Aker Solutions has on 1 February 2011 completed the sale of the principal operations within its Process and Construction business area to Jacobs Engineering Group Inc. (Jacobs).
As disclosed on 22 December 2010, the transaction does not include the US EPC centre in Houston, and the Union Construction business located in the US and Canada, which will all be part of the new Aker Contractors company. Aker Solutions retains Aker Projects (Shanghai) Company Limited until such time as the requisite regulatory clearances in China have been obtained.
The final transaction value will be based on the balance sheet as of the closing date. Aker Solutions confirms the estimates given in the announcement on 22 December 2010. The purchase price as determined prior to any adjustments based on the closing date balance sheet has been paid in cash, of which USD 30 million to an escrow account pending China regulatory clearance for the sale of Aker Projects (Shanghai) Company Limited to Jacobs.
Øyvind Eriksen, executive chairman, Aker Solutions said : “The prompt completion of this transaction and its positive financial effect, support our strategy to further concentrate Aker Solutions’ capability as a strong and dedicated provider of engineering, technologies, solutions and services for the upstream oil and gas industry. This is a very good outcome for all parties.”
With the sale of these businesses to Jacobs and the transfer of the Union Construction and EPC Centre US operations to the new Aker Contractors company, Aker Solutions’ P&C business area has now been dissolved.
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Source: Aker Solutions, February 1, 2011;