Denmark: NOV Finalizes Acquisition of NKT Flexibles

In February 2012, NKT Holding A/S and Subsea 7 S.A. entered into an agreement to sell NKT Flexibles to National Oilwell Varco (NOV) for a total consideration of DKK 3.8 billion (USD 671 million).

The agremeent, which was subject to approval from the relevant competition authorities has today been completed and NKT Flexibles been transferred to National Oilwell Varco (NOV) on the terms previously agreed.

 NKT Flexibles CEO Michael C. Hjorth says

 “We had excellent opportunities for technological and innovative growth with our former owners in NKT and Subsea 7, and for that we are naturally grateful. NKT Flexibles has always offered innovation where it matters and reliability where it counts and now, our incorporation into NOV promises a new level of standardization in system components and solutions for the FPSO / FPU segment. We are set to present the industry as a whole with a viable and attractive alternative in riser & mooring system design, installation and operation.”

NKT Flexibles has supplied commercial flexible pipe systems since 1968. Today, the company offers a full range of tailored solutions  based upon unbonded flexible pipe applications including all required ancillaries, such as mid-water and
buoyancy structures, stiffeners, restrictors, etc., engineered to convey fluids safely under even the most  extreme conditions.

“NKT Holding A/S and Subsea 7 S.A. are convinced that NOV will be an excellent new owner of NKT Flexibles in its further development, as NOV has significant global experience and reach within complementary products and solutions to the offshore sector, “ read a February press release published on Subsea 7′s website.

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Offshore Energy Today Staff, April 4, 2012

approval from the relevant competition authorities