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Oil, Gas, Petrochemical Industry News
News Release from: Aker Kvaerner Oil and Gas
Edited by the Processingtalk Editorial
Team on 07 July 2006
New, powerful FPSO operations business
formed
Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA establish a new company to operate oil and gas FPSO and production vessels
Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA establish a new company named Aker Borgestad Operations AS, combining expertise within oil field processing and marine operations The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units
This article was originally published on Processingtalk on 17 Nov 2004 at 8.00am (UK)
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This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business.
The Aker Kvaerner company Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 per cent of the shares in Aker Borgestad Operations, while Aker Floating Production ASA and Aker Yards ASA will own 5 per cent each.
Aker Floating Production has so far acquired three tankers which will be converted to FPSOs.
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The company plans to develop and own a minimum of four FPSOs.
It has selected the jointly established company as their partner to undertake the responsibility for the operation of the vessels.
The companies behind Aker Borgestad Operations have extensive experience related to oil and gas processing, marine operations and optimisation, Health, Safety and Environment (HSE) issues, and this will form the basis for the operations services to Aker Floating Production.
"By combining the competence of Aker Kvaerner and Borgestad in this new venture, our Smart FPSOs will have access to premier expertise within both process technology and marine operations," says Svein Olsen, President and CEO of Aker Floating Production.
The new company will be established in Brevik on Norway's south-eastern coast.
"This region is well-known for its long industrial and marine tradition, which represents a strong basis for recruitment of key resources," Mr Olsen adds.
Aker Kvaerner Operations was established in 2003 for provision of operational competence and resources to offshore operators.
Provision of operational services on FPSOs is a natural and important development for Aker Kvaerner Operations, and will extend the market and customer base for the company.
Aktieselskabet Borgestad ASA, shipping activity is focused on technical management of open-hatch bulk carriers.
The company has technical management of eleven vessels.
Aker Borgestad Operations will be established with head office in Brevik, Norway.
Gard Madsen from Borgestad is appointed Managing Director.
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