Norway: Aker Proposes Aker Floating Production Acquisition

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Norwegian conglomerate Aker said on Monday it was offering to buy Aker Floating Production , which owns and operates two ships that can produce oil and gas at offshore fields.

Aker, which already controls 72.3 percent of Aker Floating Production through a majority-owned investment firm, did not give a value for the transaction.

“Aker proposes a merger with Aker Floating Production in order to strengthen the FPSO (floating production storage and offloading) company’s balance sheet,” it said in a statement.

Aker said minority shareholders in Aker Floating Production would be offered settlement in Aker shares, and it would purchase some 115,000 Aker shares in the market for this purpose.

Reporting by Oslo newsroom (Reuters)

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Posted on November 7, 2011, in FPSO, MARINE VESSELS, Norway and tagged , , , , , , , , , , , . Bookmark the permalink. 1 Comment.

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