DOCSLIB.ORG

Aker ASA Annual Report 2010 

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Aker ASA Annual Report 2010  Aker ASA Annual report 2010 Aker ASA annual report 2010 3 Contents 4 This is Aker 4 Aker in brief 5 Highlights 6 Long traditions of industrial development 8 Key performance indicators 9 Aker ASA and holding companies 10 Promoting a performance culture 11 Demonstrating corporate responsibility 12 Letter from the chairman 18 Letter from the president and CEO 20 Operations 20 Business activities 21 Industrial Holdings 29 Financial Investments 30 Funds 32 Board of directors’ report 40 Annual accounts 41 Aker group 98 Aker ASA 111 Aker ASA and holding companies 119 Share and shareholder information 119 Good dialogue 122 Analytical information 123 Corporate governance 123 Report on corporate governance Photo by the well known artist Tom Sandberg. 128 Board of directors Financial calendar 2011 130 Management 130 Other key personnel Annual General Meeting: 14 April 131 Contacts Interim report Q1 2011: 11 May Interim report Q2 2011: 17 August Interim report Q3 2011: 7 November 4 Aker ASA annual report 2010 This is Aker Aker in brief Aker ASA is an investment company that exercises active ownership. Aker is synonymous with industrial expertise ■ Financial Investments comprises cash, Net asset value (NAV) is a key perfor- Going forward, Aker’s value creation will and financial strength. As an active owner, receivables, and other assets of Aker mance indicator for Aker ASA. As of 31 De- be associated with portfolio modifications, our goal is to be a powerhouse in the devel- ASA (parent and holding companies) cember 2010, NAV amounted to NOK 18.4 adaptations and improvements at individual opment of strong companies. Aker drives – with the exception of industrial billion, compared with NOK 19.5 billion at companies, share price developments, and operational improvements, strategy and fi- investments in shares investments and the close of 2009. The company’s dividend overall market trends. nancing and executes industrial transactions. investments in funds. policy is to pay annual dividends of be- These capabilities create value for share- ■ Funds comprises shares in funds under tween two and four percent of NAV to com- Ownership structure holders, customers, employees, and society management by the three Aker-controlled pany shareholders. Aker was listed on the Oslo Stock Ex- in general. Aker organizes its business ac- companies: Converto Capital Management, change on 8 September 2004. Since listing, tivities in three sectors: Industrial Holdings, Oslo Asset Management, and Stockholm- Investment strategy the company’s shares have returned an Financial Investments, and Funds. based Norron Asset Management. Aker’s ownership interests are concen- average annual yield of 27 percent, includ- trated on the business sectors: Energy, En- ing dividends. In 2010, Aker ASA’s share ■ Industrial Holdings comprises Aker’s Size vironment, Fisheries & Marine Biotech, and price declined 13.3 percent. The company ownership interests in Aker Solutions, As of late February 2011, Aker is the largest Finance. These are key Norwegian indus- had 14 300 shareholders as of early 2011. Aker Drilling, Det norske oljeselskap, shareholder in eight stock-exchange-listed tries that are international in scope. Each Aker’s main shareholders are Anne Grete Aker Clean Carbon, and Aker BioMarine. companies. More than 22 000 people in Aker investment portfolio company is well Eidsvig and Kjell Inge Røkke, who through In each of these operating companies, over 30 countries are employed by these positioned to benefit from the growing de- their company TRG own 67.8 percent of Aker has an ownership agenda that companies. mand for sustainable production of energy the Aker stock. strengthens the businesses. and food. 1850 1900 1950 2000 Masa Yards Kværner 1853 1996 Peter Steenstrup Olaf A. Onsum Davy/John Brown/Trafalgar Kjell Inge Røkke Founded Aker in Founded Aker’s main 1841. Kværner in 1853. RGI owner since 1996. JM Johansen 1876 – Fisheries Norcem 1892 – Offshore and cement Aker 1841 1987 1996 2001 Aker ASA annual report 2010 5 This is Aker Highlights Aker Solutions more streamlined Aker BioMarine on fast track Aker has been a driving force in identifying and acting In 2010, Aker injected NOK 740 million in equity into Aker on structural opportunities for Aker Solutions’ business BioMarine. The biotechnology company’s sales are growing segments and units. Simplifying the enterprise’s organi- sharply. MSC environmental certification of Aker BioMa- zation provides greater transparency and hones opera- rine’s harvesting operations in Antarctic waters confirms tions to service future requirements of oil and gas com- that the company practices sustainable krill harvesting. panies. In 2010, Aker BioMarine realized key underlying value in its In 2010, Aker Solutions sold non-core businesses and Trygg Pharma unit via a 50/50 partnership with the private other assets for NOK 7 billion. Aker Solutions is being equity