BAHRAIN --CorrOcean is buying metering equipment and upstream software services provider Roxar for $370 million from Bahrain-based investment group Arcapita Bank.
Trondheim-based CorrOcean will merge its operations with those of Roxar, forming one of Norway's leading providers of reservoir performance-enhancing technologies.
Roxar, based in Stavanger, employs over 670 staff around the world. The company was formed in 1999, and generated revenues last year of around $160 million. CorrOcean will retain its listing on the Oslo stock exchange, but the new entity will trade under the Roxar brand name. The sale is expected to be completed within six weeks.