Akastor sells KOP for $114 million

Akastor, a Norway-based oil service investment company, is set to sell KOP Surface Products to The Weir Group for $114 million on a debt- and cash-free basis.

KOP is headquartered in Singapore and is a supplier of surface wellheads, trees, valves and actuators to the oil and gas industry both offshore and onshore.

“KOP has done an excellent job in recent years of improving operations and expanding its footprint while adapting to challenging market conditions,” said Kristian Røkke, CEO of Akastor.

“Weir is an ideal owner of KOP and is well positioned to take the company to the next level. We are pleased with the value created for Akastor through this transaction and would like to thank Gordon Cameron and the KOP organization for their contributions,” he said.

Gordon Cameron, CEO of KOP Surface Products said:”We are thankful for the support Akastor has given us over the past few years which has put us in a position where we see exciting future opportunities for our business. We look forward to the next part of our transformation journey together with Weir.”

The transaction will generate an estimated accounting gain of approximately NOK 700 million to Akastor to be recognized upon closing, expected to occur in 3Q 2017.

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply