2001 Maritime

Reserve your copy now!

Also available on


November 28, 2001

Røkke wins battle for Kværner
Norwegian billionaire Kjell Inge Røkke looks to have won his battle to gain control of Kvaerner.

The cash-strapped Kvaerner, the international engineering and construction Group, today announced that it had reached agreement with its largest shareholder, Røkke's Aker Maritime, on a comprehensive industrial and financial solution. Kværner's second largest shareholder, Russia's Yukos Oil, has also announced its support.

The main elements of the agreement are as follows:

A merger of Aker Maritime and Kvaerner Oil & Gas. Aker Maritime is valued at NOK 3.6 billion, including NOK 800 million in debt. The conversion rate will be based on the subscription price in the new issues.

A Directed Equity Issue of at least NOK 2 billion. The subscription price will be set in the range of NOK 4-8 per share through book-building.

A Rights Issue for Kvaerner shareholders, as of December14. The value of this Issue will be up to NOK 1.5 billion, at the same price per share as the Directed Equity Issue.

The agreement between Aker Maritime and Kvaerner involves the merger of Aker Maritime’s core operations with those of Kvaerner Oil & Gas. This will create a strong new player in the petroleum industry, with a substantial potential for international growth.

So: What about shipbuilding?

An "Operational Action Plan" for the "Future Kværner" unveiled in Oslo this morning by Aker Maritime,says under the heading "Shipbuilding"

  • Resolve Philadelphia
  • Keep and develop remaining yards
  • Evaluate combination with Aker Yards at a later stage

Whether "resolve" means "make profitable" or "sell" (or both) remains unclear at this stage.