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Siemens Acquires Bennex and Poseidon from STG

Source: 3/7/2011, Location: Europe

Siemens Energy has acquired the Norwegian companies Poseidon Group AS and Bennex Group AS. "This acquisition is an important step for us towards becoming a leading supplier of energy solutions for subsea oil and gas processing," says Tom Blades, CEO of the Oil & Gas Division.

STG, backed by the oil and gas specialist private equity investor HitecVision, has over the past 3 years built a diversified engineering, products and services company within subsea, drilling & well, reservoir and process disciplines. "HitecVision's core business is to buy, develop and sell quality companies to the right buyer", says HitecVision Senior Partner and STG board member Pal M. Reed and adds: "The strong strategic match between Siemens and Poseidon and Bennex will enable quicker realization of the companies' development plans and the transaction should be very positive for employees, customer and owners".

Poseidon, with about 140 employees and consultants in Stavanger (Norway) and Aberdeen (Scotland), specializes in marinization, engineering and technical consulting. Bennex, with some 160 employees in Norway (Bergen and Kongsberg), Aberdeen and USA (Houston), develops and manufactures subsea equipment mainly for power solutions, fiber-optics and seismic.

Subsea processing is the most rapidly growing application in the Oil and Gas industry. Depletion of onshore reserves and a mounting demand on the world market are forcing oil and gas companies to exploit fields in remote places at ever greater water depths. For this, Siemens offers a subsea solution encompassing transformers, switchgear and variable-speed drives, to power and control electric-drive pumps and compressors, and other processing equipment.

Tom Blades: "Our aim is to help the oil and gas industry to move towards safer and more reliable deepwater production". The subsea hydraulic and electrical subsea distribution systems, fiber optic, electromagnetic and seismic applications supplied by Bennex add a decisive building block to our portfolio. The Poseidon engineers will marinize proven Siemens offshore portfolio for subsea applications, including subsea control systems, transformers, switchgears, electric motors automation and compressors along with other complementary elements such as subsea cameras and subsea electric valve actuators. Due to corrosive nature of the sea waterin combination with other factors like high pressure, subsea equipments and solutions have to be particularly robust.

This acquisition opens tremendous opportunities for Siemens Oil & Gas Division. "Not only can we sell our existing portfolio into a strong and growing future market, but also the acquisition will bring new capabilities, experiences and reputation to Siemens in subsea engineering, equipment marinization and electrical connector & penetrator technology, the primary elements required to form a solution based on in-house products," emphasizes Tom Blades.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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