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    Aker Innovation formed to target subsea well intervention market

    News // March 2, 2007

    Aker, Aker Kværner, and Aker Yards have joined forces to establish a new company, Aker Innovation.

    By exploiting the industrial and financial expertise of its three owners, Aker Innovation will identify new industrial projects that it will develop into profitable companies.

    Aker Innovation is currently developing several potential projects. Together with the listed company DOF Subsea, Aker Innovation has identified interesting opportunities within subsea well intervention services for deepwater offshore fields, and is planning to establish a new company Aker Oilfield Services.
    The planned new company will be a leading subsea well intervention company. According to current plans, Aker Kvaerner would deliver complete well access and control equipment and services in addition to complete wireline well intervention equipment and services.

    DOF would deliver marine crew and other operational services. Aker Yards would design and construct the state of the art well intervention vessels.

    Further details of Aker Oilfield Services will be announced at a later stage.
    "With the establishment of Aker Innovation we are creating a vehicle for the long-term, industrial cooperation among Aker, Aker Kværner, and Aker Yards that we have called Aker's value-creating triangle," said Leif-Arne Langøy, Aker Board Chairman and President and CEO.


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