Aker owns 70 per cent of the shares in Aker Kværner Holding AS, which in turn owns 40.6 per cent of the shares in Aker Solutions, giving Aker an equity interest equivalent to 28.4 per cent in Aker Solutions. Aker also owns 6.4 per cent of the shares in Aker Solutions directly, bringing its total stake to 34.8 per cent. Øyvind Eriksen and Kjell Inge Røkke represent Aker on Aker Solutions’ board of directors.
Aker Solutions’ share price fell from NOK 41.55 to NOK 30.30 in 2015, and the company paid a dividend of NOK 1.45 per share. Aker’s shareholding was valued at NOK 2.9 billion as at 31 December 2015, equivalent to 10 per cent of Aker’s total assets at the end of the year.
Aker’s ownership agenda
Despite challenging market conditions, Aker Solutions has started 2016 with a strong order backlog valued at NOK 39.7 billion. Nevertheless, the company has had to make capacity adjustments and workforce reductions in response to reduced activity levels in the oil service market.
In its ownership capacity, Aker is focused on ensuring that Aker Solutions is able to win new contracts and deliver on its order backlog as agreed in terms of deadlines, quality and price.
To succeed in this regard, the company must develop first-class customer relationships, ensure that it has critical capacity and expertise, improve operational performance, streamline operations, demonstrate capital discipline, develop its cooperation with partners and achieve better margins.