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Norwegian Billionaire Reshapes Oil Empire for Renewable-Energy Future

  • Aker Solutions, Kvaerner stocks surge on combination plans
  • Rokke’s Aker to form new renewable-energy holdings group
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Billionaire Kjell Inge Rokke is transforming the structure of his business empire as he seeks to revive struggling oil-service firms and seize on opportunities in renewable energy.

Rokke’s investment company Aker ASA plans to combine its two biggest oil-industry suppliers, engineering firm Aker Solutions ASA and platform builder Kvaerner ASA, while spinning off Aker Solutions’s offshore-wind and carbon-capture businesses into two new companies that will form a new renewable-energy hub.