Aker Solutions agreed to sell its mooring and loading systems business to Cargotec for an enterprise value of NOK 1.4 billion, or about EUR 180 million.
The unit, known for the Pusnes brand name, provides mooring equipment, loading and offloading systems, as well as deck machinery for the global offshore and shipping markets. Aker Solutions will book a gain of about NOK 1 billion from the sale.
“The proceeds will be used to develop Aker Solutions’ main business in the deepwater and subsea oil-services segments,” says Øyvind Eriksen, executive chairman of Aker Solutions. “While the mooring and loading systems unit for many years has generated healthy returns and enjoys a strong market position, it has limited synergies with the rest of the company.”
The division employs about 370 people in Europe, Asia and the Americas and has its main office in Arendal, Norway. It generated revenue of NOK 1.1 billion and earnings before interest, tax depreciation and amortisation of NOK 158 million in 2012.
Leif Haukom, who heads the business area at Aker Solutions, will continue to lead the unit after the transaction.
The transaction, structured as a share sale, is set to be completed in the first quarter of 2014, pending approval from competition authorities.
Press Release, October 30, 2013