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Thursday, 08 January, 2009, 23:40 GMT | more >>

Aker and DOF Subsea ditch share plan



By Upstream staff 

Norway's Aker and DOF Subsea have abandoned a plan to raise money through a share issue for their co-owned Aker Oilfield Services start-up due to weak interest, Aker saaid today.

The Aker group and DOF Subsea had aimed to bring in outside investors to help raise about 30% of the total funding of $1 billion that the new company would need, but its offering got a cool reception from investors rattled by recent turbulence.

"Aker Innovation and DOF Subsea have decided to continue to build Aker Oilfield Services without other co-owners at this time," Aker said in a statement.

Aker said that "investors are ... clearly marked by recent stock-market turbulence in their decisions."

Aker Innovation - a company owned by Aker, Aker Kvaerner and Aker Yards - will hold 75% of the new company, with DOF Subsea holding the remainder. However, Aker added that it could try again to bring in other investors.

"Most likely we will eventually invite outside investors to join as co-owners of Aker Oilfield Services, but for now we are particularly pleased to continue to develop the new company in partnership with DOF Subsea," Aker boss Leif-Arne Langoy said in the statement.

Aker Oilfield Services plans to build a fleet of up to six vessels to provide specialised maintenance and intervention services at subsea oil and gas wells at depths of up to 2500 metres, the company said.

It has agreed with another Aker group company, Aker Yards, to build the vessels, Reuters said.


Monday, 12 March, 2007, 08:09 GMT  | last updated: Monday, 12 March, 2007, 08:09 GMT

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