firm Lindsay Goldberg. Trygg Pharma subsequently A more closely focused engineering, streamlined as an engineering, technology and services Growing demand for omega-3 ingre- acquired Epax, one of the world’s leading producers of technology, and services company. company; its busy construction yards will be spun off as dients derived from Antarctic krill. high-concentrate fish oils. Macro drivers support a contin- a separate exchange-listed EPC company. ued strong growth trajectory for health products in general and omega-3 based ingredients in particular. Aker Drilling targets growth markets Solid foundation for value growth Aker Drilling’s rigs delivered excellent, high up-time op- Aker has built a sound foundation for continued value eration in 2010. In February 2011, Aker reduced its growth. Aker’s net asset value was NOK 18.4 billion before ownership in Aker Drilling from 100 percent to 43.49 dividend allocations as of 31 December 2010. percent, following a share issue and listing on the Oslo Stock Exchange. The drilling company is pursuing new Aker has further developed its role as an equity investor. Ac- global opportunities at deepwater fields and in harsh- cording to Kjell Inge Røkke, Aker ASA’s majority shareholder weather regions. These offshore markets are experi- and board chairman, the company has to look back to 2004 encing strong growth. to find a single year in which, in real terms, greater value was created than in 2010. In his letter to shareholders on page 12 Targeting growth markets: Drilling in Aker Drilling is being further developed as an independ- Aker has taken great strides in further of this report, Mr. Røkke writes: “In the past year, fundamen- harsh-weather and deepwater off- ent company, with Aker as a significant minority share- developing its role as a proactive tal value creation has occurred at Aker that has yet to be ex- shore fields. holder. After completing the corporate refinancing and owner and equity investor. pressed in its share price.” share issue, Aker Drilling repaid its USD 488 million loan from Aker in the first quarter of 2011. 6 Aker ASA annual report 2010 This is Aker Long traditions of industrial development Aker will be 170 years old in 2011. Aker’s history dates back to 1841, when its first mechanical workshop was established on the banks of the river Akerselva in Norway’s capital. Nature has shaped Norway, its industry, tinues to characterize Aker and the indus- and people. Proximity to the ocean and trial companies in which Aker is the leading exploitation of natural resources have been owner. key to Aker’s industrial development over three centuries. Aker is “Made by Norway.” From first oil on the Norwegian In the company’s early years, Aker’s continental shelf workshop staff made components for ma- In the late 1960s, Aker’s businesses refo- chinery and equipment. Aker’s initial clients cused on the emerging North Sea oil and were the iron and non-ferrous metals indus- gas industry. Aker was part of Norway’s tries and shipping. In the heydays of the great oil adventure when the very first oil steam engine, Aker supplied companies was struck and produced on the Norwe- engaged in timber, wood and pulp, coal, gian continental shelf. hydropower, fisheries, and shipping. In 1987, Aker merged with Norcem, a In rebuilding the country after the Sec- Norway-based international cement and ond World War (1939-1945), constructive construction materials group that also had cooperation between Aker employees’ significant offshore-industry activities. The elected representatives, skilled workers, cement and construction materials busi- and management developed. The legend- ness was later spun off into a separate ary union leader Ragnar Kalheim, who company, and sold in 1999. worked at Aker mek. Verksted (Nyland Vest) from 1949 until his death in 1974, pio- Røkke at the helm neered these efforts. A socialist, Mr. Kal- Since the mid-1990s, entrepreneur and in- heim was a driver for an innovative wage dustrialist Kjell Inge Røkke has been Aker’s agreement that committed workshop union main shareholder and a driving force in the members to increase productivity in return company’s development. Mr. Røkke for the right to negotiate labor’s share of launched his business career in 1982 when profits. This was a groundbreaking initiative he purchased a 69-foot trawler in the in Norwegian industry. United States. From this modest beginning, Close interaction between employees, Røkke built a leading global fisheries busi- corporate owners, and society at large con- ness based on harvesting and ocean-going ”In the company’s early years, Aker’s workshop staff made components for machinery and equipment.” Aker ASA annual report 2010 7 This is Aker ”In 2010, Aker implemented measures that are strengthening the companies in its portfolio.” processing of white fish. Success in this all played important roles – enabled field enabled him to invest in other busi- Kværner to survive, with Aker as its largest nesses, mainly in the United States and shareholder.
