Scana completes sale of offshore business

Scana Industrier ASA has completed the sale of three of its subsidiaries.

Scana completes sale of offshore business

The company March 17, said it had signed an agreement regarding sale of the daughter companies Scana Offshore Services Inc, Scana Offshore Technology AS and the service part of Scana Offshore Vestby AS. All these companies are a part of the business area Scana Offshore. The buyer is HitecVision fond VI.

Scana today said the transaction is finalized and the payment is received according to the initial agreement.

Scana Offshore Services was bought in 2008 from local founders in Houston, USA. The company has had a very positive growth during the last year, and after moving into new production facilities and introduction of own products the company has increased its market share in Gulf of Mexico.

Scana Offshore Technolgy was established in 2006 at Jørpeland outside Stavanger. The company provides services and maintenance and repair of equipment to the oil and gas industry.

Scana Offshore Vestby was established after the acquisition of Brødrene Johnsen AS and AMT AS in 2006. The Service part of Scana Offshore Vestby delivers maintenance services of risers as a part of their services.
The revenue for the companies in 2013 were NOK 214 million ($35 M). About 130 employees are included in the transaction.
The sales price is NOK 135 million ($22.5 million).

 

[mappress]
Press Release, May 26, 2014

 

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