Norwegian engineering services firm Aker Kvaerner has entered into an agreement which gives full ownership of Finnish firm RR Offshore and ends the co-operation between Aker Kvaerner and its former Russian partner ST Holdings.
As part of the agreement, Aker Kvaerner will sell its shares in the Astrakhan Korabel yard to ST Holding. The parties have agreed not to disclose any transaction values.
RR Offshore has experience in Russia and the North Caspian region. Aker Kvaerner previously owned 26% of company’s shares.
Aker Kvaerner said that it is actively positioning itself for future energy projects in Russia and the Caspian region. The acquisition of the remaining shares in RR Offshore will reportedly support the execution of Aker Kvaerner’s strategic plan.
Aker Kvaerner said that it is well positioned in the Russian and Caspian markets and has a good track record in the region. The Norwegian firm holds an engineering, procurement and construction contract for seven modules to be deployed in the Kashagan field of Kazakhstan.