Aker Solutions ASA (OB:AKSO) and Kværner ASA (OB:KVAER), the two oil service companies of Norwegian group Aker, are planning to merge in the near future. Discussions are now focusing on the cut of 350 administrative jobs that will be carried out. Most of the cuts will take place in Norway.

The goal is to reduce costs by 30% through the merger. The decision included hiving off Aker Solutions' activities in offshore wind power and CO2 capture and storage into new businesses Aker Offshore Wind and Aker Carbon Capture that will be quoted on the stock market.