Future projects in Russia and the Caspian region

Aker Kvaerner has acquired ownership of Finnish RR Offshore, an engineering and project management company with considerable experience in Russia and the North Caspian region

Aker Kvaerner is actively positioning itself for future projects in Russia and the Caspian region.

As part of the new agreement, Aker Kvaerner has sold its shares in the Astrakhan Korabel yard to ST Holding.

From before, Aker Kvaerner owned 26 per cent of the shares in Finnish RR Offshore.

The acquisition of the remaining shares in RR Offshore will support the execution of Aker Kvaerner's strategy and further build on our Russian activities.

The intention is to develop our business in the region to the benefit of all parties, says Paal Helsing, executive vice president of Aker Kvaerner business area 'Field Development'.

Simultaneously with the acquisition of the RR Offshore shares, Aker Kvaerner has also reached an agreement with its former business partner ST Holding, where Aker Kvaerner sells its shares in the Astrakhan Korabel yard at the Caspian Sea to ST Holding.

This transaction will settle the yard ownership structure.

Aker Kvaerner are confident about the continued development of the North Caspian Sea and intend to strengthen the presence there.

This will benefit not only Aker Kvaerner, but also the local communities, local business partners and has the potential for the creation of new employment opportunities in the region, says Paal Helsing.

Aker Kvaerner is well positioned in the Russian and Caspian market and has a good track record in the region.

Aker Kvaerner is currently holding a large contract (EPC) on construction of 7 modules to the Kashagan field.

One is delivered, five are produced in Norway and one will be delivered from Korabel according to plan.

Aker Kvaerner is also mobilising for the next phase and pursuing market opportunities on the Kashagan field.

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