Finish Govt Takes Majority Interest in Aker Arctic

A government owned investment company, Finnish Industry Investment Ltd,  purchased on Tuesday a 66.4 per cent majority stake of the shares of Aker Arctic Technology Oy (Aker Arctic) from STX Finland Oy.

Aker Arctic is one of the world’s leading companies in Arctic marine logistics and offshore solutions as well Arctic vessels design. The company’s other shareholders ABB Oy Finland and Norway’s Aker Engineering and Technology AS, part of the Aker Solutions group, are holding equal shares, each 16.8 per cent. The value of the deal is 9.3 million euros.

Acquisition is being carried out at market terms based on an external expert valuation. At the same time, the minority shareholders will increase their share in Aker Arctic on equal terms with the state acquisition.

“Arctic shipping is expected to increase substantially in the upcoming years and decades. As a world leader in solutions for development of Arctic engineering Aker Arctic has good prospects to gain a significant market share in the industry. This of course also has a positive impact on the Company ́s long-term value. That is why I consider this deal highly successful from the state’s point of view”, Minister of Economic Affairs, Mr. Jan Vapaavuori says.

In recent months the Ministry of Employment and the Economy has been studying actively the possibilities for securing the Company’s know-how and further development in Finland. The transfer of the Company ́s know-how, such as intellectual property rights, away from Finland, would have meant a serious setback for the entire Finnish Arctic marine industry’s future development.

The Government of Finland has a special interest in contributing to ensure a secure basis that offers possibilities for open stable ownership for Aker Arctic to develop and retain its knowhow. In addition to Aker Arctic’s globally adapted commercial applications the company’s know-how can also be used to help the Finnish Defence Forces. The company’s expertise and its utilization hold a key role in Finland’s Arctic strategy, as well as in implementation of the Ministry’s Marine Industry 2020 working group proposals”, Vapaavuori says.

Aker Arctic has designed a number of successful ship concepts for Arctic shipping, including the world’s first oblique icebreaker concept, which is currently under construction at Arctech Helsinki Shipyard Oy. Aker Arctic has been involved in significant logistic solutions in the North-West Russia and is also in the design of both Canada ́s and China’s new polar icebreaker.

In the coming years Aker Arctic has a promising growth prospects e.g. in connection with opening of the Northeast Passage.

“The arrangement is very welcomed for us as it gives the message of stability and strong Government backing for our efforts in developing the Company and our technologies further,” says Mr. Mikko Niini , CEO of Aker Arctic. “ We are working with customers in America, Europe, Russia and Asia, which represent oil majors, mining industries, ship owners, shipyards, equipment manufacturers and classification societies. The new shareholding also signals our neutral position to all markets and clients, which certainly will improve our ability to catch new customers,” adds Mikko Niini.

Press Release, December 19, 2013

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Posted on December 19, 2013

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