Kværner ASA and Aker Solutions ASA have entered into a merger plan, whereby the two entities will join forces to create a new supplier company with a stronger position as a solid execution partner, enabling sustainable, low-carbon oil and gas production, and accelerating growth in renewable energy industries.
Kvaerner and Aker Solutions have for many years been successful suppliers to customers operating energy production facilities, especially to oil and gas companies. Customers in this market are increasingly asking for solutions with reduced environmental footprint, and new customers ask for renewable energy solutions.
The merger is based upon the principle of equality. The merger will create an organization with the required size and financial strength to compete and succeed in the growing market for renewable and sustainable energy, and generate value for shareholders, customers and society. The consolidation will take the form of a statutory merger whereby Aker Solutions ASA will absorb Kværner ASA, in accordance with the Norwegian Public Limited Liability Companies Act.