Load more

Recommended publications
  • Fourth-Quarter and Preliminary Annual Results 2018 Aker ASA Fourth-Quarter and Preliminary Annual Results 2018 2
    Aker ASA Fourth-quarter and preliminary annual results 2018 Aker ASA Fourth-quarter and preliminary annual results 2018 2 Highlights Key figures prior to dividend allocation Key events in the quarter (Aker ASA and holding companies) nn Aker BP entered into an agreement with Equinor to acquire nn 2018 was a year with continued strong industrial development and its 77.8 per cent interest in the King Lear discovery for a cash value creation to Aker's shareholders: consideration of USD 250 million. nn The Aker share gained 19.1 per cent, dividend included, nn Aker BP received a USD 1.5 billion settlement of the tax losses in compared to a 1.8 per cent decline in the Oslo Stock Hess Norge AS from Norwegian tax authorities. Exchange’s benchmark index (“OSEBX”). nn Ocean Yield announced the investment in two chemical tankers nn The net asset value (“NAV”) of Aker ASA and holding with 12-year charters to Ardmore Shipping Corporation for a total companies (“Aker”) stood at NOK 41.7 billion at the end of the consideration of USD 51 million, net of pre-paid charter hire. fourth quarter, on par with year-end 2017. In addition, a NOK 1.3 billion dividend was paid to shareholders in May. nn Aker Solutions announced the award of a NOK 1.7 billion order from CNOOC to provide subsea production system and umbilicals nn Aker generated NOK 2.2 billion in upstream cash, up from for the Lingshui 17-2 field. NOK 1.6 billion in 2017. nn Kvaerner announced a NOK 900 million contract with Equinor nn Aker's liquidity reserve, including undrawn credit facilities, for the delivery of the steel substructure for the Johan Sverdrup stood at NOK 5.2 billion as per year-end 2018 and the value Phase II process platform.
    [Show full text]
  • Third-Quarter Results 2016 Aker ASA Third-Quarter Results 2016 2
    Aker ASA Third-quarter results 2016 Aker ASA Third-quarter results 2016 2 Third-quarter 2016 highlights Financial key figures Key portfolio events (Aker ASA and holding companies) nn In August the divestment of Aker’s ownership stake in Havfisk and nn The net asset value of Aker ASA and holding companies (“Aker”) Norway Seafoods Group to Lerøy Seafood Group was concluded. rose by 20 per cent in the third quarter 2016 to NOK 29.8 billion, The combined sales released approximately NOK 2.0 billion in compared with the second-quarter figures. Per-share net asset cash to Aker and resulted in an accounting gain of NOK 1.6 billion. value (“NAV”) amounted to NOK 401 as per 30 September 2016, compared to NOK 333 as per 30 June 2016 and NOK 282 as per nn In September Ocean Yield raised NOK 862 million in gross 31 December 2015 (prior to dividend allocation). proceeds from a private placement and subsequently NOK 750 million from a new unsecured bond issue, to finance future growth. nn The value of Aker’s Industrial Holdings portfolio stood at NOK Aker’s ownership interest in Ocean Yield was diluted to 66.3 per 30.2 billion in the quarter, up from NOK 24.5 billion in the second cent from 72.9 per cent. quarter. Aker’s Financial Investments portfolio increased to NOK nn In September Det norske oljeselskap completed the closing of the 8.4 billion, from NOK 7.2 billion in the prior quarter. merger with BP Norge and renamed the company Aker BP.
