Kongsberg Oil & Gas Technologies AS (KOGT), a wholly owned subsidiary of Kongsberg Gruppen ASA (KONGSBERG), has entered into an agreement to acquire 100% of the shares in Apply Nemo AS, an independent supplier of advanced engineering services, products and solutions for subsea oil and gas applications. The acquisition, which is expected to be completed early January 2013, will strengthen Kongsberg Oil & Gas Technologies' scope of deliveries and capacity to the subsea oil and gas markets.
Apply Nemo was established in 1989 with focus on subsea pipeline engineering and complex solutions and has since been transformed into a product focused organisation offering extensive experience in both subsea engineering and the development and manufacture of subsea products. With head office in Oslo, Norway, the company currently has 172 employees and is well established in the North Sea and Australia. The operating revenue for 2012 is expected to be approx. NOK 275 million.
"Apply Nemo is an excellent match for Kongsberg Oil & Gas Technologies because of its technological and product related focus, industry competence, geographical presence in the North Sea and Australia, as well as culture and core deliveries," says Pål Helsing, President of Kongsberg Oil & Gas Technologies. "Our objective is to be a recognised supplier of world class subsea solutions based on innovative and value added products and technologies. We are very pleased with the acquisition, and see this as a platform for sustainable growth for Kongsberg Oil & Gas Technologies in the subsea market."
"Having developed and fine-tuned our products and services throughout the years, we are really looking forward to joining a top class technology organisation like KONGSBERG. We are keen to integrate with Kongsberg Oil & Gas Technologies `s subsea division and are confident that this will benefit customers, employees and future technology development", adds Håkon Strømberg, Managing Director, Apply Nemo.