Subsea Technology Group Enters the Subsea Market

Subsea Technology Group AS (STG) is a newly formed entity comprising the former Technor companies Bennex AS, Poseidon Group AS and Altra Energy Ltd. as well as the newly acquired Ross Offshore AS and Ross Drilling AS, of which STG holds the majority of the shares. Combined the companies have 465 employees, and revenues in 2008 are expected to exceed NOK 850 million.

STG has organized its operating activities in two divisions: STG Engineering and STG Products. The ambition is to build a strong subsea, drilling, well intervention and field development group capable of delivering products and services to operators and oil companies in Norway and internationally.

STG will be in a position to take full operator responsibility through the life cycle of a field; from field evaluation and exploration drilling, through the development phase to subsea operations and inspection, maintenance and decommissioning. The current consultancy services will be further developed to secure cash flow and personnel recourses for the internal projects.