Joint Ownership for Aker German
 
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Joint Ownership for Aker German

      11/14/2002

Joint Ownership for Aker German

Aker Kvaerner and Aker RGI have entered into an agreement to establish a joint ownership for their wholly owned shipyards in Germany, respectively Kvaerner Warnow Werft and Aker MTW. Among other conditions, the agreement is dependent on approval from Aker Kvaernerís and Aker RGIís lenders. Both companies have previously stated that they share an ambition to combine their shipbuilding activities when the time is right. Now the two groups take the first step by merging their German shipbuilding activities, in which immediate synergies have been identified.

Aker Kvaerner and Aker RGI began working closely together in February. At that time the parties set up a jointly owned management company, Aker Kvaerner Yards, which has since managed the companiesí 14 shipyards in Europe, USA and Brazil. Together these yards constitute one of the largest shipyard groups in the world. Aker Kvaerner will own 40 per cent in the structure, while Aker RGI will hold the remaining 60 per cent through its subsidiary Aker Yards. The division of ownership has been determined in negotiations between the parties.


 

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