M&A Deal Summary

NOV Acquires Fjords Processing AS

On October 27, 2016, NOV acquired energy services and equipment company Fjords Processing AS from Akastor ASA for 1.2B NOK

Acquisition Highlights
  • This is NOV’s 17th transaction in the Energy Services and Equipment sector.
  • This is NOV’s 6th largest (disclosed) transaction.
  • This is NOV’s 4th transaction in Norway.

M&A Deal Summary
Date 2016-10-27
Target Fjords Processing AS
Sector Energy Services and Equipment
Buyer(s) NOV
Sellers(s) Akastor ASA
Deal Type Divestiture
Deal Value 1.2B NOK

Target

Fjords Processing AS

Fornebu, Norway
website
Fjords Processing AS is a provider of wellstream processing technology, systems and services to the upstream oil and gas industry.

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Buyer(S) 1

Buyer

NOV

Houston, Texas, United States

website

Category Company
Founded 1862
Sector Energy Services and Equipment
Employees32,307
Revenue 7.2B USD (2022)
DESCRIPTION
Entrance to National Oilwell Varco's corporate headquarters in Houston, Texas.
Entrance to National Oilwell Varco's corporate headquarters in Houston, Texas.

NOV is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. NOV was formed in 1862 and is based in Houston, Texas.

DEAL STATS #
Overall 25 of 29
Sector (Energy Services and Equipment) 17 of 21
Type (Divestiture) 4 of 6
Country (Norway) 4 of 4
Year (2016) 2 of 2
Size (of disclosed) 6 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-01 Trican Well Service - Completion Tools Business

Calgary, Alberta, Canada

Trican Well Service Ltd. - Completion Tools Business design and sells range of innovative and patented downhole tools for multi-stage fracturing and multi-zone completions in North America and select international markets.

Buy CA$54M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-02 Flotek Industries - Drilling Technologies Division

Houston, Texas, United States

Flotek Industries - Drilling Technologies Division has been a foundation of Flotek for well over a decade and its resiliency through the cycles has been a testament to the proprietary equipment and high impact employees. Advanced, robust survey and MWD tools delivered by Teledrift improve drilling efficiency and reduce operating costs.

Buy $17M

Seller(S) 1

SELLER

Akastor ASA

Lysaker, Norway

website

Category Company
Sector Diversified
DESCRIPTION

Akastor ASA is an investment company based in Norway with a portfolio of companies in the oilfield services sector in addition to other smaller-sized holdings. The portfolio companies of Akastor were organized as independent companies following the demerger of Aker Solutions ASA in September 2014. Akastor was the surviving entity in the demerger, and subsequently has been established as an investment company with independent portfolio companies, responsible for all aspects of their own operations.

DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 2
Country (Norway) 1 of 2
Year (2016) 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-28 Frontica Business Solutions AS

Fornebu, Norway

Frontica Business Solutions AS is involved in providing staffing, consulting, technology and other outsourcing services.

Sell -
Mergr

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