Aker Solutions to sell well-intervention services business to EQT

Aker Solutions to sell well-intervention services business to EQT

STAVANGER -- Aker Solutions has agreed to sell its well-intervention services business area to EQT, a Swedish private equity fund, for an enterprise value of NOK 4 billion.

"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 division has about 1,500 employees in Europe, Asia, the US and the Middle East. In 2012, it had revenue of NOK 2.2 billion and earnings before interest, tax depreciation and amortisation of NOK 401 million.

Aker Solutions will remain involved in the development of the well-intervention services business through board representation. Rolf Leknes, who heads the division, will on completion of the transaction remain with the business for a limited period and in a different capacity to ensure a smooth hand-over to the new owner.

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