Major western oil companies are expected to continue exercising strong capital and cost discipline over the next one to two years, a trend that has been reinforced by falling oil prices, activity in the North Sea, the company's largest regional market, is expected to be lower over the next one to two years.

Aker Solutions

Aker Solutions ASA, a Norwegian oil services company headquartered in Oslo, provides oilfield products, systems and services for customers in the oil and gas industry worldwide. The company, with roots back to 1841, was known as Aker Kværner prior to 2008. The predecessor company, Aker Kværner was founded in 2004 as the result of a major restructuring of a complex 'Aker Kværner' business unit, formed originally in 2002 by the merger of Aker Maritime and Kværner Oil & Gas. On 3 April 2008, Aker Kværner was renamed Aker Solutions, partly due to the difficulty that most non-Norwegian people found in pronouncing "Kværner". The company was majority controlled by Aker ASA until 2007. Through a major ownership restructuring on 22 June 2007, Aker ASA completely exited its holding in Aker solutions, and transferred a 40% stake to Aker Holding - which in turn owned by Aker ASA, the Norwegian Ministry of Trade and Industry, SAAB and Investor AB. The company employs approximately 28,500 people in more than 30 countries. It has annual revenues of approximately NOK 44.9 billion.

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