ANALYSIS ............................................................................................................ 26 6.1 Transactions .................................................................................................................. 26 6.1.1 New ownership in Aker ......................................................................................... 27 6.1.2 Aker Kvaerner ....................................................................................................... 29 6.1.3 Aker – A new direction ......................................................................................... 35 6.1.4 Det norske .............................................................................................................. 37 6.1.5 Establishment of Ocean Yield .............................................................................. 38 6.2 Technology and Knowledge ......................................................................................... 39 6.2.1 Aker enters the fishing industry .......................................................................... 39 6.2.2 Oil & Gas ................................................................................................................ 40 6.2.3 The development of subsea and Aker Solutions ................................................. 42 ! Aker Solutions University of Oslo ! ! ! ! 7.0 EVENTS IN LIGHT OF AKER’S ENVIRONMENT AND FUTURE ........... 44 8.0 DNA ........................................................................................................................ 46 8.1 Adaptability .................................................................................................................. 47 8.3 Cooperation ................................................................................................................... 48 9.0 OUR THOUGHTS AND REFLECTIONS ........................................................ 49 9.1 Too much change? ........................................................................................................ 49 9.2 Is it sustainable? ..........................................................................................................
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