    [Show full text]
  • Ocean Yield Builds on Aker's Track Record Within the Offshore Space
    OCEAN YIELD AS Company Presentation 20 June 2012 Highlights Ocean Yield – A vessels owning company with focus on low risk investments in oil service & industrial shipping • Ocean Yield is 100% owned by Aker and defined as an “industrial holding” Strong sponsor • Planned IPO and listing on OSE; Aker committed to remain a major owner post an IPO Conservative • Focus on diversified investments in oil-service & shipping assets with long term employment investment • Limited direct market exposure, low operational risk and solid counterparties profile Solid financial • Firm EBITDA* backlog of approx. USD 998 million with solid counterparties and operational • Book equity of USD 500 million and equity ratio of 42% platform Experienced • Key management with experience from Ship Finance, shipowners and financial institutions management and board of directors • Board of Directors with extensive experience from oil-service and financial institutions. • Solid market outlook for the oil-service industry Strong outlook • Constrained funding markets makes leasing an attractive alternative for companies with growth ambitions *EBITDA as reported, Pareto estimates 2 Company Overview Ocean Yield profile • A company with long-term employment and risk diversification focus • Conservative business profile with focus on low-risk investments in oil service & industrial maritime assets with long-term contracts • Builds on Aker’s strong offshore- and capital markets track record • Owns three vessels and targets to expand the fleet through acquisition of assets
    [Show full text]
  • Annual Report 2005
    Annual Report 2005 the Aker group 2 ANNUAL REPORT 2005 62 98 3.3 51 2.3 THE AKER GROUP 60 2004 2005 2004 2005 2004 2005 This is Aker Order backlog Operating revenues EBITDA NOK billion NOK billion NOK billion With more than 46,000 employees and assosiates annual revenues exceeding NOK 62 billion, Aker is a significant Key figures Pro forma industrial participant in many communi- Profit and loss account (NOK million) 2004 2005 ties. Operating revenues 51 641 62 450 Aker’s core businesses are leaders in EBITDA 2 229 3 322 their respective industries. The Aker Aker Kværner 1 362 2 145 Group delivers technology-based pro- Aker Yards 768 1 029 ducts and services and advanced, inte- Aker American Shipping* 80 131 grated solutions and projects to custo- Aker Seafoods** 157 187 mers in oil, gas, energy, and process Aker Material Handling 11 35 industries. The Aker Group is also a Other activities and eliminations -210 -199 major shipbuilder and a significant fishe- Depreciation and amortization -815 -848 ries industry participant. Operating profit (EBIT) 1 254 2 404 Share of earnings in associated companies -80 28 Aker builds businesses that are world Net financial items, incl. exceptional financial items -777 179 leaders, creating value through proactive Profit before tax 397 2 611 industrial ownership. Aker bases its Tax -466 -21 value-adding competence on in-depth Net profit -69 2 590 knowledge of industries and technolo- gies, access to financial resources, and Balance Sheet (NOK million) 31 Des 04 31 Des 05 innovation. Assets Total intangible and tangible fixed assets 14 971 17 542 Aker — founded in 1841 — continues a Total financial fixed assets 1 679 2 777 proud industrial tradition.
    [Show full text]
  • Prospectus Aker Solutions
    Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Prospectus Aker Solutions ASA 8.70% Aker Solutions ASA FRN Aker Solutions ASA Open Bond Issue 2009/2014 Registration Document Joint bookrunners: Oslo, 22. December 2009 1 Aker Solutions ASA, Prospectus of 22. December 2009 Registration Document_____________________________________________________ Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's (including subsidiaries and affiliates) lines of business. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the company's businesses, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Registration Document. Although it is believed that the expectations are based upon reasonable assumptions, the Borrower can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Neither the Arrangers and Co-Arranger nor the Borrower are making any representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Registration Document, and neither the Arrangers and Co-Arranger the Borrower, nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.
    [Show full text]
  • Registration Document
    Registration Document AKER ASA Senior Unsecured Bond Issue 2015/2020 ISIN: NO 0010737158 Date: 30 June 2015 Joint Lead Managers: DNB Markets Nordea Markets Pareto Securities Registration Document IMPORTANT INFORMATION The Registration Document has been prepared in connection with listing of the bonds at Oslo Børs. This Registration Document is subject to the general business terms of the Lead Managers. Confidentiality rules and internal rules restricting the exchange of information between different parts of the Lead Managers may prevent employees of the Lead Managers who are preparing this document from utilizing or being aware of information available to the Lead Managers and/or affiliated companies and which may be relevant to the recipient's decisions. The Lead Managers and/or affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Lead Managers’ corporate finance department may act as manager or co-manager for the Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States.
