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>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 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 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

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