Subsea technology company Optime Subsea Services and Telemark Technologies have agreed to merge. As part of the merger, the Norwegian industrial investment company Holta Invest becomes the largest single shareholder in Optime Subsea Services.
The merger, a result of an existing partnership between the two companies, is expected to be finalized by the end of the year.
In a joint press statement on Tuesday, the pair explained that the merger will build a stronger platform for providing cost-reducing solutions.
The company will continue to operate under Optime Subsea Services and will consolidate its headquarters in Notodden, Telemark, Norway, with its shared strategic office in Houston, Texas, USA.
The company will offer services and products, such as engineering, maintenance and workshop services and machining, subsea hydraulic pump, hyperbaric pressure vessel, well access systems, completion systems, well intervention systems, and rig less P&A services.
Telemark Technologies Holding and its subsidiaries are not part of the transaction.