Aker Solutions Sells Offshore Services Business For $224 Million

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
224MM
Description

Bought the mooring and loading business with operations in Europe, Asia and the Americas.

Aker Solutions ASA completed the sale of its mooring and loading systems business to Cargotec for US$224.1 million (NOK 1.4 billion), the company announced Jan. 30.

The unit, known for the Pusnes brand name, provides mooring equipment, loading and offloading systems, as well as deck machinery for the global offshore and shipping markets.

The division employs about 370 people in Europe, Asia and the Americas and has its main office in Arendal, Norway. It generated revenue of US$176.4 million (NOK 1.1 billion) and earnings before interest, tax depreciation and amortisation of US$25.3 million (NOK 158 million) in 2012.

Proceeds will be used to develop the Fornebu, Norway-headquartered Aker Solutions' main business in the deepwater and subsea oil-services segments, said Øyvind Eriksen, Aker Solutions executive chairman.

The transaction, structured as a share sale, was announced on Oct. 30, 2013.