Norway's engineering and construction groups Aker Solutions and AF Gruppen have abandoned plans to merge the two firms' existing offshore decommissioning operations.
The two companies had signed a letter of intent in July to merge the offshore decommissioning operations into a 50/50 owned company "with the goal of creating a leading global player for environmentally friendly recycling of offshore assets." READ MORE
However, Aker Solutions said Friday that the final agreement could not be reached.
"Although the strategic rationale is still strong, the parties have not succeeded in reaching a final agreement, and the process is hereby ended. Aker Solutions looks forward to continuing a constructive relationship with AF Gruppen in other business areas in the future," Aker Solutions said Friday.