Wednesday, June 29, 2011
Schlumberger Ltd.
Schlumberger announced 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.
"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."
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