Aker Solutions has completed the acquisition of oil-services provider Reinertsen, building on its position as a leading maintenance and modifications supplier offshore Norway.
The agreement to buy Reinertsen's Norwegian oil and gas services business, announced on 30 March 2017, has also been cleared by Norway's competition authority.
In the 30 March announcement, Aker Solutions said it had agreed to acquire oil-services provider Reinertsen for nearly US$25 million. However, the agreement excludes Reinertsen's liabilities as of 19 December 2016, when the company went into debt negotiation proceedings.
Reinertsen, the third-largest maintenance and modifications supplier offshore Norway, has its main offices in Trondheim and Bergen, where Aker Solutions also has a solid presence. The company's order backlog contains key maintenance and modifications contracts with Statoil, including a minimum six-year framework agreement awarded in December 2015. It also has some smaller subsea services and engineering contracts.
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