The total consideration consists of an initial payment of approximately NOK1 billion and a deferred payment due in 2011.
The strategic fit between Qserv and Aker Solutions’s well intervention business is reportedly strong with complementary footprint and technology portfolios. The two companies are already co-operating on the delivery of integrated intervention services across a variety of disciplines including wireline tractor services, logging services and light well intervention vessels.
Qserv is a privately owned company established in 2001. The company provides a range of well, process and pipeline services encompassing wireline, coil tubing, fluid and nitrogen pumping, subsea well intervention, leak testing, bolting and pipeline commissioning services. Revenues in 2007 were approximately NOK500 million.
Mads Andersen, executive vice president of Aker Solutions, said: The demand for well services has developed favorably in recent years and we expect the positive development to continue. We have strong growth ambitions within this segment and the acquisition of Qserv is an excellent opportunity to complement and extend our technology base.
