29 January 2013 - Aker Solutions has agreed to acquire a majority stake in
Aberdeen-based Enovate Systems Limited - a leading technology company within
subsea well control equipment. The financial details of the acquisition are
Enovate, which currently employs 62 people, has developed a wide range of unique
and patented components and products for use in open water workover systems, in
riser workover systems, rigless intervention systems and drilling safety
Specific advantages are superior cutting and sealing capabilities and the unique
use of complete metal-to-metal sealing solutions which significantly reduce the
probability of leakage and improve safety.
The company was established in 2002 and has cooperated with Aker Solutions for
several years, specifically within the subsea and the oilfield services and
marine assets business areas.
In the financial year 2012, Enovate had revenues of approximately GBP 15 million
with an EBITDA (earnings before interest, taxes, depreciation, and amortization)
of GBP 5 million.
"Enovate has developed and qualified unique technology for safe and efficient
well control. Components from Enovate are also important building blocks for
systems within workover and well-intervention services for high pressure and
ultra-deep water fields worldwide," says Ã…smund BÃ¸e, chief technology officer in
The company will continue to be developed as an independent supplier of well
control components to subsea integrators, oilfield equipment manufacturers and
oil companies. Aker Solutions is committed to invest in increased capacity and
further development of the product range in close collaboration with current
"Aker Solutions is a company with significant in-house opportunities for our
technology and with the required scale and reach to help us grow our own
capacity and ability to serve clients internationally," says Jeff Edwards, who
is the founder of the company.
Edwards and the current management of Enovate will continue to work for the
company with Edwards as chief technology officer.
The acquisition is subject to approval from the Norwegian competition
For further information, please contact:
Severin Roald, Vice President Communications, Aker Solutions. Tel:
+47 22 94 55 23, Mob: +47 92 03 00 33, E-mail: email@example.com
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39,
Mob: +47 91 13 71 94, E-mail: firstname.lastname@example.org
For further information about sourcing and potential subcontracts for this
project, please visit www.akersolutions.com/suppliers
Aker Solutions provides oilfield products, systems and services for customers in
the oil and gas industry world-wide. The company's knowledge and technologies
span from reservoir to production and through the life of a field.
Aker Solutions brings together engineering and technologies for oil and gas
drilling, field development and production. The company employs approximately
25 000 people in more than 30 countries. They apply the knowledge and create and
use technologies that deliver their customers' solutions.
Aker Solutions ASA is the parent company in the group, which consists of a
number of separate legal entities. Aker Solutions is used as the common brand
and trademark for most of these entities. In 2011 Aker Solutions had aggregated
annual revenues of approximately NOK 36.5 billion. The company is listed on the
Oslo Stock Exchange.
This press release may include forward-looking information or statements and is
subject to our disclaimer, see www.akersolutions.com.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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Source: Aker Solutions ASA via Thomson Reuters ONE