Norway’s TTS Group ASA today announced it has finalized its sale of the drilling equipment business to Cameron International Corporation for USD 270 million, plus a turnover based earn-out model for a three-year period.
CEO & President of TTS Group, Johannes D. Neteland said: “This divestment is an active step by TTS to participate in the on-going further developments of the drilling equipment industry, and is industrially right for both the group as whole and for its drilling equipment business unit”.
With the divestment, TTS Group will depart the drilling equipment industry, both offshore and onshore. TTS Group will however retain and continue to develop and grow Offshore Handling (cranes and winches), which is not included in the sale.
TTS is one of the top three largest suppliers in its specialized market segments that designs, develops and supplies equipment for the marine and oil and gas industries.
[mappress] Offshore Energy Today Staff, June 6, 2012