Aker Solutions to Acquire Majority Stake in Brazil's C.S.E.
(Thomson Reuters ONE) -
October 21, 2016 - Aker Solutions agreed to buy 70 percent of Brazilian C.S.E.
Mecânica e Instrumentação Ltda, building on a strategy to expand its services
business in key international markets.
The agreement includes an option to purchase the remaining 30 percent of the
company three years after the expected close of the transaction by the end of
the first quarter of 2017. The parties agreed to not disclose the purchase
price.
The acquisition gives Aker Solutions access to Brazil's growing market for
servicing existing oil and gas fields. C.S.E., which had revenue of BRL 322
million in 2015, provides maintenance, assembly, commissioning and crane
operation services at offshore and onshore facilities.
"Aker Solutions has established a solid presence and reputation in Brazil's oil
and gas market over the past 40 years and entry into the country's brownfield
segment is an attractive growth opportunity," said Chief Executive Officer Luis
Araujo. "Joining forces with a successful local player like C.S.E. fits well
with the internationalization of our services business, allowing us to bring our
competence, knowledge and experience within this field to this important and
growing region."
C.S.E., whose headquarter is in Pinhais in the Parana state, has 2,300 employees
located at sites including five service facilities covering the country's
different oil and gas basins. It has a strong backlog of BRL 855 million and a
track record of delivering consistently high-quality services to customers
including state producer Petrobras. The company's fabrication shop in Rio das
Ostras is located near Aker Solutions' subsea services facility.
To ensure continuity, the owners of C.S.E., Altair Dietrich, the chief executive
officer, and Luiz Joanello, the chief commercial officer, will stay on with the
company. C.S.E. will remain a separate legal entity with a management team
consisting of personnel from each company.
"By combining the strengths of both companies we will expand our capabilities
and create significant value for our customers," said Dietrich. "Teaming up with
Aker Solutions is a huge step for the company and puts us in the next league in
terms of competing for even larger and more complex contracts."
The acquisition is subject to approval by Brazilian competition authorities.
Aker Solutions is a global provider of products, systems and services to the oil
and gas industry. Its engineering, design and technology bring discoveries into
production and maximize recovery. The company has its main office in Oslo,
Norway, and employs approximately 13,000 people in about 20 countries.
ENDS
For further information, please contact:
Media:
Bunny Nooryani, Chief Communications Officer, Aker Solutions. Tel:
+47 67 59 42 71, Mob: +47 480 27 575, E-mail: bunny.nooryani(at)akersolutions.com
Anne Cecilie Lund-Andersen, Media Relations Manager, Aker Solutions. Tel:
+47 22 94 74 52, Mob: +47 99 62 12 13, E-mail: anne.cecilie.lund-
andersen(at)akersolutions.com
Investors:
Per Christian Olsen, Analyst, Investor Relations, Aker Solutions. Tel:
+47 67 51 36 58, Mob: +47 900 29 077, E-mail:
per.christian.olsen(at)akersolutions.com
Aker Solutions is a global provider of products, systems and services to the oil
and gas industry. Its engineering, design and technology bring discoveries into
production and maximize recovery. The company employs approximately 13,000
people in about 20 countries. Go to http://akersolutions.com for more
information on our business, people and values.
This press release may include forward-looking information or statements and is
subject to our disclaimer, see http://akersolutions.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Aker Solutions ASA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2016 - 08:30 Uhr
Sprache: Deutsch
News-ID 502027
Anzahl Zeichen: 4516
contact information:
Town:
Fornebu
Kategorie:
Business News
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"Aker Solutions to Acquire Majority Stake in Brazil's C.S.E."
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