Aibel

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Aibel AS
Private
Industry Petroleum
Founded 2007
Headquarters Stavanger, Norway
Key people
Jan Skogseth
- President and CEO
Gert W. Munthe
- Chairman
Products Maintenance and modifications onshore and offshore, field developing, wind energy
Number of employees
5,500 (2012)
Parent Herkules Capital and Ferd Capital
Website Aibel

Aibel /ˈbəl/ is an oil service company in Norway.

Background[edit]

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 hired more than 1000 new employees during 2012. Aibel signed new agreements with Norske Shell and Statoil.[1][2]

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.[3][4][5][6]

Repeated FCPA violations[edit]

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.[7]

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.[8]

See also[edit]

References[edit]