Aker Kvaerner acquires control stake of Astrakhan Korabel
In December 2006 Norway-based concern Aker Kvaerner has acquired a control stake in the drilling platforms producer OAO Astrakhan Korabel yard located in Astrakhan, Russia, Kommersant reports according to Finmarket. As Kommersant learnt from a source close to Astrakhan Korabel, the concern received the yard’s to recover the loan it granted to the Russian firm two years ago. Dmitry Paltsev, former owner of the yard, is challenging the deal in court.
Aker Kvaerner became a co-owner and a strategic partner of Astrakhan Korabel in 2004. Aker Kvaerner acquired 26% of the Finland-based RR Offshore, owner of the yard’s 56% stake. Mr. Paltsev’s business retained control over the Finnish firm (60.5%) while the rest 13.5% was owned by the company’s management headed by Finnish manager Pekka Laksel. The parties declared their intension to carry out joint engineering and construction of drilling platforms in both Russia and CIS countries. Aker Kvaerner then granted a €5 million loan to RR Offshore, which was to mature in four years. A controlling stake in Astrakhan Korabel was offered as a guarantee.
