Aker Kvaerner buys 50 per cent share in Phoenix Polymers

Industrial conglomerate Aker Kvaerner has bought a 50% share in its supplier Phoenix Polymers International, which develops and manufactures buoyancy and polyurethane products.

Phoenix Polymers supplies products to the worldwide gas and oil sector and is an important supplier of flotation elements to Aker Kvaerner’s deepwater marine drilling projects.

Financial details of the deal were not revealed and Phoenix Polymers, which has offices and manufacturing facilities in Aberdeen, Scotland, will continue to trade under its existing name.

Svein Haug, senior vice president umbilical and risers, Aker Kvaerner Subsea, said: “The acquisition of Phoenix secures the delivery of key elements to our deepwater drilling riser technology.

“We believe Aker Kvaerner can help Phoenix realise their full growth potential. Phoenix has a significant growth potential and we believe that Aker Kvaerner can contribute to further expand this company.”