Norwegian Oil Firm Sells Well Intervention Unit For $658M

Law360, New York (November 22, 2013, 3:47 PM EST) -- Norwegian oil services company Aker Solutions ASA will sell its well intervention division to Swedish private equity firm EQT for NOK 4 billion ($658 million) in an effort to focus the company’s resources on deepwater and subsea oil, Aker Solutions said Friday.

Under the terms of a payout provision in the deal, EQT will also fork over 25 percent of any internal rate of return exceeding 12 percent a year to Aker Solutions, according to a statement.

Oyvind Eriksen, executive chairman of Aker Solutions, explained in...
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