The well-intervention division of Aker Solutions, including the former Qserv business at Portlethen, near Aberdeen, is changing hands in a deal worth more than £400million.
Norway-based Aker said yesterday it was selling the business to Swedish private-equity firm EQT as part of a strategy to increase its focus on other markets.
But the move comes just eight months after the energy service giant’s well-intervention operations in the UK suffered a drop in profits, despite rising demand at home and abroad. Operating profits were down 68% to £2.2million, while pre-tax profits dropped 76% to £1.4million.
The UK business, previously known as Aker Qserv, employs about 600 people at Portlethen.
EQT has appointed oil and gas industry veteran Jorgen Peter Rasmussen to become president and chief executive of its new well-intervention business, to be named in the new year.
Mr Rasmussen told the Press and Journal last night the change of ownership – expected to complete before the end of 2013 – was good news for the division, which employs about 1,500 people globally.
It marks a new chapter for the former Qserv business, which was founded in 2001 by four brothers – Tommy, Sean, Mike and Ciaran Dreelan.
The Dreelans sold Qserv seven years later in a deal worth well over £100million. It was the second big-money deal involving the brothers in a decade.
PSL was sold by Tommy, Sean and Mike for £45.5million in 1998.
Announcing the sale yesterday, Aker said the deal included an “earn-out provision” – meaning it will receive 25% of any rate of return above 12% a year on EQT’s investment.
Aker will book a gain before any earn-out of between £183million and £193million from the transaction, which is mainly structured as a share sale. Oyvind Eriksen, the firm’s executive chairman, said: “The sale is part of a strategy to increase focus on the deepwater and subsea oil services markets.”
Mr Eriksen will be on the new company’s board, which will have EQT industrial adviser Christopher Hansen as its chairman.