Norwegian oil services investment firm Akastor has agreed to sell Fjords Processing to National Oilwell Varco for US$145.7 million on a debt- and cash-free basis.
Fjords is a leader in complete process support systems for gas, oil and water, and has, under Akastor's ownership, streamlined operations, expanded its footprint in key regions, and produced record financial results.
The transaction is expected to be completed in Q4 2016, pending clearance from Norwegian and Korean competition authorities.
Kristian Røkke, CEO of Akastor, said: "Fjords is performing well and we are pleased to be selling to NOV, which is committed to further growing the business globally."
With NOV, the firm will be able to deliver a broader suite of products, says Rune Fantoft, CEO of Fjords.
CEO of NOV, Clay Williams said: "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."
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