||This article includes a list of references, but its sources remain unclear because it has insufficient inline citations. (July 2010)|
- President and CEO
Gert W. Munthe
|Products||Maintenance and modifications onshore and offshore, field developing, wind energy|
Number of employees
|Parent||Herkules Capital and Ferd Capital|
The company has around 5,500 employees and operations in five countries, including two fabrication yards. Aibel is an engineering company that plans, builds, upgrades and maintains platforms, vessels and production facilities in the oil and gas industry.
Headquartered in Stavanger, Aibel has seven other locations in Norway, besides offices in Kolding (DK), Petersfield (UK), Laem Chabang (Thailand) and in Singapore. Aibel also owns 50 percent of The Egyptian Maintenance Company.
Aibel AS is a rapidly growing company. More than 1000 new employees has been hired during 2012. Major new agreements with Norske Shell and Statoil indicates a need for even more highly skilled engineers and technicians during 2013.
In June 2007, Aibel was acquired by Herkules Capital (formerly known as Ferd Private Equity) for USD 900 million in the largest leveraged buyout by a Norwegian-based private equity fund. In July 2009 Aibel announced the sale of its technology and products business to UK listed company Hamworthy Plc for a consideration of up to MNOK 68 million.
Repeated FCPA violations
In November 2008, Aibel Group Ltd, the United Kingdom (UK) subsidiary of Aibel, agreed to pay a criminal fine of USD 4.2 million to the US Department of Justice (DOJ) for violations of the Foreign Corrupt Practices Act (FCPA). Aibel admitted to paying bribes to government officials at the Nigeria Customs Service, in exchange for preferential treatment which allowed the company to secure an improper advantage with respect to the importation of its goods and equipment into Nigeria which were needed for a deepwater oil drilling operation.
Aibel admitted it had failed to comply with its obligations to implement an enhanced compliance programme and effective FCPA monitors, after it had entered into a deferred prosecution agreement (DPA) with the DOJ in 2007 for separate violations of the anti-bribery provisions of the FCPA with respect to its operations in Nigeria.
- Press release: Investor group led by Ferd Private Equity Fund II acquires Aibel
- Press release: Aibel wins $75M Algerian gas-fields job
- Press release: Snorre Export Topside and Robustness contract to Aibel AS
- Bloomberg Business Week profile
- FCPA Enforcement. "Recent Enforcement Actions". FCPA Enforcement.
- The European Anti-Bribery Blog (23 November 2008). "Aibel Group Limited pleads guilty in the US second time around". The European Anti-Bribery Blog.