WorleyParsons said it has signed an agreement to acquire 100% of the shares of Bergen Group Rosenberg for a cash consideration of NOK 1,088m (including more than NOK 200m of acquired cash).
Rosenberg is a wholly-owned subsidiary of Bergen Group ASA, a listed Norwegian company. Completion of the acquisition is expected by the end of February 2013.
Rosenberg currently employs approximately 650 people. Operating in a fully-integrated engineering, fabrication and construction environment, Rosenberg has a strong track record in the offshore oil and gas front end engineering and design, reimbursable EPC, long-term maintenance, modifications and operations, subsea fabrication, installation and hook-up markets.
The company has provided more than 100 years of continuous service to the maritime and offshore oil and gas industries, supplying high quality solutions engineered and fabricated at its facilities in Norway’s oil capital, Stavanger. From Stavanger it has strategic access to the Norwegian Continental Shelf (NCS) North Sea operations, now the largest offshore market in the world.
WorleyParsons’ CEO Andrew Wood said: “ The impressive history, capability and depth of client relationships of Rosenberg provide the ideal platform for us to expand our presence in the Norwegian Continental Shelf offshore oil and gas market. I am excited that this acquisition will continue to strengthen and grow our ability to support our hydrocarbons clients in this region and globally particularly through our Improve offering and modular expertise.”
Rosenberg CEO, Kristin Færøvik , said “ We have been actively looking for a partner to help us grow our business and are very pleased that we now join the WorleyParsons group. We see that by combining the local Norwegian experience of Rosenberg with the global support of WorleyParsons, we can continue to expand our support to our clients .”
1 Norwegian Krone equals 0.18 US Dollar
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LNG World News Staff, February 21, 2013; Image: Bergen Group Rosenberg