Aker Solutions has agreed to buy 70 percent of Brazilian C.S.E. Mecânica e Instrumentação Ltda in an acquisition which will give the Norwegian firm greater access to Brazil's growing market for servicing existing oil and gas fields.
The agreement includes an option to purchase the remaining 30 percent of the company three years after the expected close of the transaction by the end of the first quarter of 2017. The parties agreed to not disclose the purchase price.
"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," said Aker CEO Luis Araujo.
"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,” he added.
The acquisition is subject to approval by Brazilian competition authorities.
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