Aker Solutions said today it had agreed a £20million deal to buy a rival Norwegian oil services firm.
Aker expects to complete the acquisition of Reinertsen in the second quarter of 2016.
Reinertsen, an offshore maintenance and modifications supplier, employs about 700 people and has offices in Trondheim and Bergen.
The company’s order backlog contains contracts with Statoil, including a six-year framework agreement awarded in December 2015.
It also has some smaller subsea services and engineering contracts.
Aker chief executive Luis Araujo said: “Combining our capabilities will boost our presence in the Norwegian maintenance and modifications market, helping to safeguard core competencies at key locations and positioning us for a market recovery.
“Our companies also have a history of collaborating offshore Norway that we will build on to the benefit of our customers.”
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