Norway's Aker Solutions to split in two

OSLO, April 30 Wed Apr 30, 2014 1:10am EDT

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OSLO, April 30 (Reuters) - Norwegian engineering firm Aker Solutions will split into two companies to reduce costs and boost competitiveness, the firm said on Wednesday.

The Subsea, Umbilicals, Engineering and Maintenance, Modifications and Operations (MMO) divisions will keep the Aker Solutions name. The other divisions, Drilling Technologies, Aker Oilfield Services and Process Systems, will be grouped together under a new oil-services investment company, named Akastor.

Both firms, which will be split around the end of September, will be listed on the Oslo bourse. The Norwegian state a major owner said in a separate statement it approved the move. (Reporting by Gwladys Fouche; Editing by Balazs Koranyi)

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