Aker Solutions is launching a series of structural and strategic changes to transform the company and enhance shareholder value by spinning off the wind and carbon capture businesses to shareholders and merging Aker Solutions with Kværner to create an optimized supplier company.

Aker Offshore Wind

Aker Solutions has taken an early position in the emerging market for offshore floating wind, and currently holds ownership stakes in ongoing development prospects in the US and South Korea, while evaluating other markets such as Norway and the UK. Realizing large wind projects is capital intensive and a stand-alone entity will have financial flexibility to raise required capital.

Aker Solutions intends to separate its wind development business in a separate entity, Aker Offshore Wind (the “Wind Development Company”), and carry out a private placement in this company, guaranteed by Aker ASA, to secure sufficient funding for the next phase of the development of this portfolio. The Wind Development Company will thereafter apply for its shares to be admitted to trading on Merkur Market, a multilateral trading facility operated by the Oslo Stock Exchange (“Merkur Market”). Aker Solutions will then propose to distribute its shares in the Wind Development Company to Aker Solutions’ shareholders. The shares of the Wind Development Company are expected to start trading on Merkur Market during August 2020. Astrid Skarheim Onsum will be appointed CEO of Aker Offshore Wind.

An extraordinary general meeting (EGM) in Aker Solutions ASA has been scheduled for August 14, 2020 (the "EGM") to approve the proposed distribution of, inter alia, Aker Solutions' shares in Aker Offshore Wind. Please see below and the attached EGM notice for more details on the EGM and the proposed resolutions.

Carnegie AS and Skandinaviska Enskilda Banken AB (publ) have been mandated as financial advisers to support Aker Solutions in this process, and Advokatfirmaet BAHR AS is acting as legal counsel. 

Aker Carbon Capture

Aker Solutions has developed CCUS solutions since the mid-90s and is one of few companies with patented technology and a proven track-record. Most customers are outside traditional oil and gas markets, so the benefit from being an integrated part of Aker Solutions is limited from a market perspective. Hydrogen production with CCUS could become a very large market, however developing a competitive offering would require further capital. A stand-alone entity will have access to low cost funding as a natural fit for ESG investors.

Aker Solutions is working on the first delivery of a modular carbon capture plant for a waste-to-energy plant in the Netherlands, and is positioned to secure the EPC contract to deliver an industry-scale carbon capture plant to Norcem HeidelbergCement’s project in Brevik, Norway.

Aker Solutions intends to separate its CCUS business in a separate entity, Aker Carbon Capture (the "CCUS Company"), followed by a private placement in the company, guaranteed by Aker ASA, to secure sufficient funding for the next phase of the development. The CCUS Company will then apply for its shares to be admitted to trading on Merkur Market and Aker Solutions will propose to distribute its shares in the CCUS Company to Aker Solutions’ shareholders. The shares in the CCUS Company are expected to start trading on Merkur Market during August 2020. Valborg Lundegaard will be appointed CEO of Aker Carbon Capture.

The proposed distribution of Aker Solutions' shares in the CCUS Company will be subject to approval by the Aker Solutions ASA shareholders in the EGM scheduled for August 14, 2020. Please see below and the attached EGM notice for more details on the EGM and the proposed resolutions.

Carnegie AS and Skandinaviska Enskilda Banken AB (publ) have been mandated as financial advisers to support Aker Solutions in this process, and Advokatfirmaet BAHR AS is acting as legal 

KeyFacts Energy Industry Directory: Aker Solutions