Aker RGI Holding and Kværner, which now have a common owner, set up a joint company on Monday that will run the two industrial concerns' shipyards. Kværner's yards were recently up for sale.
Now they'll be run together with Aker RGI's yards, with each company holding 50 percent of Aker Kværner Yards AS.
The portfolio consists of 12 yards in Europe, one in the US and one in Brazil. The yards collectively employ more than 13,000 workers and generate annual revenues of around NOK 20 billion (USD 2.2 billion.)
The combination is aimed at "exploiting capacity more effectively," according to a statement. Leif-Arne Langøy, who now leads Aker Yards, will take over as boss of the combined operation.
Kværner's yards were once the pride of the company before it fell on hard times. They include the well-known Masa yards in Finland, which has built some of the world's largest cruise ships, and East European yards taken over after the fall of the Berlin Wall.