Huge rig deal cheers the market

Norwegian industrialist Kjell Inge Røkke has agreed to sell the oil rig firm he controls, Aker Drilling, to the world’s largest rig company, Transocean. The deal values Aker Drilling at nearly double what it was worth before the weekend and helped boost values on the Oslo Stock Exchange . Stavanger-based Aker Drilling announced Monday that [...]

Aker fights for its name

Norwegian industrial concern Aker ASA, headed by tycoon Kjell Inge Røkke, is trying to prevent other companies from using “Aker” in their names. Targets of Aker’s zeal accuse Aker of “bullying” and out-gunning small business. Newspaper Dagens Næringsliv (DN) reported over the weekend that Aker officials have taken legal steps against no less than 14 [...]

Statoil’s new Gudrun project cheers the offshore industry

Statoil’s decision to develop the new oil and gas field called Gudrun, in the North Sea, is welcome news to Norway’s hard-pressed offshore industry. Statoil convinced its partners GDF Suez and Marathon to move forward with the project, expected to cost around NOK 21 billion and subject to approval by the Parliament. It holds the [...]

Business news in brief, February 2010

Young Norwegians slow to pay their bills A collection agency in Oslo told newspaper Aftenposten this week that claims against Norwegians aged 18 to 25 have risen by more than 50 percent in the past two years. Cases rose from 115,621 to 174,142 at collection firm Lindorff, and managing director Heidi Skaaret had two explanations: “For [...]

Pension fund dumps its sharesin Røkke's Aker Solutions

Norway’s state pension fund has sold off all its shares in Aker Solutions, reported newspaper Aftenposten over the weekend. Pension fund officials won’t say why, but the sale is being viewed as a form of protest over the way Aker Solutions’ controlling shareholder Kjell Inge Røkke is running things. It may also be a protest [...]

Mystery clouds Aker battle as 'oligarch' label draws fire

A special hearing in Parliament this week failed to reveal why Norway’s Labour-led and seemingly anti-capitalist government suddenly gave up a heated battle with one of the country’s biggest capitalists of them all, Kjell Inge Røkke. A wealthy shipping heir, meanwhile, has called Røkke Norway’s new “oligarch” but was quickly scolded by Røkke supporters. Opposition [...]

Government gives in to tycoon Røkke

Kjell Inge Røkke, one of Norway’s wealthiest men, may well have popped open a bottle of champagne Monday evening. By most accounts he’s the big winner in a controversial deal that’s left Norway’s socialist government licking its wounds over the sale of five companies in the Aker industrial empire that Røkke controls. Government officials refused [...]

State keen to end battle over Aker

Even after being publicly ridiculed and harshly criticized by the boss of industrial firm Aker, Norway’s trade and industry minister kept smiling. Sylvia Brustad looked for bright spots in the state’s battle over Aker, said she regrets her own tough language and hopes the conflict can be resolved. Opposition politicians were far from satisfied. Most [...]

Røkke finally breaks his silence, lashes out at state and media

Industrialist Kjell Inge Røkke, caught in a major battle with the state over their holdings in Aker Solutions, emerged publicly on Wednesday to spend nearly three hours in the media glare. He defended the controversial deals he’s widely believed to have set in motion, harshly criticized the state’s conduct and claimed the entire conflict has [...]

Labour’s capitalist darling pushes his luck

COMMENTARY It was one of those “near Røkke” experiences that could only enhance the enigma of a man who’s once again been all over the front pages of most Norwegian newspapers for weeks now – for once again allegedly bending rules to suit his own purposes. It occurred about 12 years ago. Kjell Inge Røkke, [...]

State strikes back against controversial Aker sales

Prime Minister Jens Stoltenberg had to launch straight into damage control exercises upon his return from the Easter holidays, ordering executives at partially state-owned Aker Solutions to “clean up” after a deal that’s cost taxpayers dearly. Aker officials, meanwhile, claim the state needs to do some “cleaning up” itself. Stoltenberg, under political fire over the [...]