TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 15, 2005

Aker Kvaerner takes stake in Russian yard

Aker Kvaerner says it "has made a strategic acquisition buying a substantial part of the Finnish contractor RR Offshore OY (RRO)," the majority owner of the OAO Astrakhan Korabel yard in Astrakhan, Russia.

The acquisition ensures Aker Kvaerner competence and yard capacity, as well as essential local content for projects in the region.

RRO is a Finish offshore oil and gas contractor and the majority owner with 56 percent of the shares in the Korabel yard in Astrakhan, Russia, near the Caspian Sea.

Aker Kvaerner has worked together with RRO on several occasions, most recently for the CGBS's at Sakhalin II.

The Korabel yard is also involved in the Sakhalin II project delivering steel and piping prefabrication.

The Korabel yard is a sub-contractor to Aker Kvaerner's Kashagan project doing the fabrication, outfitting and testing of one of the seven barges for the production facilitiy on the Kashagan field.

Aker Kvaerner is acquiring 26 percent of the shares in RRO (43.3 percent of the voting shares), with a first option to buy additional shares to hold a majority in 2008.

The shares are being acquired from ST Holding Ltd which will continues to be the majority stakeholder in RRO after the transaction.

Aker Kvaerner sees the deal as a door opener in Russia and Kazakhstan It will provide Aker Kvaerner local content for projects executed in Russia and Kazakhstan. This is expected to improve the commercial edge for projects in the region and internationally.

"This yard is of strategic importance for future projects in the Caspian Sea, Sakhalin and the Barents region", says Aker Kvaerner CEO Inge K. Hansen.

The acquisition gives Aker Kvaerner access to low cost fabrication at the Korabel yard, a low cost engineering resource base and experienced project management resources for Russia and Kazakhstan.

"Furthermore, the competence and experience in business development for this region possessed by RRO is a valuable addition to Aker Kvaerner's own competence", says Hansen.

MORE NEWS STORIES



Tell a friend: