Apply Sørco Announces Acquisition of Altra Energy Ltd. (Norway)

Apply Sørco announced it has entered into an agreement with Subsea Technology Group (STG) to acquire Altra Energy Ltd. (Altra). Altra has its main competence within FEED (Front End Engineering & Design), process engineering and operations support. The company currently engages over 60 people and is located in Aberdeen and Glasgow.

“This agreement will strengthen us in the FEED area and more than double our capacity in the process area. Furthermore, it will provide a good expansion of our operation support segment”, states Frederik Hvistendahl, managing director in Apply Sørco.

“The acquisition is an important step in the strategy to expand our MMO business (Maintenance, Modifications and Operations) in the North Sea area, and we foresee exciting synergies in serving our clients across the North Sea”.

Altra has a good track record in delivering early phase studies, FEED, process analysis and verifications. Altra’s, competence profile will complement Apply Sørco’s current profile and provide a stronger foothold in the UK market.

Today, Apply Sørco has operational presence in Krakow, Poland, and Stavanger and Bergen in Norway. In combination, members from these locations form well-integrated teams that serve the different Apply Sørco clients and projects. Apply’s operational concept is called “borderless performance” which Altra now will become a part of, and thus further strengthen synergies between the two companies

Agnar Kongshaug, currently VP of Apply Sørco’s FEED and Design business unit, will head Altra as from today, and he prepares for a seamless integration of the company. Altra Energy will also change its trading name to Apply Altra.

The planned acquisition of Altra is expected to further support Apply’s positive growth expectations for 2011 and onwards.

[mappress]

Source: apply , April 06, 2011;