Tuesday, December 10, 2019

Akastor News

Equinor Awards Light Well Intervention Contract to Akofs

Geir Sjøberg (right), CEO Akofs Offshore, and Rannfrid Skjervold, vice president procurement subsurface Equinor.
(Photo: Kjetil Eide / Equinor ASA)

Akofs Offshore has been awarded a contract for light well intervention services using the Akofs Seafarer vessel for all Equinor-operated licences in the period 2020 to 2025.Equinor is the operator of about 560 subsea wells on stream on the Norwegian continental shelf. The wells require maintenance, repairs and new production actions. In 2017 Equinor performed 55 light well intervention operations…

Odfjell Drilling buys “Deepsea Nordkapp”

Odfjell Drilling announced that Aker BP has today awarded Odfjell Drilling a 2 year firm drilling contract with 1+1 year optional periods. The day rates for the drilling contract will be based on market terms to be determined prior to commencement of drilling operations. In addition to the market linked day rate, a performance bonus as agreed in the alliance agreement with Aker BP, as announced on 21 November 2017, will apply.

Odfjell Drilling to Expand Fleet

(Photo: Odfjell Drilling)

Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.Odfjell…

MHWirth Bags Drilling Equipment Contract

Photo: MHWirth

MHWirth AS, a company owned by Akastor ASA, has entered into a contract with Keppel FELS for delivery of the drilling equipment package for a new semisubmersible drilling rig for harsh environment use, with options for further three packages. The rig will be built for Awilco Drilling PLC (through its fully owned subsidiary Awilco Rig 1 Pte. Ltd) by Keppel FELS Limited of Singapore. Delivery is planned for late Q1 2021.

Akastor sells Fjords Processing

Oslo stock exchange Courtesy Akastor

Reference is made to the stock exchange release dated October 27, 2016 regarding Akastor's agreement to sell Fjords Processing to National Oilwell Varco. All closing conditions have been fulfilled. The closing of the transaction took place on December 16, 2016 according to the terms and conditions described in the release. The transaction will realize an accounting gain of approximately NOK 650 million to Akastor…

MOL Moves into OSV Field

Subsea Support Vessel“Skandi Santos” Photo MOL

Mitsui O.S.K. Lines, Ltd. today announced that it has teamed up with Mitsui & Co., Ltd. and AKOFS Offshore AS to purchase the subsea support vessel Skandi Santos from the current shipowner through a three-way joint venture company called Avium Subsea ASand started the business effective on November 23. Brazil’s national oil company, Petróleo Brasileiro S.A.…

MHWirth to Sell MPD Business to AFGlobal

MHWirth, a subsidiary of the publicly listed Akastor ASA, has reached an agreement with AFGlobal Corporation to divest its Managed Pressure Drilling (MPD) business through the sale of its subsidiary, Managed Pressure Operations (MPO). The transaction will be settled through a cash consideration of $10 million on closing, combined with an earn-out element, which could potentially reach $65 million over the next six years.

Røkke is CEO of Akastor ASA

Kristian Rokke

Akastor ASA announced that its Board of Directors has appointed Kristian Røkke as its Chief Executive Officer. Mr. Røkke will succeed Frank O. Reite, who will take the position of Chief Financial Officer at Aker ASA. Kristian Røkke, who is currently Chairman of Aker Philadelphia Shipyard ASA (AKPS), a leading U.S. commercial shipyard, and previously President & CEO of AKPS…

Akastor Q1 Earnings update

Akastor ASA (Akastor) announced on February 10 2015 that its fully owned portfolio company MHWirth had to undertake a necessary reduction of its global work force of approximately 500 - 750 people due to the very challenging rig market, affecting both MHWirth and its customers. The reduction in workforce will be 750 people, and a restructuring cost of NOK 40 million will be charged to MHWirths' first quarter result.

Johnsen Joins the Management Team in Akasto

Courtesy Akasto

Paal E. Johnsen will take the position as Investment Director in Akastor, and will be a part of the company's executive management team. Johnsen comes from a position in DNB Markets, and has extensive experience at management and board level in various companies in industry and finance, including Carnegie ASA and Alden AS. "Paal has a track record…

Aker Solutions Shares Jump, Beat Forecasts

Norwegian oil services company Aker Solution posted forecast-beating results in all key divisions on Friday, defying tightened spending in the sector and boosting its share price by more than 13 percent on Friday. The Oslo-listed firm, which put several weaker divisions into newly created Akastor last year, posted only a slight decrease in its order backlog by the end of the quarter…

Aker Solutions Starts Trading After Company Split

The split creates a simpler and more focused Aker Solutions that is better positioned to meet the needs of customers in an increasingly competitive global energy industry

Aker Solutions today started trading on the Oslo stock exchange as a leaner and more streamlined company that will build on its strengths in the subsea and field design markets. The company emerges after a spin-off of the Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) businesses of the former Aker Solutions, which has been split into two separate entities to reduce complexity…

AKOFS Offshore Gets Contract Extension from Petrobras

Skandi Santos

AKOFS Offshore, a part of Akastor ASA, has been notified of a five-year contract extension from Petrobras to use the Skandi Santos, a Subsea Equipment Support Vessel in Brazil. The extension, worth about NOK 2.5 billion, will start March 1, 2015 in direct continuation of current contract. The vessel is currently operating under a five-year contract with Petrobras that began March 1, 2010.

Aker Wayfarer Wins 5-Yr Contract from Petrobras

Photo  Aker Solutions

Aker Solutions' subsidiary Aker Oilfield Services (AKOFS) has won a contract worth USD 465 million over five years from Petrobras to provide subsea intervention services offshore Brazil from the Aker Wayfarer vessel. The contract will start within the fourth quarter of 2016 and has a five-year option extension. AKOFS will at the end of September become part of Akastor…

Aker Solutions Update on Company Hive-Off

Image courtesy of Aker Solutions

Aker Solutions informs updated unaudited financial information for the two companies - the new Aker Solutions and Akastor - that will be formed following the split of the business at the end of September. Previous pro forma financial information was disclosed in the information memorandum of July 11, 2014, and the second-quarter 2014 results published July 17 this year.