Kongsberg Acquires Stake in Seaflex AS
|Tuesday, January 22, 2002
Kongsberg Simrad has strengthened its offshore activity by signing an agreement with Advanced Product and Loading AS for the acquisition of its 62 per cent stake in Seaflex AS of Asker, Norway for MNOK 22. Seaflex, which specialises in riser technology for offshore oil and gas production, has about 20 employees and last year had a turnover of roughly MNOK 23. As the majority shareholder of Seaflex AS, Kongsberg Simrad will continue product development, combining the two companies' unique experience gained from analysis of riser behaviour, positioning, and position-reference systems. At the same time, Seaflex gains access to a well-developed international marketing organisation. "Becoming the majority shareholder in Seaflex is a continuation and expansion of the good working relationship that began back in 1997," comments Kongsberg Simrad President, Steinar Aabelvik One of the joint achievements in the period since 1997, has been the introduction of the Riser Management System (RMS). This product provides a complete overview of essential riser parameters during operation, and removes much of the guesswork associated with marine riser operation in deeper waters. Combining the RMS and the Kongsberg Simrad DP system, enables the calculation of optimal vessel positions in relation to drift-off margins and riser wear. This, in turn, enables the RMS system to provide valuable decision support for safe positioning of the drilling vessel.