Akastor and IKM Group Launches Føn Energy Services

Oslo-listed Akastor ASA and Norwegian industrial group IKM have combined forces to create a leading international operations & maintenance (O&M) company for the offshore wind industry. Rahman Khanani has been appointed to head up the new venture. 

The company, to be named Føn Energy Services, will offer integrated O&M solutions to developers, operators, sub-suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. 

“The O&M segment within offshore wind accounts for a significant part of the cost throughout the project lifecycle. We are seeking to industrialize and digitize this segment enabling us to create a market leading and streamlined O&M offering. We are delighted to join forces with IKM to realize these plans,” says Karl Erik Kjelstad, CEO of industrial investment company Akastor ASA, which has the Aker group as its largest shareholder. 

80 employees from day one

Føn Energy Services is a joint initiative by Akastor and IKM Group, targeting the O&M market in the offshore renewables sector. 

Akastor injects capital in the business, while IKM Group moves the operations of crane and lifting specialist IKM K&L and engineering company IKM Tech Team Solutions into the new company. IKM K&L has already delivered maintenance services to more than 450 wind turbines in Norway.

This means that Føn Energy Services from day one will have a team of approximately 80 employees, including specialist engineers and offshore technicians. 

“Scale is important within O&M. Combined with decades of O&M experience from the offshore oil and gas industry, the team can offer a highly cost-efficient and complete offering from day one. Further, these businesses already deliver positive results and cash flow, which adds another layer of security for prospective customers,” says Ståle Kyllingstad, CEO of IKM Group.

IKM Group and Akastor (through a wholly owned subsidiary) will each own 44 percent of Føn Energy Services. The remaining 12 percent will be owned by the management of the company.

Føn Energy Services

Føn Energy Services will provide a fully integrated service offering for inspection and maintenance services for Balance of Plant-equipment (BOP), including foundations, inter-array cables, and substations. The offering includes periodic and event-based inspection, preventive and corrective maintenance and major repairs.  The company will also provide asset and O&M management services, including O&M optimization and planning, and asset integrity management.

Further, Føn Energy Services will also solve logistics and vessel management on behalf of customers. 

“We aim to support our clients by taking charge of operations and maintenance requirements that need to be solved through the development, construction and operational phases of an offshore wind farm,” says Rahman Khanani, newly appointed CEO of Føn Energy Services. 

2 Rahman KhananiRahman Khanani, CEO of Føn Energy Services

Khanani as CEO

Khanani joins Føn Energy Services from a position as chief strategy & innovation officer at Element Logic, which delivers warehouse automation solutions. He has previously worked as a management consultant for PA Consulting and EY. Industrializing and digitizing value chains and creating new business and commercial models to drive cost efficiency and sustainability is a key part of his background.

Føn Energy Services aims to tap into the Aker group’s proven ability to drive digital collaboration and industrialization across the energy value chain. This will be combined with IKM Group’s track record of building strong and effective service businesses within operations and maintenance in offshore industries. 

“Digitalizing and industrializing the O&M value chain will be key for us. We want to provide our customers with the best possible decision-making support systems in order to help them reduce both capex and opex. We are confident that we will provide wind farm developers and operators with a highly competitive O&M offering,” adds Rahman Khanani.

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