Aker Solutions has bolstered its presence in Norway with the takeover of oil services provider Reinertsen.
The Kjell Inge Rokke-led company is paying NOK 212.5m ($24.9m), while the agreement between the two parties excludes Reinertsen’s liabilities.
Luis Araujo, chief executive at Aker Solutions, said: “Combining our capabilities will boost our presence in the Norwegian maintenance and modifications market, helping to safeguard core competencies at key locations and positioning us for a market recovery.”
Aker Solutions and Reinertsen are no strangers as they have worked together on a number of projects from 2002 to 2010.
Reinertsen’s employees based in Trondheim and Bergen will be moved to local Aker solutions offices.
Thomas Reinertsen, deputy chief executive of Reinertsen, said: “We are glad to have found a new home for our oil and gas business after a very difficult time for our company.
“Short term, we still face some challenges but in the longer term this move will secure jobs in central Norway and enable us to continue our strong tradition of delivering high-quality services.”
Reinertsen is the third-largest maintenance supplier in Norway and reported revenue of about NOK 800m in 2016.
The deal with Aker Solutions is subject to approval by the Norwegian competition authorities.
