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Diving Deeper In The Subsea Sector

Posted on March 7, 2011

Siemens has entered into an agreement to acquire the two subsea specialists, Poseidon Group AS and Bennex Group AS, from Subsea Technology Group AS, Norway.

Poseidon provides subsea marinization, engineering and consulting, and has a workforce of 140 employees and consultants in Stavanger, Norway, and Aberdeen, Scotland. Bennex has about 160 employees in Norway (Bergen and Kongsberg), Scotland (Aberdeen) and the United States, and develops and manufactures subsea equipment mainly for power products.

The combined revenue of the two companies is approximately US$105 million (€75 million). The purchase price was not disclosed. The transaction is subject to the approval of the responsible antitrust authorities.

Subsea Technology Group (STG), backed by the oil and gas specialist private equity investor HitecVision, has built a diversified engineering, products and services company within subsea, drilling & well, reservoir and process disciplines.

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