Aker Kværner

Aker Solutions ASA

Company type	Public
Industry	Engineering, Energy infrastructure
Predecessor	Akers Mekaniske Verksted, Aker Kværner
Founded	1841 in Oslo, Norway (as Akers Mekaniske Verksted)
Headquarters	Oslo , Norway
Area served	Worldwide
Products	Energy infrastructure solutions, carbon capture and storage technologies, wind-to-grid systems, oil and gas production services
Owner	Aker Holding (40% as of 2007)

Aker Solutions ASA is a Norway-based engineering enterprise located in Oslo, with a primary focus on energy infrastructure. The company delivers solutions and services aimed at reducing carbon emissions in oil and gas production, advancing wind-to-grid systems, and providing expertise in carbon capture and storage technologies.

The firm originated in 1841 under the name Akers Mekaniske Verksted and has undergone several name changes, including Aker, Aker Kværner, before adopting the current name Aker Solutions in 2008. The entity known as Aker Kværner emerged in 2004 following the reorganization of a unit created by merging Aker Maritime and Kværner Oil & Gas in 2002. Until 2007, Aker ASA held majority ownership, after which 40% of shares were transferred to Aker Holding, an ownership consortium comprising Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%), and Investor AB (2.5%). On 3 April 2008, the company underwent rebranding from Aker Kværner to Aker Solutions.

In 2020, Aker Solutions combined operations with Kværner ASA. By 2023, it is publicly traded on the Oslo Stock Exchange under the ticker 'AKSO'.

1841 to 2002: Development of Aker Kvaerner

The foundation of Aker Solutions is linked to several Norwegian enterprises established during the 19th century.

Aker Mechanical Workshop was founded in Oslo in 1841 by Aker. Meanwhile, Kværner Brug, launched in 1853, expanded its operations by acquiring controlling interests such as the majority stake in Thunes Mekaniske Verksted in 1943.

In 1967, the holding company Kværner Industries AS was created and subsequently listed on the Oslo Stock Exchange. The group ventured into offshore oil and gas activities through Kværner Engineering during the late 1960s.

Starting in 1993, Kværner Process Services Inc., a subsidiary, undertook construction projects at Guantanamo Bay detention center, sustaining contracts with the US Department of Defense up until 2006.

Kværner expanded significantly in 1996 by acquiring UK-based conglomerate Trafalgar House, extending its business into shipbuilding, oil and gas services, pulp and paper manufacturing, engineering, and construction sectors. This acquisition led to relocating its international headquarters to London.

Amid financial difficulties, Kværner began selling off assets in 1999 but encountered a liquidity crisis by August 2001. In July 2000, Norway’s offshore specialist Aker Maritime ASA purchased a 26% shareholding in Kværner ASA. By November 2001, Aker Maritime contributed NOK 2.8 billion worth of net assets to Kværner, raised NOK 3.5 billion through direct share issues, and restructured NOK 8.6 billion of existing debt. The group adopted the Aker Kvaerner brand identity in 2002.

2002 to 2008: From Aker Kværner to Aker Solutions

The merger of Aker Maritime and Kværner Oil & Gas in 2002 resulted in the formation of Aker Kværner. In 2004, a significant reorganization divided the company into two entities: Aker Kværner, concentrating on oil, gas, energy, and process engineering sectors; and shipbuilding operations under Aker Yards. That same year, Aker Kværner acquired a minority interest in Finnish engineering company Aker Arctic. The firm began trading on the Oslo Stock Exchange under the symbol 'AKVER' on 2 April 2004.

In 2006, Aker Kværner sold its pulp-and-paper along with power divisions to Finnish corporation Metso for €335 million. On 7 June 2007, ownership changed as Aker ASA divested a 40.1% stake to Aker Holding—a consortium including Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%), and Investor (2.5%).

During 2007, Amnesty International publicly condemned the company for its involvement in constructing and maintaining the US detention facility at Guantanamo Bay.

2008 to 2020: Aker Solutions

During the Annual General Meeting held on 3 April 2008, Aker Kværner underwent a rebranding and adopted the name Aker Solutions.

From April through June 2010, Aker Solutions was awarded three contracts by Noble Energy valued at NOK 1.1 billion. These contracts involved the delivery of steel tube umbilicals, a mono-ethylene glycol (MEG) reclamation system, and subsea control equipment intended for offshore installations in Israel's Tamar gas field.

On 6 May 2011, the Engineering, Procurement, and Construction (EPC) division of Aker Solutions was separated to form Kværner ASA, which became publicly traded on the Oslo Stock Exchange in the third quarter of 2011. Concurrently, Aker Holdings AS changed its name to Aker Kværner Holding AS and held an approximate 40% ownership in Kværner ASA. Furthermore, Aker ASA increased its ownership in Aker Kværner Holding AS to 70% by purchasing shares from Saab and Investor AB.

In 2014, the company divided into two separate entities: Aker Solutions and Akastor. That same August, Aker Solutions secured a lease for the entire first phase of Aberdeen International Business Park.

Facing declining oil prices, Aker Solutions announced workforce reductions amounting to roughly 300 positions in Norway on 18 February 2015.

In November 2020, a merger between Aker Solutions and Kværner ASA was completed, unifying their offshore oil and gas services operations.

See also

• Sea Launch
• List of companies
• Aker Maritime
• Aker Holding