Norway’s Aker Solutions has completed the acquisition of its compatriot, oilfield services provider, Reinertsen.
The acquisition was announced in late March as part of Aker Solutions’ efforts to build on its position in the maintenance and modifications sector in Norway.
The deal, which gives Aker Solutions ownership of Reinertsen’s Norwegian oil and gas services business, cost it about NOK 212.5 million.
Aker Solution said on Friday that the agreement to buy Reinertsen’s Norwegian oil and gas services business has also been cleared by Norway’s competition authority.
Reinertsen, the third-largest maintenance and modifications supplier offshore Norway with about 700 employees, has its main offices in Trondheim and Bergen.
As part of synergies to be generated from the acquisition, employees from those offices will be moved to local Aker Solutions offices.
In 2016, Reinertsen had revenue of about NOK 800 million.
Offshore Energy Today Staff