Making a move: Simen Lieungh
Aker Solutions calls in bank for sale review
Norway's Aker Solutions has hired an international investment bank to carry out a new review of deals it entered into with parent company Aker earlier this year, in a bid to defuse the row surrounding the asset sale.
A separate international investment bank has been hired to advise Aker Solutions on the group's future strategic work.
Aker Solutions declined to name the banks involved.
"We have been under substantial pressure over the past two weeks, and there is a need to clarify some of the issues around these transactions," company boss Simen Lieungh said.
"One of the investment banks will conduct an independent review which will hopefully allow us to do that."
In parallel with that work, Aker Solutions - in consultation with the other adviser and on the basis of its existing strategic guidelines - will establish a specific action plan for developing the assets in the various parts of the Aker Solutions group.
"Through our takeover of companies from the Aker group, we have obtained valuable building blocks which will allow us to secure new positions in important growth markets," Lieungh said.
"The international adviser will provide assistance allowing us to realise the potential value of the individual parts of our group as quickly as possible."
The work now being initiated is expected to be completed by the end of May.
Until then, the businesses acquired from the Aker group will be maintained as independent units.
For its part, Aker has accepted that settlement will not be made for the shares in the relevant companies - Aker Oilfield Services, Aker DOF Deepwater, Odim and Midsund Bruk - until the end of May.