Norwegian oil services company Aker Solutions ASA on Friday said that it will sell its well intervention business to private equity firm EQT Partners. The exit deal is worth SEK4 billion (USD654.31 million) including debt.
According to Reuters, Aker Solutions will receive SEK3.4 billion for the equity stake and will book a gain of up to SEK1.9 billion. The oil services firm may also book an additional income based on the unit's performance.
Aker Solutions executive chairman Oeyvind Eriksen said the sale is part of the company's strategy to focus more on the deepwater and subsea oil-services markets.
Reuters said that Aker Solutions has lately been increasing its focus on African and Brazilian deep waters. The company may put up for sale its assets elsewhere to manage its capital. The report also said that in addition to the deal price, Aker Solutions will also receive 25% of any internal rate of revenue exceeding 12% annually on EQT Partners' equity investment.
The Olso-based oil services company has underperformed its peers this year. This was largely due to concerns over its capability to execute key projects and a decline in exploration spending, Reuters said.
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