Finland-based engineering services provider Citec announced that it has acquired Norwegian engineering company M7 Offshore to strengthen its competence and offering within the oil and gas segment.
The Finnish company provides engineering and information management services to the energy and power industry, and other technology-dependent industries, while Asker-headquartered M7 provides engineering and project management services to the oil and gas industry, including liquefied natural gas (LNG).
Citec CEO Martin Strand said, "Through this acquisition, Citec’s expertise and offering towards our customers within the oil & gas industry is strengthened further."
"There are great prospects for the global oil & gas markets, and with this acquisition we gain foothold in Norway and Singapore, both important drivers within this industry," Strand added.
M7 CEO Nils-Erik Hannisdal said, "We have found an ideal partner with whom to develop M7’s business to the next level."
"Together with Citec’s other oil & gas operations and Indian resources we are better positioned to serve our existing and new clients," Hannisdal added.