Kongsberg Oil & Gas Technologies has signed a purchase agreement with a subsidiary of National Oilwell Varco (NOV) regarding the sale of its Subsea Products business.
The sale includes Thor Tie-In, Weaklink, Pipeline Structures (typically PLEM, PLETS, Wyes, Tees, Foundations, Spools, Jumper), Adjustable Pipeline Supports, GRP Protection Covers, Hot Tap systems, Installation and Repair Tools, Pig Launchers, Pig Tracking Systems, Subsea Storage Units and Subsea Cooler.
Technology and employees of Subsea Products will be transferred to NOV at closing. Closing is estimated by 31 August 2016.
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