(Bloomberg) -- Billionaire Kjell Inge Rokke is transforming the structure of a business empire built mostly on oil and gas in order to seize opportunities in greener industries.

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

Aker is also proposing to acquire wind developer NBT AS at an implied equity value of 3.1 billion kroner ($333 million).

The proposed transformation of the Aker group comes as the oil industry, and especially its suppliers, faces a deep crisis due to the coronavirus pandemic and the longer-term prospects of falling demand for fossil fuels as the world adapts to climate change.

“At a time when renewables have developed from niche technologies to global industries, Aker’s ambitions exceed the announced spin-offs in Aker Solutions,” Aker Chief Executive Officer Oyvind Eriksen said in a statement. “We take an active role to position ourselves in a broader and rapidly growing renewable energy industry.”

The two spin-offs, Aker Offshore Wind and Aker Carbon Capture, will both be listed on the Merkur Market in Oslo. The combined oil-service firm will be led by Kjetel Digre from Aug. 1.