Norwegian oil services firm Aker Solutions has announced taking a majority stake in Brazilian company CSE Mecanica e Instrumentacao.
The plan to buy the 70% stake was first made public in October and Aker’s announcement confirms the completion of the deal.
Under the terms of the deal Aker has first option to buy the remaining 30% within the next three years.
CSE provides maintenance, machinery installation and crane operation services in offshore and onshore facilities. Last year it produced revenue of around $94.6m.
Aker’s acquisition positions it well in the burgeoning Brazilian oilfield services market.