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The agreement includes an option to purchase the remaining 30 percent of the company three years after the expected close of the transaction by the end of the first quarter of 2017. The parties agreed to not disclose the purchase price.
The acquisition gives Aker Solutions access to Brazil's growing market for servicing existing oil and gas fields. C.S.E., which had revenue of BRL 322 million in 2015, provides maintenance, assembly, commissioning and crane operation services at offshore and onshore facilities.
"Aker Solutions has established a solid presence and reputation in Brazil's oil and gas market over the past 40 years and entry into the country's brownfield segment is an attractive growth opportunity," said Chief Executive Officer Luis Araujo. "Joining forces with a successful local player like C.S.E. fits well with the internationalization of our services business, allowing us to bring our competence, knowledge and experience within this field to this important and growing region."
C.S.E., whose headquarter is in Pinhais in the Parana state, has 2,300 employees located at sites including five service facilities covering the country's different oil and gas basins. It has a strong backlog of BRL 855 million and a track record of delivering consistently high-quality services to customers including state producer Petrobras. The company's fabrication shop in Rio das Ostras is located near Aker Solutions' subsea services facility.
To ensure continuity, the owners of C.S.E., Altair Dietrich, the chief executive officer, and Luiz Joanello, the chief commercial officer, will stay on with the company. C.S.E. will remain a separate legal entity with a management team consisting of personnel from each company.
"By combining the strengths of both companies we will expand our capabilities and create significant value for our customers," said Dietrich. "Teaming up with Aker Solutions is a huge step for the company and puts us in the next league in terms of competing for even larger and more complex contracts."
The acquisition is subject to approval by Brazilian competition authorities.
Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company has its main office in Oslo, Norway, and employs approximately 13,000 people in about 20 countries.
Aker Solutions is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. The company employs approximately 13,000 people in about 20 countries. Go to http://akersolutions.com for more information on our business, people and values.
This press release may include forward-looking information or statements and is subject to our disclaimer, see http://akersolutions.com