NOV Snaps Up Kongsberg’s Subsea Products Division

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

According to Kongsberg, the sale includes Thor Tie-In, Weaklink, Pipeline Structures (typically PLEM, PLETS, Wyes, Tees, Foundations, Spools, Jumper), 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, which is estimated for August 31, 2016.

Financial details surrounding the deal have not been disclosed.