Norway: Aker Solutions Sells ‘Lewek Connector’ to Ocean Yield AS

AMC Connector AS, a joint venture between Aker Solutions and Emas Offshore Limited, has agreed to sell subsea construction and cable-lay vessel Lewek Connector (previously called AMC Connector) to Ocean Yield AS.

In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector’s vessel owning company, AMC Connector AS.

The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions, which has since streamlined the company into becoming a fully-fledged provider of oilfield products, systems and services.

AMC Connector AS, which is a 50/50 joint venture between Aker Solutions and Emas Offshore Limited, is now selling the vessel Lewek Connector to vessel owning company Ocean Yield AS.

Lewek Connector is being sold for a total consideration of USD 315 million, which will give a small positive result effect for Aker Solutions. The sale also provides Aker Solutions with a net cash release of approximately NOK 345 million.

Aker Solutions owns approximately 7.4% of Ezra, which is listed on the Singapore stock exchange.

The transaction will be completed in Q4 2012.

Ocean Yield AS is a wholly owned subsidiary of Aker ASA, which owns 28 percent of Aker Solutions through Aker Kvaerner Holding. The transaction was conducted according to the amended shareholder agreement pertaining to related party transactions in Aker Kvaerner Holding.