Norwegian company Aker Solutions is one step closer to finalising plans for its split at the end of this month.
The Norwegian Financial Supervisory Authorty has approved the prospectus for the listing of the company’s shares on the Oslo Stock Exchange. The application to trade shares was made on 27 August and final approval is expected by the 24 September. A further step toward the split saw relocation of the group’s Aker Geo’s business unit earlier this month.
The spilt comes in a bid to reduce costs and bolster its subsea and engineering services and is expected to occur at the end of September.
The engineering firm confirmed its subsea, umbilicals, engineering and maintenance, modifications and operations units will remain under the Aker Solutions namesake. Its drilling technologies, Aker Oilfield Services and process systems, will be developed independently as part of a new oil-services investment company, named Akastor.
Oeyvind Eriksen, executive chairman, said. “The new Aker Solutions will be a leaner and more focused company.
“The company will, through a commitment to operational excellence and organic growth, be better placed to build on its leading position in the fastest growing areas of the global energy markets.”
In July this year Aker recorded a drop in its earnings when its EBITDA earnings fell by $57.7million to $69.2million.
The company has claimed that while it is doing all it can to avoid redundancies, it cannot guarantee job security.
Recommended for you
