Aker Solutions announces restructure

Aker Solutions will split into two companies in an effort to streamline operations, reduce costs, and reposition parts of the company within the global energy industry.

The Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) areas will form a new company under the Aker Solutions name, the group announced.

The new company will have a narrower focus, and will aim to be more strategically aligned within the subsea technology and offshore field design markets.

The other units, meanwhile, will be spun off into a new company known as Akastor. This new entity will comprise Aker's Drilling Technologies, Aker Oilfield Services and Process Systems divisions, and will operate independently as part of a new oil-services investment company.

"These business areas, which have significant operational, technological and commercial differences, will have greater strategic freedom to develop individually through both organic growth and transactions," commented the company.

The split is scheduled to occur around the end of September this year. Both companies will be listed on the Oslo stock exchange.

{WISroYQ symbol='AKSO.OL'}