Kongsberg sells Subsea Products business to NOV

Norway’s Kongsberg Oil & Gas Technologies has signed a purchase agreement with a subsidiary of National Oilwell Varco (NOV) regarding the sale of Subsea Products.

Kongsberg said that the sale includes Thor tie-in, weaklink, pipeline structures , adjustable pipeline supports, GRP protection covers, hot tap systems, installation and repair tools, pig launchers, pig tracking systems, subsea storage units and subsea cooler.

Technology and employees of Subsea Products will be transferred to NOV at closing. Closing is estimated to August 31, 2016. The price of the transaction was not revealed.