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Aker Solutions said it plans to split into two companies in an effort to increase competition and reduce costs.

The subsea, umbilicals, engineering and maintenance, modifications, and operations divisions will remain as part of the current Aker Solutions.

The other units including drilling technologies, Aker oilfield services and process systems, surface products, and business solutions will be spun into a new company to be called Akastor.

Oyvind Eriksen, Executive Chairman, said the split would cause the company to be “a leaner and more focused company that will be able to offer customers the unique and cost-effective technology and design they need to succeed”.

Aker is planning to execute on the split in September.

Both companies will be listed on the Olso stock exchange after the separation.