Norway-based Scana Industrier will pay NOK35 million ($6.8 million) for 70 percent of Houston-based engineering company BOP Stacking Inc., but the Norwegians will annul their announced buy-up of U.K.-based FES Ltd.
Scana can opt for the final 30 percent of BOP.
A Scana statement said the company decided it wanted to be closer to its U.S. oil-service clients “in the largest service market within the oil and gas industry”.
Engineering outfit BOP has framework deals with leading drilling contractors for its new and modified blow-out preventer stacks. BPO is also newly in Singapore serving the rig-building and retro-fit market in Southeast Asia.
Tags:
BOP Stacking Inc.,
Scana Industrier ASA
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