UK-headquartered Odfjell Technology, a spin-off of Odfjell Drilling, has entered into agreements to acquire a majority stake in two businesses supporting lightweight intervention and plug and abandonment (P&A).

Odfjell Technology will acquire a 70% ownership stake in Kaseum Holdings Limited and Razor Oiltools Limited at completion, securing operational control and full financial consolidation, with the businesses to continue operating as separate legal entities within the Odfjell Technology group and founders and key management to remain.