Oslo-headquartered Fjords Processing specializes in process support systems for gas, oil and water. Technologies include filtration, separation, flotation, dehydration and desalting.
National Oilwell Varco designs, manufactures and sells equipment and components used in oil and gas drilling and production operations and provides oilfield services to the upstream oil and gas industry.
Clay Williams, CEO of NOV, added: “We see significant potential in combining the capabilities of Fjords technology with our existing NOV platform, which includes complementary solutions and services, as well as a broad infrastructure to enable market expansion and significant cost reductions. The production and process solutions that our combined businesses offer will enable operators to continue to meet the increasing technical challenges our industry faces while reducing their marginal cost per barrel.”
Under Akastor ownership, Fjords Processing has streamlined operations, expanded its footprint in key regions, and produced record financial results.
“We are proud of what the Fjords organization has accomplished in recent years with improved operational performance and expanded business opportunities,” said Kristian Røkke, CEO of Akastor. “Fjords is performing well and we are pleased to be selling to NOV, which is committed to further growing the business globally.”
The transaction is expected to be completed later this year, pending clearance from Norwegian and Korean competition authorities.