Lyskaer, Norway - Norwegian engineering and construction group Aker Kvaerner ASA has bought 50 percent of Phoenix Polymers International Ltd, based in Aberdeen, Scotland.
Phoenix is a developer and manufacturer of buoyancy and polyurethane products for the oil and gas sector, and is "an important supplier of flotation elements to Aker Kvaerner's deepwater marine drilling riser projects," said the Norwegian group's 12 June press statement on the deal.
"The acquisition of Phoenix secures the delivery of key elements to our deepwater drilling riser technology" said Svein Haug, senior vice president for Umbilical and Risers with Aker Kvaerner Subsea, in the company statement. "We believe Aker Kvaerner can help Phoenix realise their full growth potential."
Haug added that the Scottish supplier of plymer parts for the offshore oil sector has, "has significant growth potential and we believe that Aker Kvaerner can contribute to further expand this company."
The Phoenix business, which is only four years old, will continue to trade under the successful Phoenix name, Aker Kvaerner said.
Aker Kvaerner Subsea claims to be "a leading provider of a complete range of surface and subsea solutions for the oil and gas industry." These parts range from concept screening and design through to manufacturing, fabrication and commissioning.
The business's ability to be a system provider worldwide is backed by a wide portfolio of products, and these are "maintained for the complete life of field," the company added. "