Rossiya Bank owners who placed the shipyard in the United Shipbuilding Corporation (USC) in 2012. In August 2000, Kværner sold its Construction Division to the Swedish company Skanska. The economic slowdown in 2001 coupled with the heavy debt burden and a series of management missteps brought the company to the brink of bankruptcy. Hugo Erikssen, a director of public relations at Yukos, and Oleg Sheiko (), Yukos' vice president for finance, and Alexey Golubovich (), who was Yukos' "director of corporate finance" until 2001, supported Kværner with mergers and financing. In November 2001, Kværner was forced to merge with its rival Aker ASA, a Norwegian oil services group controlled by Kjell Inge Røkke. Røkke scuppered the solution preferred by Kværner's management, a rescue by Russia's oil giant Yukos. Kværner's international headquarters returned to Oslo and Kværner was restructured to become a holding company, with operating activities concentrated in Aker Kværner and Aker Yards. As of 2005 Kværner ASA was merged with Aker Maritime Finance AS, a wholly owned company of Aker ASA and the Kværner corporation ceased to exist. In 2008, Aker Kvaerner changed its name to Aker Solutions ASA. In December 2010, Aker Solutions announced a decision to cultivate its core businesses. Kvaerner was established, through a demerger, as a specialised EPC (engineering, procurement and construction) company addressing the global market. On 6 May 2011, the shareholders' annual general meeting approved the establishing of Kvaerner as a separate company. In September 2019 the company announced their plans to target renewable growth and they are looking to expand their operations in renewable energy to help boost this growth by around 40% in the coming years. Notes References External links Kvaerner website Shipbuilding companies of Norway Engineering companies of Norway Oil companies of Norway Shipping companies of Norway Aker ASA Conglomerate companies of Norway Defunct companies of Norway Defunct manufacturing companies of Norway Companies based in Oslo Manufacturing companies established in 1853 Non-renewable resource companies established in 1853 Transport companies established in 1853 Companies established in 1853 Companies disestablished in 2011 Manufacturing companies disestablished in 2011 Non-renewable resource companies disestablished in 2011 1853 establishments in Norway 2011 disestablishments in Norway Companies formerly listed on the Oslo Stock Exchange