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Aker ASA won't rush sale of oil services: CEO
November 23, 2017 / 7:05 AM / 24 days ago

Aker ASA won't rush sale of oil services: CEO

OSLO (Reuters) - Aker ASA (AKER.OL), the investment vehicle of Norwegian billionaire Kjell Inge Roekke, is not in a hurry to sell more assets in the oil services industry, it said on Thursday.

Aker’s Akastor (AKAS.OL) unit recently agreed to sell 50 percent of its shares in AKOFS Offshore to Japan’s Mitsui (8041.T) in return for an initial cash payment of $142 million.

“It’s public knowledge that Aker has been exploring strategic options for our oil service businesses beyond the said divestments already announced by Akastor,” Chief Executive Oeyvind Eriksen wrote in Aker’s third-quarter earnings report.

    “Rather than rushing a transaction, we will spend the time and effort required to conclude that process in the best interest of all stakeholders,” he added.

    Aker is the top owner of a string of oil services companies, in addition to independent oil firm Aker BP (AKERBP.OL).

    “Both Aker Solutions (AKSOL.OL), Akastor and Kværner (KVAER.OL) have unique capabilities and customer relationships. We probably appreciate this even more today as we also observe our oil service business from the Aker BP customer perspective,” Eriksen wrote.

    “They all play a crucial role in our efforts to reduce the cost per barrel even more. From a shareholder value perspective that is even more important than an opportunistic short term gain from an exit.”

    Reporting by Nerijus Adomaitis, writing by Terje Solsvik, editing by Gwladys Fouche

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