Norwegian company Aker Solutions is spinning off its offshore wind and carbon capture businesses to shareholders and merging with Kvaerner to create an optimised supplier company.
Kjetel Digre has also been appointed chief executive of Aker Solutions, effective 1 August, to lead the combined company.
Digre joins from Aker BP, where he held the role of senior vice president of operations and asset development.
The spin off its wind and carbon capture businesses to Aker Solutions’shareholders will result in two separate companies expected to be admitted to trading on Merkur Market on the Oslo Stock Exchange.
Aker Solutions chairman Oyvind Eriksen said: “Aker Solutions has developed technology and taken strong positions in markets for offshore wind and carbon capture, utilisation and storage.
“However, it has become increasingly clear that these businesses represent value creation opportunities in a world transitioning to green solutions at accelerated speed and have more potential as stand-alone companies than as an integrated part of an oil service business.
“Renewables and green technologies have entirely different value chains, customers, investor bases and sources of funding.
“Capitalising and separating the offshore wind and CCUS business areas from Aker Solutions present a unique opportunity for growth and value creation.”
Aker Solutions said it will be an alliance partner and preferred supplier to both companies to create revenue and customer value within the wind and CCUS markets.
Kvaerner and Aker Solutions have entered into a merger plan, whereby the two entities will join forces to create a new supplier company.
Aker Solutions and Kvaerner have agreed to merge the companies based on the principle of equal parties, with the new company called Aker Solutions.
The consolidation will take the form of a statutory merger whereby Aker Solutions will absorb Kvaerner in accordance with the Norwegian Public Limited Liability Companies Act.
Aker Solutions proposed new chairman Leif-Arne Langoy said: “By combining the two companies and their complementary resources, we will be able to deliver a more complete offering to a global energy industry.”
The combined company will do fabrication at own its facilities or in cooperation with partners around the world.
It will have about 15,000 employees in more than 50 locations in 25 countries around the world, including about 8000 employees in Norway.