    [Show full text]
  • Annual Report 2011 Contents
    2 011 Annual report 2 Aker Solutions annual report 2011 Contents Contents Key figures 2011 3 Letter to shareholders 4 Board of directors’ report 5 Summary 5 Business overview 5 Strategic priorities 6 Research and development (R&D) 6 Report for 2011 7 Presentation of the accounts 7 Segment reviews 8 Corporate governance and risk management 10 Corporate responsibility 11 Environment 12 Health, safety and working environment 12 People and teams 13 Annual accounts 15 Declaration by the Board of Directors and President & CFO 15 Aker Solutions Group 16 Aker Solutions ASA 67 Auditor’s report 77 Share and shareholder information 78 Share and shareholder information 78 Analytical information 82 Corporate governance 83 Corporate governance 83 Board of directors 90 Executive chairman and President 92 Aker Solutions annual report 2011 Business management 92 Corporate centre functions 94 Regional management 95 Company information 96 Aker Solutions annual report 2011 3 Key figures 2011 Key figures 2011 (Continuing operations only) Orders and results 2011 2010 Order backlog 31 December NOK mill 41 449 38 528 Order intake NOK mill 41 327 38 773 Operating revenues NOK mill 36 474 33 365 EBITDA NOK mill 3 445 3 308 EBITDA-margin Per cent 9.4% 9.9% Net profit NOK mill 1 591 1 334 Cash flow Net cash from operating activities NOK mill 3 827 2 131 Balance sheet Borrowings NOK mill 6 000 8 224 Equity ratio Per cent 33.2% 25.9% Return on equity Per cent 17.9% 19.6% Return on captial employed1 Per cent 13.1% 12.1% Share Share price 31 December NOK 62.95 99.25 Dividend per share2 NOK 3.90 2.75 Basic earnings per share (NOK) NOK 5.77 4.76 Diluted earnings per share (NOK) NOK 5.76 4.75 Employees Employees 31 December Full time equivalents 18 397 16 967 HSE Lost Time Incident Frequency Per million worked hours 0.66 0.83 Total recordable incident frequency Per million worked hours 2.29 2.62 Sick leave rate Per cent of worked hours 2.17 2.04 1) Adjusted for gain on discontinued and demerged operations.
    [Show full text]
  • Status and Outlook Fourth Quarter and Full Year 2009
    The preferred partner AKER ASA Aker Status and outlook Fourth quarter and full year 2009 Øyvind Eriksen, President & CEO Olav Revhaug, CFO Oslo, 25 February 2010 4Q09 highlights Increased values, increased dividend Strategy, structure • Det norske merger completed, Aker owns 40.4 per cent • Amendment to Aker Holding agreement Operational • Both Aker Drilling rigs in operation by end Feb 2010 • Aker Solutions NOK 4.4 bn EBITDA in 2009, NOK 2.60 per share dividend proposed • Det norske awarded 10 new licences, operator for 6. Frøy field development project re-initiated with expected investment decision second half 2010 Financial • Board’s dividend proposal: NOK 8 per share (3 % of NAV) • NOK 19.5 billion NAV at year-end, NOK 1 billion (5.4 %) net increase in 2009 • Balance sheet strong: Equity ratio 80 %, Cash ≈ Debt Active industrial ownership 4Q09 | Status and outlook | 2 Made by Norway © Aker ASA | February 2010 1 Aker ASA and holding companies Key indicators Net Asset Value 1 Gross asset values 1 Treasury Debt (NOK bn) (NOK bn) (NOK bn) (NOK bn) 25 25 12 12 10 20 20 10 8 8 15 15 6 6 10 10 4 4 5 5 2 2 0 0 0 0 4Q 1Q 2Q 3Q 4Q09 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 08 09 09 09 08 09 09 09 09 08 09 09 09 09 08 09 09 09 09 Net asset Other Interest-free recvb Interest-free debt value (NAV) Treasury Cash, cash equiv Internal debt before dividend Share investments Short-term recvb External debt Long-term recvb 1 Market price at end of period for listed investments Active industrial ownership 4Q09 | Status and outlook | 3 Made by Norway
    [Show full text]
  • 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.
