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Aker Solutions to spin off renewables business after merger

by Erika Green

Norwegian energy services firm Aker Solutions is to spin-off its renewable energy and carbon capture technology businesses, Kallanish Energy reports.

Following Aker’s merger with Norwegian counterpart Kværner, the company’s wind (Aker Offshore Wind) and carbon capture technology (Aker Carbon Capture) will be spun-off to shareholders.

In a statement on Friday, Aker confirmed that the two new entities will be listed on the Merkur Market on the Oslo Stock Exchange. The company expects shares in the new businesses to start trading in August this year.

Aker Solutions holds ownership stakes in ongoing offshore wind development prospects in the U.S. and South Korea. It’s also evaluating other markets such as Norway and the UK.

Its carbon capture, utilization and storage (CCUS) business is currently engaged in the first delivery of a modular carbon capture plant for a waste-to-energy plant in the Netherlands.

Aker Solutions said the spinning off the businesses would allow for greater flexibility to raise required capital and to focus on clients outside of its primary oil and gas markets.

Øyvind Eriksen, chairman of Aker Solutions, said the company has developed technology and taken strong positions in markets for offshore wind and carbon capture, utilization and storage.

“However, it has become increasingly clear that these businesses represent value creation opportunities in a world transitioning to green solutions at accelerated speed and have more potential as stand-alone companies than as an integrated part of an oil service business,” he added.

Astrid Skarheim Onsum and Valborg Lundegaard will be appointed chief executive of Aker Wind and Aker Carbon Capture, respectively.

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