Stork Sells Its Subsea Division to N-Sea Group
- Business & Finance
Stork Technical Services, the global provider of knowledge based asset integrity services to the oil & gas, power and chemical industries, announced it has reached an agreement to sell its Subsea division to N-Sea Group.
Stork is divesting its Subsea division following a strategic review of its core business offering and increasing clients’ expectations. The divestment of Subsea will enable Stork to focus on providing key services and innovations which support its significant business operations as an asset lifecycle integrity partner in the oil & gas industry.
Throughout the transition period Stork will work closely with N-Sea to ensure the continuity of ongoing contracts and service agreements as well as offering a sustained service to existing clients.
Stork will continue to develop and invest in technology associated with subsea integrity, cathodic protection, bolting, tensioning and tooling operations, which will not be affected by the sale of the Subsea business.
Press Release, January 06, 2014; Image: Stork