Gulf Oil and Gas accountACCOUNT

Siemens Acquires Bennex and Poseidon from STG

Source: www.gulfoilandgas.com 3/7/2011, Location: Europe

Siemens Energy has acquired the Norwegian companies Poseidon Group AS and Bennex Group AS. "This acquisition is an important step for us towards becoming a leading supplier of energy solutions for subsea oil and gas processing," says Tom Blades, CEO of the Oil & Gas Division.

STG, backed by the oil and gas specialist private equity investor HitecVision, has over the past 3 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 Pal 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".

Poseidon, with about 140 employees and consultants in Stavanger (Norway) and Aberdeen (Scotland), specializes in marinization, engineering and technical consulting. Bennex, with some 160 employees in Norway (Bergen and Kongsberg), Aberdeen and USA (Houston), develops and manufactures subsea equipment mainly for power solutions, fiber-optics and seismic.

Subsea processing is the most rapidly growing application in the Oil and Gas industry. Depletion of onshore reserves and a mounting demand on the world market are forcing oil and gas companies to exploit fields in remote places at ever greater water depths. For this, Siemens offers a subsea solution encompassing transformers, switchgear and variable-speed drives, to power and control electric-drive pumps and compressors, and other processing equipment.

Tom Blades: "Our aim is to help the oil and gas industry to move towards safer and more reliable deepwater production". The subsea hydraulic and electrical subsea distribution systems, fiber optic, electromagnetic and seismic applications supplied by Bennex add a decisive building block to our portfolio. The Poseidon engineers will marinize proven Siemens offshore portfolio for subsea applications, including subsea control systems, transformers, switchgears, electric motors automation and compressors along with other complementary elements such as subsea cameras and subsea electric valve actuators. Due to corrosive nature of the sea waterin combination with other factors like high pressure, subsea equipments and solutions have to be particularly robust.

This acquisition opens tremendous opportunities for Siemens Oil & Gas Division. "Not only can we sell our existing portfolio into a strong and growing future market, but also the acquisition will bring new capabilities, experiences and reputation to Siemens in subsea engineering, equipment marinization and electrical connector & penetrator technology, the primary elements required to form a solution based on in-house products," emphasizes Tom Blades.

Mergers and Acquisitions News in Norway >>

United States >>  8/14/2019 - TGS-NOPEC Geophysical Company ASA (TGS) has completed its acquisition of Spectrum ASA (Spectrum), creating a leading global multi-client geophysical d...
China >>  8/12/2019 - China based offshore and subsea solutions company, COOEC Offshore, has formed an alliance with international oilfield services company, Expro. The for...

Saudi Arabia >>  8/12/2019 - Saudi Aramco and Reliance Industries Limited (RIL) have agreed to a non-binding Letter of Intent (“LOI”) regarding a proposed investment in the Oil to...
United States >>  8/8/2019 - Occidental Petroleum Corporation (OXY) announced the successful completion of its acquisition of Anadarko Petroleum Corporation ("Anadarko") (APC) in ...

United Arab Emirates >>  8/7/2019 - The Abu Dhabi National Oil Company (ADNOC) today announced a strategic investment in global storage terminal owner and operator VTTI BV (VTTI). As par...
India >>  8/6/2019 - BP and Reliance Industries Limited (RIL) have agreed to form a new joint venture that will include a retail service station network and aviation fuels...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

00 AL AT BE BG CH CY CZ DE DK ES FI FR GR HR HU IE IT NL NO PL PT RO SE SI TR UK
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.