Norway’s Aker Solutions has agreed to buy fellow Norwegian oil-services provider Reinertsen for US$25 million (NOK 212.5 million) that boosts the firm’s presence in Norway’s offshore maintenance market.
The asset deal is set to be concluded in the second quarter, giving Aker Solutions ownership of Reinertsen's Norwegian oil and gas services business. The acquisition is subject to approval by the Norwegian competition authorities.
Reinertsen, the third-largest maintenance and modifications supplier offshore Norway with about 700 employees, has its main offices in Trondheim and Bergen, where Aker Solutions also has a presence. The company's order backlog contains key maintenance and modifications contracts with Statoil, including a minimum six-year framework agreement awarded in December 2015. It also has some smaller subsea services and engineering contracts.
"Combining our capabilities will boost our presence in the Norwegian maintenance and modifications market, helping to safeguard core competencies at key locations and positioning us for a market recovery," said Luis Araujo, chief executive officer of Aker Solutions.
The companies worked together from 2002 to 2010 on projects offshore Norway through the Aker Reinertsen joint venture. Reinertsen employees in Trondheim and Bergen will be moved to local Aker Solutions offices as part of synergies to be generated.
"We're glad to have found a new home for our oil and gas business after a very difficult time for our company," said Thomas Reinertsen, deputy CEO of Reinertsen.