Norwegian offshore engineering and construction firm Aker Solutions said Friday its offshore wind and carbon capture subsidiaries had raised NOK 500 million each in private placements.
Aker Solutions in July said it would spin off its wind development business and the carbon capture technology business in two separate firms, Aker Offshore Wind and Aker Carbon Capture ahead of the proposed merger with engineering and construction firm Kvaerner.
The company said at the time that the offshore wind and carbon capture businesses would be better off as standalone businesses than as integrated with oilfield services. They are expected to be admitted to trading on Merkur Market on the Oslo Stock Exchange.
In a statement on Friday, Aker Solutions said that the two private placements in each of its subsidiaries Aker Offshore Wind and Aker Carbon Capture had been successfully placed, raising gross proceeds of approximately NOK 500 million in each of the subsidiaries through the placing of 294,117,647 new shares in Aker Carbon Capture, each at a subscription price of NOK 1.70, and 340,136,054 new shares in Aker Offshore Wind Holding AS, each at a subscription price of NOK 1.47.
"The Private Placements attracted strong interest from existing shareholders in Aker Solutions, as well as high-quality ESG focused institutional Nordic and international investors,” Aker Solutions said.
Aker ASA, through its wholly-owned subsidiary, Aker Horizons AS, has subscribed for and been allocated 194,117,647 Offer Shares in Aker Carbon Capture and 217,687,074 Offer Shares in Aker Offshore Wind.
Following the private placements and the distribution, Aker ASA’s total direct and indirect ownership in each company will be 51 percent.
Following the issuance of the Offer Share, Aker Carbon Capture will have an issued share capital of NOK 566,060,400 (around $63,47 million) divided into 566,060,400 shares, each with a par value of NOK 1. Aker Offshore Wind will have an issued share capital of NOK 612,078,807 (around $68,6 million) divided into 612,078,807 shares, each with a par value of NOK 1.
The two companies are currently wholly-owned subsidiaries of Aker Solutions. The will apply for a listing of their shares on Merkur Market. Subject to completion of the Private Placements, the expected first day of trading will be on or about 26 August.