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Norwegians Gain Control over Russian Drilling Platforms Producer
Norway-based Aker Kvaerner has acquired a controlling stake in the Astrakhansky Korabel drilling platforms producer. The company’s former shareholders have gone to court to contest the deal. The conflict is exacerbated by upcoming lucrative contracts with oil companies operating in the Caspian Sea.
Aker Kvaerner received the 56-percent stake last December to recover the loan it granted to the Russian firm two years ago. Russian owners of the factory, Dmitry Paltsev and his partners, are challenging the deal in court, a Kommersant source reported Tuesday. A lawyer of the Russian shareholders says police in Finland and Russia are investigating the incident. Aker Kvaerner declined to give comment.
Astrakhansky Korabel is engaged in building and revamping drilling rigs as well as in shipbuilding and servicing. The company earned $4.5 million in the first 9 months of 2006, losing $1.2 million.
Aker Kvaerner bought 26 percent Finland-based RR Offshore in 2004 which then held 56 percent in the Russian factory. Mr. Paltsev’s business retained control over the Finnish firm. The Russians and Norwegians announced plans to cooperate in designing and building drilling rigs in Russia and the CIS. Aker Kvaerner then granted a ˆ5 million loan to RR Offshore which was to mature in four years. A controlling stake in Astrakhan Korabel was offered as a guarantee.
Industry experts note that the conflict has become particularly acute ahead of a growing demand on drilling platforms which is expected to come from oil producers in the Caspian Sea. The total worth of the contracts is likely to exceed $5 billion, according to analysts.
www.kommersant.com
All the Article in Russian as of Mar. 28, 2007
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