Aker Solutions Completes Enovate Acquisition

Aker Solutions Completes Enovate Acquisition

Norway’s Aker Solutions confirms that the transaction to buy a majority stake in Enovate Systems Limited, a leading technology company within subsea well control equipment, has been closed.

Enovate, which currently employs 62 people, has developed a wide range of unique and patented components and products for use in open water workover systems, in riser workover systems, rigless intervention systems and drilling safety systems.

Specific advantages are superior cutting and sealing capabilities and the unique use of complete metal-to-metal sealing solutions which significantly reduce the probability of leakage and improve safety.

The company was established in 2002 and has cooperated with Aker Solutions for several years, specifically within the subsea and the oilfield services and marine assets business areas.

In the financial year 2012, Enovate had revenues of approximately GBP 15 million with an EBITDA (earnings before interest, taxes, depreciation, and amortization) of GBP 5 million.

[mappress]
February 27, 2013