Akastor to sell Fjords Processing to NOV

LYSAKER, Norway -- Akastor ASA, an oil service investment company, has entered into a definitive agreement to sell Fjords Processing to National Oilwell Varco for a consideration of NOK 1,200 million on a debt- and cash-free basis.

Fjords is a leader in complete process support systems for gas, oil and water, and under Akastor's ownership the company has streamlined operations, expanded its footprint in key regions, and produced record financial results.

"We are proud of what the Fjords organization has accomplished in recent years with improved operational performance and expanded business opportunities," said Kristian Røkke, CEO of Akastor. "Fjords is performing well, and we are pleased to be selling to NOV, which is committed to further growing the business globally."

Clay Williams, CEO of NOV, said, "We see significant potential in combining the capabilities of Fjords technology with our existing NOV platform, which includes complementary solutions and services, as well as a broad infrastructure to enable market expansion and significant cost reductions. The production and process solutions that our combined businesses offer will enable operators to continue to meet the increasing technical challenges our industry faces while reducing their marginal cost per barrel."

The transaction is expected to close in the fourth quarter.