KONGSBERG OIL & GAS TECHNOLOGIES ACQUIRES SEAGEAR AS

KOGT Seagear

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.

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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.”

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