Brazil: BMT Acquires Stake in Navcon
UK’s BMT has acquired a stake in NAVCON Navegação e Controle, a Brazilian company specializing in monitoring systems for the offshore oil and gas industry. Navcon has an advanced R&D background and widespread experience of working offshore Brazil.
Navcon’s current oil and gas activities align with those of BMT and include anchorage torpedoes and riser monitoring systems, monobuoy monitoring systems as well as metocean and wave measurement buoys.
Claudio Pires and Valter Schad, Directors at Navcon commented: “We are delighted that BMT has chosen to invest in Navcon. We are confident that our cutting edge R&D and knowledge of the Brazilian market combined with BMT’s innovative culture, drawn from working in the oil and gas industry in other territories, will provide added value to all our current and future customers.”
Peter French, Chief Executive of BMT Group Ltd, commented: “With the BRICS countries now considered to be driving the global economy, Brazil’s commercial importance has been further heightened. The new relationship with Navcon will allow BMT to enhance its technical base in-country providing skills to help further support Brazil in realising its oil and gas reserves.”
BMT made the acquisition through its subsidiary BMT Scientific Marine Services Ltda, which provides innovative integrity monitoring systems for a wide range of floating offshore oil facilities including their subsea risers and mooring systems.
The parties did not disclose financial details of the arrangement.
Offshore Energy Today Staff, February 21, 2012