Aker Solutions announced Tuesday that it has agreed to buy a majority stake in Aberdeen-based subsea well control specialist Enovate Systems.
Enovate, which was founded in 2002 and now employs 62 people, has developed a range of patented components and products for use in open water workover systems, in riser workover systems, rigless intervention systems and drilling safety systems. In 2012, it had revenues of approximately $23.6 million (GBP 15 million), with an EBITDA profit of $7.8 million (GBP 5 million).
"Enovate has developed and qualified unique technology for safe and efficient well control. Components from Enovate are also important building blocks for systems within workover and well-intervention services for high pressure and ultra-deep water fields worldwide," Aker Chief Technology Officer Åsmund Bøe commented in a statement.
Aker added that Enovate will continue to be developed as an independent supplier of well control components.
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