Aibel’s Owners Evaluate Strategic Alternative for Company (Norway)

The owners of Aibel have during 2011 evaluated strategic alternatives for the company. In the same period, Aibel has continued its strong development with profitable growth in all business areas.

Aibel has an all time high order backlog, including recent major contract awards: Frame agreement with ConocoPhillips at the Greater Ekofisk Area, the first contract within Aibel’s newly established business area Offshore Wind, Dolwin 2, and the upgrade of the Troll A-platform awarded by Statoil.

Aibel has a strong position as a major oil service company on the Norwegian Continental Shelf (NCS). The recent major oil and gas discoveries on NCS will further enhance the growth potential and secures a high activity level on NCS in many years to come.

 “Based on a thorough evaluation of the strategic alternatives the owners have concluded that the timing for a value creative transaction is not attractive, given the current uncertainty in the financial markets”, says Jo Lunder, Chairman of the Board of Aibel AS.

The owners are confident that Aibel will continue to create value and deliver profitable growth over the coming years.

Aibel is a leading service company within the oil and gas industry and is established in renewable energy.

The company’s 5000 employees in Norway and abroad are engaged onshore and offshore. With eight locations in Norway, the company is located near the customers. In addition to operations in Norway, Aibel is also located in Thailand, Singapore, United Kingdom, Denmark and Egypt.

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Offshore WIND staff, November 16, 2011; Image: aibel