Akastor sells Fjords to NOV
Akastor ASA has an agreement to sell Fjords Processing to National Oilwell Varco for NOK1.2 billion ($145.7 million) on a debt- and cash-free basis.
Fjords specializes in process support systems for handling gas, oil, and water.
Rune Fantoft, CEO of Fjords, said: “We look forward to the next part of our transformation journey together with NOV, where we will be able to deliver a broader suite of products and additional value for our customers.”
NOV CEO Clay Williams added: “We see significant potential in combining the capabilities of Fjords technology with our existing NOV platform, which includes complementary solutions and services, as well as a broad infrastructure to enable market expansion and significant cost reductions.
“The production and process solutions that our combined businesses offer will enable operators to continue to meet the increasing technical challenges our industry faces while reducing their marginal cost per barrel.”
The transaction is expected to be completed during current quarter, pending clearance from Norwegian and Korean competition authorities.