Aker Kvaerner buys and sells

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Aker Kvaerner has announced an agreement that involves the acquisition of Finnish RR Offshore and the end of its co-operation with Russian partner ST Holdings.

No financial details have been disclosed about the transactions, one of which is Aker Kvaerner’s sale of its shares in the Astrakhan Korabel yard in the Caspian Sea to ST Holdings.

Before the full acquisition of RR Offshore, a Finnish engineering and project management company with experience in Russia and the North Caspian region, Aker Kvaerner owned 26 per cent of the company’s equity.

According to Paal Helsing, executive vice-president of Aker Kvaerner’s field development division, the acquisition supports Aker Kvaerner’s strategy to expand its Russian activities.

‘We are confident about the continued development of the North Caspian Sea and we intend to strengthen our presence there. This will benefit not only Aker Kvaerner, but also the local communities, local business partners and has the potential for the creation of new employment opportunities in the region,’ he said.