KONGSBERG OIL & GAS TECHNOLOGIES ACQUIRES SEAGEAR AS

Stavanger based design and engineering firm to integrate with Seaflex business unit

Kongsberg Oil & Gas Technologies AS (KOGT), a wholly owned company of KONGSBERG, has acquired 100% of the shares in the Stavanger, Norway based Seagear AS. The acquisition, which completed today (30th June 2011), will see the entire Seagear team join forces with KOGT’s Seaflex Riser Technologies Business Unit.

Seagear was founded in 2008 and currently has nine employees. It is a technology focused company specialising in subsea umbilicals, risers and flowlines (SURF projects), and offers engineering, procurement and construction services within the offshore oil and gas industry. Seagear’s solutions range from concept development and feasibility studies through to execution of EPC projects.

Seagear has established a strong position in its market niches, resulting in a well-developed network of customers and partners among operator companies and contractors in Norway, and in particular in the Stavanger Area.

KOGT’s Seaflex Riser Technologies and Seagear have previously enjoyed extensive cooperation in supplying engineering expertise to oil companies and the supply industry. The acquisition of Seagear will strengthen KOGT's engineering skills and capacity, both towards engineering studies and EPC markets.

“Seagear’s knowledge and experience will support our existing engineering activity within subsea oil and gas operations” states Pål Helsing, CEO, KOGT. “Several of our key customers are located in the Stavanger area so it’s important for us to have a strong base there in order to sustain the growth ambitions of KOGT and to optimise and extend our service offering to existing and potential new customers.”

Ends

For further information, please contact:

Ingunn Kolltveit
Kongsberg Oil & Gas Technologies AS
Mobile: +47 40 60 69 99
ingunn.kolltveit@kongsberg.com 
www.kongsberg.com/kogt                                                                                      

Saul Trewern
Saltwater
Tel: +44 (0)1202 669244
saul.trewern@saltwatercoms.com 
www.saltwaterpr.com

About Kongsberg Oil & Gas Technologies
Kongsberg Oil & Gas Technologies (KOGT) develops and delivers software products, systems, solutions and services for the development and operation of Oil & Gas fields, and addresses the upstream market - from reservoir to process plant. The company has developed a strong foundation as a capable, technology focused developer of Integrated Operations/Digital Oilfield systems and is well positioned to leverage the changing conditions of Exploration & Production.

KOGT has an international footprint, working with customers worldwide. In addition to main offices in Norway, KOGT is present in major E&P hotspots around the world, including UK, USA, Middle East and India. Within all operational regions, KOGT places focus on the three core areas of Dynamic Process Simulation, Real-time Drilling Software and Offshore Riser Technology.
 

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