Schlumberger acquires remaining Framo equity shares

Schlumberger says it has acquired the remaining equity shares in Framo Engineering AS.

Offshore staff

PARIS – Schlumberger says it has acquired the remaining equity shares in Framo Engineering AS. Subject to regulatory approval, Schlumberger will get those shares from Frank Mohn AS.

“The combination of Schlumberger subsea flow assurance and surveillance capabilities with Framo Engineering’s extensive subsea multiphase boosting and metering capabilities will help our customers better design their subsea infrastructure, optimize production and increase recovery over the life of the field,” said Paal Kibsgaard, COO of Schlumberger Ltd.

“The sale to Schlumberger is an outstanding recognition of the value that has been created over many years,” said Frederik Mohn, MD of Frank Mohn. “We are confident that being part of Schlumberger will enable//Framo Engineering to take on the upcoming large integrated subsea projects worldwide, while clearly recognizing Norwegian skills.”

06/29/2011

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