Background

Akastor was created in 2014 by separating the oilfield services company Aker Solutions ASA into two new entities, the oil-services investment company Akastor and a company that kept the Aker Solutions name.

On April 29, 2014, the Board of Directors of Aker Solutions ASA announced their strategy for the development of the group, thereunder their intention to propose to the company’s shareholders that Aker Solutions be split into two companies. Following this proposal, the shareholders approved on August 12, 2014 a demerger pursuant to which the group’s activities pertaining to Subsea, Umbilicals, Maintenance, Modifications and Operations and Engineering where spun-off into a new company which was stock listed at the Oslo Stock Exchange September 29, 2014. From the first day of listing of the new company, the current Aker Solutions changed its name to Akastor ASA and started trading under the ticker AKA at Oslo Stock Exchange (OSEBX).

As a descendant of the Aker group, Akastor can trace its roots back more than 170 years to the founding in 1841 of the Aker Mechanical Workshop (Akers Mekaniske Verksted) on the banks of the Akerselva river in Oslo.