Norwegian offshore engineering service provider Aker Solutions has agreed to acquire oil services provider Reinertsen to further expand its offshore maintenance and modifications business.
The deal, valued at NOK 212.5m ($24.9m), is set to be concluded in the second quarter giving Aker Solutions ownership of Reinertsen’s Norwegian oil and gas services business. The agreement excludes Reinertsen’s liabilities as of December 19, 2016, when the company went into debt negotiation proceedings.
Reinertsen is a major maintenance and modifications supplier offshore Norway and the company’s order backlog contains key maintenance and modifications contracts with Statoil. The two companies worked together from 2002 to 2010 on projects offshore Norway through the Aker Reinertsen joint venture.
“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.
“While the global oil-services market remains challenging, we are seeing some signs of improvement, particularly in the brownfield segment,” Araujo added.