    [Show full text]
  • Major Projects 2019 Mhwirth Reference List Major Projects 2019
    Major Projects 2019 MHWirth Reference List Major Projects 2019 2 Content Drillships | Page 3 Semisubmersible Platforms | Page 10 3 Jack-up Platforms | Page 23 4 Platform Rigs | Page 27 MHWirth Reference List Major Projects 2019 3 1 Drillships MHWirth Reference List Major Projects 2019 4 Drillships Cobalt Explorer Client Daewoo Shipbuilding Contract award 2013 Delivery 2015 Scope of work Complete drilling equipment package | Complete mud equipment package | Derrick | Riser | Commissioning services Rig owner Daewoo Shipbuilding Itaoca Client Jurong Shipyard Contract award 2012 Delivery On hold Scope of work Complete topside and subsea equipment package | Complete drilling equipment package | Drilling riser | BOP | Project management | Engineering | Procurement | Installation supervision | Commissioning Rig owner Undisclosed Camburi Client Jurong Shipyard Contract award 2012 Delivery On hold Scope of work Complete topside and subsea equipment package | Complete drilling equipment package | Drilling riser | BOP | Project management | Engineering | Procurement | Installation supervision | Commissioning Rig owner Undisclosed Arpoador Client Jurong Shipyard Contract award 2012 Delivery On hold Scope of work Complete topside and subsea equipment package | Complete drilling equipment package | Drilling riser | BOP | Project management | Engineering | Procurement | Installation supervision | Commissioning Rig owner Undisclosed MHWirth Reference List Major Projects 2019 5 Drillships Guarapari Client Jurong Shipyard Contract award 2012 Delivery On
    [Show full text]
  • The Global Spin-Off Report
    THE GLOBAL SPIN-OFF REPORT July 12, 2011 Aker Solutions ASA Demerger of Engineering, Procurement & Construction Division (i.e., Kvaerner ASA) Pre-Demerger: Aker Solutions ASA Price: NOK 109.50 per share Ticker: AKSO NO Est. FV (s.1/s.2/s.3): NOK 120.95 /146.32/179.47 per sh. Dividend: NOK 2.75 per share 52-Week Range: NOK 67.00 – 129.70 per share Yield: 2.51% Shares Outstanding: 274,000,000 Market Capitalization: NOK 30,003 million Est. Fair Value Mkt Cap: NOK 33,002/39,882/48,919 million Post-Demerger: Aker Solutions ASA Est. FV (s.1/s.2/s.3): NOK 93.50/104.45/128.24 per sh. Ticker: AKSO NO Est. Shares Outstanding: 274,000,000 Dividend: n/a Est. Fair Value Mkt Cap: NOK 25,618/28,620/35,137 million Yield: n/a Demerged Entity: Kvaerner ASA Est. FV (s.1/s.2/s.3): NOK 27.45/41.87/51.24 per sh. Ticker: KVAER NO Est. Shares Outstanding: 269,000,000 Dividend: n/a Est. Fair Value Mkt Cap: NOK 7,384/11,262/13,782 million Yield: n/a Note: The distribution is being conducted on a one-for-one basis, excluding treasury shares. Aker Solutions holds approximately five million shares in treasury. 1 USD =5.3652 NOK Data As of July 1,2011 Exclusive Marketers of Horizon Research Group The Global Spin-Off Report Murray Stahl Steven Bregman PCS Research Services Thérèse Byars Derek Devens Peter Doyle 125 Maiden Lane, 6th Floor New York, NY 10038 Michael Gallant Matthew Houk David Leibowitz (212) 233-0100 Eric Sites Fredrik Tjernstrom Steven Tuen www.pcsresearchservices.com This report is based on information available to the public; no representation is made with regard to its accuracy or completeness.
    [Show full text]
  • Aker Solutions Prospectus
    PROSPECTUS AKER SOLUTIONS HOLDING ASA to be renamed AKER SOLUTIONS ASA (A public limited liability company organised under the laws of Norway) Listing of the shares in Aker Solutions Holding ASA under its new name Aker Solutions ASA on the Oslo Stock Exchange The information contained in this prospectus (the “Prospectus”) relates to the listing on Oslo Børs (the “Oslo Stock Exchange”) of all ordinary shares (the “Shares”), each with a par value as at the day of listing of NOK 1.08, in Aker Solutions Holding ASA, a public limited liability company organised under the laws of Norway and to be renamed Aker Solutions ASA on the date of completion of the Demerger (as defined below) (“New Aker Solutions” or the “Company”). This Prospectus serves as a listing prospectus as required by applicable laws in Norway. This Prospectus does not constitute an offer or solicitation to buy, subscribe or sell the securities described herein, and no securities are being offered or sold pursuant to this Prospectus in any jurisdiction. On 12 August 2014, the general meetings of the company currently named Aker Solutions ASA (“Existing Aker Solutions”, to be renamed Akastor ASA (“Akastor”) on the date of the completion of the Demerger (as defined below)) and New Aker Solutions approved a demerger plan (the “Demerger Plan”) in respect of, and resolved to carry out, a demerger (the “Demerger”) pursuant to which all shares in Aker Solutions Holding AS — a wholly owned subsidiary of Existing Aker Solutions that owns or will acquire the group of entities carrying out the business discussed in Section 11 “Business Overview” (the “New Aker Solutions Business”) — and certain other assets, rights and liabilities primarily relating to the New Aker Solutions Business as further discussed in Section 5.2 “The Demerger; Admission to Trading of the Shares—Allocation of Assets, Rights and Liabilities in the Demerger”, will be transferred to New Aker Solutions.
    [Show full text]