Aker Solutions Sets Up Subsea Hub and Uses Aker Advantage Recruitment Agency to Ease MMO Overcapacity

07.07.2014  |  Globenewswire Europe

July 7, 2014 - Aker Solutions is transferring employees to a new subsea
engineering hub in Stavanger and using the Aker Advantage recruitment agency to
find work for more than 200 employees impacted by the slowdown in Norway's
offshore maintenance and modifications market.

The company is acting proactively to ease overcapacity in its Norwegian MMO
business, which is being affected by lower demand as oil companies reduce
spending plans. About 100 MMO engineers will be moved to a subsea hub that's
being established in Stavanger to support and ensure flawless execution of Aker
Solutions' significant order backlog. Aker Solutions is also offering about 130
employees a transfer to Aker Advantage, which will endeavour to find jobs inside
or outside the group. The recruitment firm will in September become part of
Akastor, the oilfield services investment business formed as part of the
announced split of Aker Solutions.

"The offshore maintenance and modifications market in Norway has weakened
considerably this year, causing overcapacity and weighing on earnings in the MMO
segment,'' said Tore Sjursen, head of MMO at Aker Solutions. ''While the
industry has seen lay-offs, we're seeking to find our employees alternative jobs
within the company, the Aker group or in other firms operating on the shelf."

Aker Advantage has signed a one-year framework agreement with Statoil to provide
the oil company with personnel with engineering and technical experience. The
contract, which has a one-year extension option, comes into effect in August and
covers  work within mechanical completion and commissioning, process technology,
mechanical technology, HSE technical services, electrical and automation
technologies and life-cycle information management. It will comprise five levels
of seniority, from junior consultants to leading consultants. The work will
largely be carried out in Norway, with some chances for assignments
internationally.

"The contract with Statoil offers opportunities to our employees and showcases
our ability to provide mobility and access to competence in the oil and gas
industry during fluctuating market conditions,'' said Øyvind Eriksen, chairman
of Aker Solutions and CEO of Aker ASA. "We're fortunate that Aker Solutions in
itself is a large company with other business areas that can provide job
opportunities for MMO staff."

The subsea hub is being established in Stavanger, on Norway's west coast. The
city is one of five locations, including Bergen, Ålesund, Kristiansund and
Trondheim, where MMO staff have been affected by the slowdown. Almost all of the
MMO employees that were offered a transfer accepted the opportunity to move to
Aker Advantage or the subsea hub. Aker Advantage will guarantee full salaries
and benefits for up to seven months while supporting MMO employees in the search
for jobs.

"We're doing our utmost to avoid redundancies and take care of our employees and
business, though we can't rule out layoffs if the market should worsen or we're
unable to find new jobs for all employees," said Eriksen. "Maintaining the right
balance between short-term capacity adjustments while preparing and positioning
ourselves for the next wave of growth is a prerequisite for creating long-term
shareholder value."

Employees may also find opportunities in markets such as Brunei, Canada and the
UK, where demand is growing for MMO services. Aker Solutions in June won a
contract from Statoil to provide maintenance and modifications services for the
Mariner oilfield development in the UK North Sea.

ENDS

For further information, please contact:

Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel:
+47 67 59 42 71, Mob: +47 480 27 575, E-mail: bunny.nooryani@akersolutions.com

Investor relations:
David Phillips, Head of Industry & Investor Relations, Aker Solutions. Tel:
+44 20 8811 9111, Mob: +44 7788 338 887, E-mail:
david.phillips@akersolutions.com

Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30 39,
Mob: +47 911 37 194, E-mail: lasse.torkildsen@akersolutions.com

Suppliers:
For further information about sourcing and potential subcontracts for this
project, please visit www.akersolutions.com/suppliers

Career opportunities:
Visit http://www.akersolutions.com/careers

Aker Solutions is a global provider of products, systems and services to the oil
and gas industry. Our engineering, design and technology bring discoveries into
production and maximize recovery from each petroleum field. We employ
approximately 28,000 people in about 30 countries. Go to www.akersolutions.com
for more information on our business, people and values.

This press release may include forward-looking information or statements and is
subject to our disclaimer, see www.akersolutions.com.




This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Aker Solutions ASA via GlobeNewswire
[HUG#1815571]