Engineering conglomerate Aker Kvaerner has ended its attempt at control of Russian yard Asktrakhan Korabel with a deal instead to buy up the rest of Finnish RR Offshore.

Aker Kvaerner is selling its Astrakhan shares to its former Russian co-owners, ST Holdings, the heads of which became disgruntled partners last year in the rig-making Caspian yard. The Russians had alleged Aker Kvaerner unfairly tried to acquire a greater stake in Korabel by securing RR’s share in the yard as collateral.

No dollar amounts for Wednesday’s share sell-off to Korabel will be disclosed.

Aker Kvaerner appears to have to used proceeds of the sale to round out its former 26 percent stake in RR. The firm boasts much proejct management experience in Russia.

The Norwegians, meanwhile, are positioning themselves for future projects in Russia and the Caspian, a statement said. The company is through Phase 1 of a seven-module engineering and construction assignment for the Kashagan oilfield partners.

Five modules are understood to have already been “produced” in Norway, with one to be built by Korabel Yard, as per earlier contract wins.

ws@scandoil.com

Tags: Aker Kvaerner, RR Offshore