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Aker takes major stake in Enovate

AKER Solutions has taken a majority stake in subsea well control equipment supplier Enovate.

The financial terms of the deal have not been disclosed and it has still to be approved by Norwegian competition authorities.

Aberdeen-based Enovate was set up in 2002 and has 62 staff.

Aker highlighted the "wide range of patented components and products" which Enovate produces as a major attraction.

Åsmund Bøe, chief technology officer at Oslo-based Aker, said: "Enovate has developed and qualified unique technology for safe and efficient well control.

"Components from Enovate are important building blocks for systems within workover and well-intervention services for high pressure and ultra-deep water fields worldwide."

Enovate founder Jeff Edwards, also the company's majority shareholder, and the rest of the management team are staying on.

It is not known if Mr Edwards or any of the other shareholders are receiving windfalls as part of the deal.

Mr Edwards said: "Aker Solutions is a company with significant in-house opportunities for our technology and with the required scale and reach to help us grow our own capacity internationally."

Enovate said it had revenue of £15 million in its most recent financial year and earnings before interest, taxes, depreciation, and amortisation of £5m.

Aker paid more than £100m for Aberdeen-based well services business QServ in 2008.

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