European Oil & Gas Technology > News > Company News | |
. > Homepage (News on Homepage) > Upstream News > Midstream News > Downstream News > Renewable Energy News |
. > Press Relations . > (Product News .. Corporate News .. Events .. Technical Literature etc.) . > Field Stories / Application Reports / White Papers > Videos and Webcasts |
Siemens strengthens its position in the subsea power market Acquisition of subsea specialists Poseidon and Bennex 06.03.2011 + + + Siemens has entered into an agreement to acquire the two subsea specialists Poseidon Group AS and Bennex Group AS from Subsea Technology Group AS, Norway. Poseidon provides subsea marinization, engineering and consulting, and has a workforce of 140 employees and consultants in Stavanger and Aberdeen. Bennex has about 160 employees in Norway (Bergen and Kongsberg), Scotland (Aberdeen) and the US and develops and manufactures subsea equipment mainly for power solutions. The combined revenue of the two companies is approximately EUR75 million. The purchase price is not disclosed. The transaction is subject to the approval of the responsible antitrust authorities. .
Subsea Technology Group (STG) backed by the oil and gas specialist private equity investor HitecVision, has over the past three years built a diversified engineering, products and services company within subsea, drilling & well, reservoir and process disciplines. “HitecVision’s core business is to buy, develop and sell quality companies to the right buyer,” says HitecVision Senior Partner and STG board member Pål M. Reed and adds: “The strong strategic match between Siemens and Poseidon and Bennex will enable quicker realization of the companies’ development plans and the transaction should be very positive for employees, customer and owners.” + + + The Siemens Energy Sector is the world’s leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2010 (ended September 30), the Energy Sector had revenues of approximately EUR25.5 billion and received new orders totaling more than EUR30.1 billion and posted a profit of more than EUR3.3 billion. On September 30, 2010, the Energy Sector had a work force of more than 88,000. Further information is available at: www.siemens.com/energy
|
+
+ Media Links + +
|
|
Please send news releases to Wilhelm Sicking - WilhelmS@pennwell.com |