Aker Oilfield Services has been established to target the growing market for increased oil recovery services for subsea wells. The company will offer its customers subsea light well intervention services by means of both riserless and riser-based subsea well intervention systems.
Stock exchange releases
Please find enclosed the presentation material used at today`s presentation of Aker BioMarine`s fourth quarter results 2006.
- This marks the takeoff of Aker BioMarine`s pharmaceuticals targeting, and by working with Pronova Biocare, we have a running start, says Aker BioMarine President and CEO Helge Midttun.
Please find enclosed the presentation material used at today`s presentation of Aker ASA`s fourth quarter results 2006.
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 positive trend in operations and the Group`s ability to identify new industrial projects and turn them into profitable enterprises have materialized as the year`s value growth in Aker companies: The market capitalization of the exchange-listed assets of the parent company Aker ASA3) at year-end 2006 was approximately NOK 36 billion, up from NOK 19 billion a year earlier.
The merger completes an integration of the two companies. The integration and the proposed share swap are in line with the notification submitted to the Oslo Stock Exchange on 16 November 2006.
- The accounts show the performance of yesterday`s Aker BioMarine. We are well on our way to building a marine biotechnology company that specializes in deliveries of high-value marine ingredients produced in an optimal value chain, spanning from harvesting to customers,` says Aker BioMarine President and CEO Helge Midttun.
A presentation will be given in Shippingklubben, Haakon VIIs gate 1, Oslo.
The bareboat charter rate agreed for the Geco Triton is at a signficicantly higher level than previous years, and is a demonstration of the strong demand for seismic vessels currently seen in the market.
The sale frees up further liquidity to strengthen Aker`s balance sheet and increase its financial clout for additional industrial moves. No extraordinary dividend payment will be made to Aker shareholders as a result of the share sale.
- Aker Kværner is developing very well, and Aker has great faith in its future. As an active owner, we will continue to contribute to Aker Kværner`s expertise and capacity, so that the company can further develop and strengthen its market positions, says Aker Chairman and President and CEO Leif-Arne Langøy.
The sale frees up liquidity to further strengthen Aker`s balance sheet and increase its financial clout for additional industrial moves. No extraordinary dividend payment will be made to Aker shareholders as a result of the share sale.
- This is an attractive agreement for Aker Exploration. Obtaining an interest in this license is consistent with the company`s business model, says Aker Exploration`s President and CEO Bård Johansen.
Oil companies and institutional investors have shown significant interest in the innovative, focused, Norwegian Continental Shelf exploration company Aker Exploration.
Aker`s ownership is valued at approximately NOK 3.9 billion, which constitutes approximately NOK 53 per share in Aker ASA.
An outstanding NorSea Group shareholder loan extended by Aker Invest will be repaid with funds from the share sale. Accordingly, the total cash flow effect for Aker Invest is NOK 356 million. A NOK 80 million gain will be recorded in Aker Invest`s 2006 accounts. The Aker Group`s gain on the NorSea Group shareholding divestiture amounts to NOK 217 million.
- Aker Exploration is prepared to break through an impasse that is inhibiting oil and gas exploration on Norwegian Continental Shelf, says Leif-Arne Langøy, Chairman and CEO of Aker ASA.
Pursuant to the advice of the placement managers, Aker BioMarine has determined that the value of the company`s equity prior to the share placement amounts to between NOK 3.8 billion and NOK 4.8 billion. The equity of Aker BioMarine is thus in the range of NOK 53 to NOK 66 per Aker ASA share.
Fast facts Vessel type: Krill VesselYard: Aker Yards, SøviknesDelivery time: November 2009Length: 144 mWidth: 28 Design: Skipsteknisk, Ålesund
4th quarter results 2006 / preliminary annual result 2006: 1 MarchAnnual General Meeting: 29 March1st quarter results 2006: 8 May2nd quarter results 2006: 14 August3rd quarter results 2006: 5 November
The Aker Group had third-quarter 2006 revenues of NOK 20 billion; EBITDA for the quarter was NOK 1.1 billion. The EBITDA is on a par with the four preceding quarters. Aker Kværner continues its strong profit growth; at Aker Yards, profit growth was curtailed by weak performance on one project and low capacity utilization in France. Profits at other Aker Group subsidiaries were mainly in line with previous quarters.
Aker, Aker Drilling and Aker Floating production release their third quarter results for 2006 on Friday 3 October 2006. A presentation will take place at 09.00 a.m. at Shippingklubben, Haakon VIIi`s gate 1, Oslo, Norway.
Aker has a number of development projects in progress at all times. Two of them are well known through previous announcements: the Antarctic krill harvesting and processing project and development of Aker Exploration, a narrowly focused offshore exploration company in Norway. Development of the aforementioned and other projects will continue this fall, with the objective of value-maximization for Aker shareholders.
Please find attached the presentation material for today`s presentation of Aker ASA`s second quarter results 2006.