Marine Subsea to Acquire Oilfield Technology Group Business Units
Marine Subsea AS has entered into a letter of intent to acquire OTG Consulting AS and OTG Drilling & Interventions AS, two business units of Stavanger based Oilfield Technology Group AS.
The OTG acquisition is expected to be closed in August/September. The transaction price for OTG Consulting and OTG Drilling & Intervention is NOK 135 mill which could be adjusted subject to the 90 days due diligence period and to be paid in installments over a 4 year period.
OTG Consulting and OTG Drilling & Interventions are perfect strategic matches for Marine Subsea. The two companies have 42 highly skilled employees with extensive experience within field operations, project- and risk management, in addition to drilling and well intervention. Marine Subsea has recently ordered two well intervention vessels and the acquisition of OTG Consulting and OTG Drilling & Interventions strengthen this business unit even further, says Christian Nygaard, Managing Director of Marine Subsea.
Oilfield Technology Group AS (OTG) was established in October 2001 and has four business units: OTG Consulting, OTG Drilling & Interventions, OTG Energy and OTG Solutions.
"We are pleased to join forces with Marine Subsea. Marine Subsea has an exiting and ambitious growth strategy and we are sharing the view of how the market is evolving. We are looking forward to work with Christian Nygaard and his team to explore the market opportunities", says Stale Fjelland, Managing Director of OTG Drilling & Interventions and Oilfield Technology Group's Chairman of the Board.
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