Schlumberger buys into processing specialist
Schlumberger Oilfield Services, a business segment of Schlumberger Ltd., agreed to buy an undisclosed minority share in Framo Engineering AS, Bergen, Norway, which specializes in subsea hydrocarbon processing. The companies said the arrangement aims to integrate downhole and subsea solutions.
Schlumberger Oilfield Services, a business segment of Schlumberger Ltd., agreed to buy an undisclosed minority share in Framo Engineering AS, Bergen, Norway, which specializes in subsea hydrocarbon processing. The company will continue to sell its solutions on the open market.
"Having worked closely with the operators to commercialize subsea process solutions and develop innovative building blocks that enhance the oil recovery in a cost-effective manner, we are ready to expand our international sales and support applications,'' says Ole G. Steine, Framo Engineering managing director. "This new phase will be accelerated through a close cooperation between Framo Engineering and Schlumberger.''
Reflecting the definite trend in deepwater markets away from large platforms, "this partnership will aim to provide best-in-class services that integrate downhole and subsea solutions to enhance our customers' oil recovery," said Andrew Gould, executive vice president of Schlumberger Oilfield Services.
Schlumberger said its investment in Framo Engineering continues a working relationship begun two years ago with joint venture 3-Phase Measurements AS, which produces multiphase meters.
Other owners of Framo include Frank Mohn AS, Offtech Invest AS and some Framo Engineering employees. Schlumberger will have two seats on the six-seat board of directors.