Aker Solutions hands CEO reins to Paal Eikeseth amid $8bn order book
Norwegian engineering giant names Paal Eikeseth as chief executive with immediate effect, replacing Kjetel Digre.
Aker Solutions has appointed Paal Eikeseth as its new chief executive, effective immediately. The Norwegian offshore engineering group announced the leadership change on Tuesday, with Eikeseth replacing Kjetel Digre, who had led the company for six years.
The transition occurs as Aker Solutions adapts to shifting market conditions. Earlier this year, the company implemented cost and capacity adjustments in response to reduced activity levels, potentially affecting over 500 permanent positions, including approximately 300 jobs at its Verdal yard.
Strategic priorities under new leadership: Aker Solutions
Eikeseth assumes the role with a clear focus on execution and productivity. In his first statement as chief executive, he outlined plans to expand operational improvements already implemented within the company’s Life Cycle business across the broader organization. “Together with our 11,700 colleagues worldwide, I look forward to further improving project execution and making greater use of our expertise through standardization, reuse, and data,” he said.
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His background aligns closely with Aker Solutions’ strategic direction. Since 2022, Eikeseth has led the Life Cycle business, where he secured multiple long-term contracts. These include five-year maintenance and modification agreements with Equinor for Norwegian offshore installations, announced in January, and a similar five-year alliance with Aker BP in February, covering assets such as Valhall, Ula, Skarv, Alvheim, and the Yggdrasil developments. The latter agreement includes options for an additional eight years.
Eikeseth has also been instrumental in other key brownfield projects, including a six-year maintenance deal for ConocoPhillips’ Ekofisk and Eldfisk assets and an EPCIC award from OKEA for modifications to the Brage platform.
A legacy of transformation
Digre’s tenure, which began in 2020, was marked by significant restructuring. Under his leadership, Aker Solutions established SLB OneSubsea, a joint venture aimed at enhancing offshore project delivery, and shifted its focus toward maintenance, modification, and energy-transition initiatives. These changes positioned the company to capitalize on a growing pipeline of brownfield work.
The company has also diversified beyond traditional oil and gas sectors. In July, Aker Solutions secured a major contract to deliver an HVDC substructure for a European offshore wind project, valued between NOK2.5 billion and NOK4 billion. This award reflects the company’s expanding role in renewable energy infrastructure.
At the end of June, Aker Solutions reported a secured order backlog of NOK77.2 billion ($8.26 billion). Second-quarter revenue reached NOK13.1 billion, with the company projecting full-year revenue between NOK50 billion and NOK55 billion. Eikeseth’s leadership will be critical as the company navigates an evolving energy landscape, balancing traditional projects with emerging opportunities in renewables.
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