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Aker Solutions

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Article Genealogy
Parent: Norwegian Institute of Technology Hop 3
Expansion Funnel Raw 68 → Dedup 46 → NER 23 → Enqueued 21
1. Extracted68
2. After dedup46 (None)
3. After NER23 (None)
Rejected: 23 (not NE: 23)
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Aker Solutions
NameAker Solutions
IndustryOilfield services, Energy
Founded0 1841
FounderOle Herman Aker
HeadquartersFornebu, Norway
Key peopleKjetel Digre (CEO), Øyvind Eriksen (Chairman)
ProductsSubsea systems, Surface facilities, Maintenance and modifications
Revenue▲ 36.9 billion NOK (2023)
Num employees15,500 (2023)
ParentAker ASA
Websitehttps://www.akersolutions.com

Aker Solutions is a global provider of integrated solutions, products, and services to the oil and gas industry and renewable energy sectors. Headquartered at Fornebu in Norway, the company operates across the entire project lifecycle, from initial concept to decommissioning. It is a key entity within the industrial investment company Aker ASA and is publicly traded on the Oslo Stock Exchange.

History

The company's origins trace back to 1841 when founder Ole Herman Aker established a mechanical workshop in Christiania, now Oslo. It evolved into a major shipbuilder, constructing vessels for the Norwegian merchant fleet and playing a crucial role during World War II. In the post-war era, the company, then known as Aker Group, shifted focus towards the emerging North Sea oil industry, delivering its first production platform for the Ekofisk oil field in the early 1970s. A series of strategic mergers and demergers followed, including a significant merger with Kværner in 2002, forming Aker Kværner, before rebranding to its current name in 2008. Major restructuring in 2020 saw the separation of its offshore wind and carbon capture businesses into independent companies like Aker Offshore Wind and Aker Carbon Capture.

Operations

Operations are divided into several business segments, primarily serving the upstream (petroleum industry) sector. The Subsea (technology) segment designs and manufactures systems for seabed production, including manifolds, trees, and control systems. The Surface (oilfield) segment delivers top-side processing modules and FPSO units. A significant portion of activity is dedicated to maintenance, modifications, and operations (MMO) for existing offshore installations, particularly on the Norwegian continental shelf. The company maintains major engineering hubs in Oslo, Bergen, and Aberdeen, with fabrication yards at Mongstad and Egersund.

Major projects

The company has been integral to developing Norway's hydrocarbon resources, delivering the Gullfaks and Oseberg platforms in the 1980s. It provided the innovative Troll A platform, one of the largest and most complex concrete structures ever moved, for the Troll gas field. More recently, it has executed major contracts for Equinor's Johan Sverdrup field and the Johan Castberg field in the Barents Sea. Internationally, it has contributed to projects such as the Ichthys LNG development in Australia and the Kaombo project offshore Angola. The company is also involved in emerging energy transition projects, including the Northern Lights carbon capture and storage initiative.

Corporate structure

The company operates as a publicly listed entity, with Aker ASA, controlled by Kjell Inge Røkke, remaining its largest shareholder. It is governed by a board of directors chaired by Øyvind Eriksen, with Kjetel Digre serving as CEO. Its organization is structured into global divisions based on product lines and services, with separate reporting segments for Subsea, Surface, and MMO. Key subsidiaries and joint ventures have historically included partnerships with ABB and Schlumberger, though its structure was streamlined following the 2020 spin-offs of its renewable energy and carbon capture divisions.

Financial performance

Financial results are closely tied to investment cycles in the global oil and gas industry. The company reported revenues of 36.9 billion NOK in 2023, a significant increase from the downturn experienced during the 2020 oil price war. Major contracts with Equinor and international clients like Shell and TotalEnergies drive its order backlog, which is a key performance indicator. Its shares are a constituent of the OBX Index on the Oslo Stock Exchange, and its financial strategy focuses on maintaining a strong balance sheet while investing in energy transition technologies.

Environmental and sustainability initiatives

The company has increasingly aligned its strategy with the Paris Agreement, aiming to reduce the carbon footprint of its operations and solutions. It is developing technologies for electrification of offshore installations, such as for the Troll and Gina Krog fields, to cut emissions from offshore power generation. Through collaborations with Equinor and Shell, it is involved in major carbon capture and storage projects like Northern Lights. The company also supports the development of floating wind power, leveraging its offshore expertise, and has set targets to halve its own operational emissions by 2030.

Category:Companies listed on the Oslo Stock Exchange Category:Oilfield service companies Category:Companies based in Bærum Category:Manufacturing companies of Norway