Norwegian offshore giant Aker Solutions has agreed to buy a 70% stake of Brazilian oil and gas services company C.S.E. Mecânica e Instrumentação, as part of a strategy to expand its services business in key international markets.
The agreement includes an option to purchase the remaining 30% equity of the company three years after the expected closing of the transaction, which is expected by the end of the first quarter of 2017.
Aker Solutions said the acquisition gives it access to Brazil’s growing market for servicing existing oil and gas fields. A purchase price was not disclosed.
C.S.E. currently operates five service facilities covering the country’s different oil and gas basins.
Luis Araujo, CEO of Aker Solutions, commented: “Aker Solutions has established a solid presence and reputation in Brazil’s oil and gas market over the past 40 years and entry into the country’s brownfield segment is an attractive growth opportunity.”
“Joining forces with a successful local player like C.S.E. fits well with the internationalization of our services business, allowing us to bring our competence, knowledge and experience within this field to this important and growing region,” Araujo added.