Aker Solutions has acquired the shares in Qserv Ltd., a leading provider of well, process and pipeline services in the North Sea and International markets.
Qserv provides a range of well, process and pipeline services encompassing wireline, coil tubing, fluid & nitrogen pumping, subsea well intervention, leak testing, bolting and pipeline commissioning services. Revenues in 2007 were approximately NOK 500 million, expecting to grow substantially over the next years.
The total consideration consists of an initial payment of approximately NOK 1,000 million and a deferred payment due in 2011.
"The demand for well services has developed favorably in recent years and we expect the positive development to continue. We have strong growth ambitions within this segment and the acquisition of Qserv is an excellent opportunity to complement and extend our technology base," said Mads Andersen, executive vice president of Aker Solutions.
The strategic fit between Qserv and Aker Solutions' well intervention business is strong with complementary footprint and technology portfolios. The two companies are already cooperating on the delivery of integrated intervention services across a variety of disciplines including wireline tractor services, logging services and light well intervention vessels.
"The combination of Aker Solutions' well service unit and Qserv creates the leading provider in our range of services throughout the North Sea. This reinforces our position in the home market and generates unique opportunities whilst accelerating our international growth. The market is increasingly asking for deliveries of an even more complete range of products and services. We firmly believe that this acquisition will enable us to achieve further growth prospects and open up new industrial opportunities as we go forward," said Ole Petter Thomesen, President of Aker Well Service in Stavanger, Norway.
"This is an exciting time in the development of the Qserv business and generates amazing opportunities for staff and clients. The combination of our service offering, geographical spread and aligned business ethics creates seamless synergies. This acquisition allows Qserv to further enhance our portfolio of services to our existing UKCS clients to include the full range of wireline tractor and wireline logging services. Additionally, it allows us to enhance our position in the market place, and maintain our key strengths as the local service provider. For clients and staff, it will be business as usual, the management team remain the same and we are firmly committed to growing the Aker Solutions and Qserv range of services to be the prominent North Sea provider along with being an internationally recognised brand. I look forward to further developing the business across the North Sea and other international markets as part of Aker Solutions," said Ciaran Dreelan, Well Services Director of Qserv.
"This acquisition is about creating a new business capable of offering a combined range of services across the globe to meet our client's current and future demands, in a market place where resources are tight and costs are high," said Tommy Dreelan, Managing Director of Qserv.
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