Odfjell Drilling sells stake in PSW

Odfjell Drilling and Dalseide & Fløysand Invest have, as owners of the PSW Group (“PSW”), agreed to sell all shares in the oil service company to Herkules IV.

“Our investment in PSW is outside our core activities. We have enjoyed contributing to PSW’s development and growth since 2010, and we now believe the new owners together with the management and organisation of PSW have a great potential to develop the business further,” says Simen Lieungh, CEO of Odfjell Drilling.

PSW was incorporated in 2007 and provides multidiscipline services to the drilling and subsea industry. PSW offers engineering, mechanical and testing services for subsea, riser and drilling systems and has advanced onshore facilities in Western Norway.

The PSW Group reported total income in the range of NOK 200 million in 2013. Closing of the transaction is planned to take place in June 2014 and the book gain for Odfjell Drilling is estimated to USD 8 million.

 

Press Release, May 22, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 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

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

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

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