Schlumberger Acquires Remaining Equity Shares of Framo Engineering AS
29 Junho 2011 - 10:00AM
Business Wire
Schlumberger (NYSE:SLB) announced today the acquisition of the
remaining equity shares from Frank Mohn AS in Framo Engineering
AS—a privately owned Norwegian company specialized in the business
of developing, manufacturing and selling products and services
relating to multiphase pumps and subsea pump-systems, multiphase
metering systems, and swivels and marine systems to the oil and gas
industry. The closing of the transaction is subject to regulatory
approval.
Framo Engineering, founded in 1983, employs approximately 500
people, mostly in Norway. The company is the leading multiphase
subsea pump and meter supplier, and has focused its investments in
the development of new technology for oil and gas production from
subsea wells—particularly in the emerging deepwater market. Subsea
multiphase boosting can enable both ultra deepwater light-oil and
heavy-oil production by increasing ultimate recovery of deepwater
oil and gas fields.
“This transaction is an important step in the development of
subsea technologies and solutions to improve hydrocarbon recovery
and lower costs in the subsea environment,” commented Paal
Kibsgaard, Chief Operating Officer, Schlumberger Limited. “The
combination of Schlumberger subsea flow assurance and surveillance
capabilities with Framo Engineering’s extensive subsea multiphase
boosting and metering capabilities will help our customers better
design their subsea infrastructure, optimize production and
increase recovery over the life of the field.”
“I believe this to be a great opportunity for Framo Engineering
and for all of its employees,” commented Ole Steine, Managing
Director of Framo Engineering. “We are very pleased to be a
Schlumberger company and see a fantastic future together by
combining our skills. Our successful 14-year collaboration with
Schlumberger for the development of the multiphase metering
activity proved a good cultural fit between us that we believe will
foster increasing innovation and create further opportunities.”
Frederik Mohn, Managing Director of Frank Mohn, minority owner,
concluded: “We are proud to have been at the inception of Framo
Engineering. The company has gone through an exciting
transformation, considerably strengthening its strategic
positioning and the depth of its management team. The sale to
Schlumberger is an outstanding recognition of the value that has
been created over many years. We are confident that being part of
Schlumberger will enable Framo Engineering to take on the upcoming
large integrated subsea projects worldwide, while clearly
recognizing Norwegian skills.”
About Schlumberger
Schlumberger is the world’s leading supplier of technology,
integrated project management and information solutions to
customers working in the oil and gas industry worldwide. Employing
approximately 108,000 people representing over 140 nationalities
and working in approximately 80 countries, Schlumberger provides
the industry’s widest range of products and services from
exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and
The Hague and reported revenues of $27.45 billion in 2010. For more
information, visit www.slb.com.
About Framo Engineering
Framo Engineering is a Total System Supplier to the worldwide
oil and gas industry, supplying leading market technology for
subsea processing, multiphase boosting, and wet gas compression.
Our firm commitment to the industry and our focus on HSE are made
visible through modern and advanced facilities established for the
engineering, manufacture and life-of-field support of the systems
and products we deliver. For more information, visit
www.framoeng.no.
About Frank Mohn AS
Frank Mohn AS pioneered the development of hydraulically driven
submerged cargo pumps, whose innovative design has changed the way
in which tankers are built and operated. Frank Mohn AS today is the
leading manufacturer and supplier of submerged pumping systems for
the tanker and offshore markets. Products and services are marketed
under the trade name Framo. The Framo pumps are installed on board
crude carriers, chemical carriers, product tankers and FPSO’s.
All products are designed and manufactured in Norway and
customers are served through subsidiaries worldwide. Turnover in
2009 was NOK 5.5 billion. For more information, visit
www.framo.com.
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