Concept

Aker Solutions

Summary
Aker Solutions ASA engineers and builds energy infrastructure while providing a range of products and consultancy services to low-carbon and renewable energy projects. Based in Oslo, the company's critical offerings to the energy industry include the systems and services required to extract oil and gas, build wind-to-grid infrastructure and engineer capture and sequestration. Founded in 1841, the company was known as Aker Kværner until 2008. In 2020, the company announced a merger with Kværner ASA. Aker Kværner was founded in 2004 from the major restructuring of a complex "Aker Kværner" business unit, formed originally in 2002 by the merger of Aker Maritime and Kværner Oil & Gas. On 3 April 2008, Aker Kværner was renamed Aker Solutions, partly due to the difficulty that most non-Scandinavians found in pronouncing "Kværner". The company was majority controlled by Aker ASA until 2007. Then, via a major ownership restructuring on 22 June 2007, Aker ASA completely gave up its holding in Aker Solutions, and transferred a 40% stake to Aker Holding, which in turn was owned by Aker ASA (60%), the Norwegian Ministry of Trade and Industry (30%), SAAB (7.5%) and Investor AB (2.5%). Aker Solutions is a result of mergers between several Norwegian companies during the 20th century. The timeline below summarizes the main events leading to the foundation of Aker Kvaerner—from its origins as Aker Mechanical Workshop (1841)—until the merger of Aker Maritime with Kværner Oil & Gas to form Aker Kvaerner (2002). Timeline 1841: Aker established its first mechanical workshop along the Aker river in Oslo called Aker Mechanical Workshop 1853: Kværner Brug was founded in Oslo. 1922: Kværner Brug began cooperation with Myrens Verksted 1943: Kværner and Myren jointly acquired the majority shareholding in Thunes Mekaniske Verksted. 1960: Kværner Brug's president, Kjell Langballe, was appointed president of all companies within the 'Kværner Group' 1967: Joint holding company Kværner Industries AS was established in December that year, and listed on the Oslo Stock Exchange.
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