Siemens expands oil & gas reach
Europe – German engineering company Siemens AG has bought Scottish company Expro Holdings’ subsea power-grid equipment supplier for €470 million to expand its reach in the oil & gas industry.
The Connectors and Measurement Division of Expro manufactures subsea components such as cable connectors, sensors and measuring devices for sea beds with a depth of down to 3,000 metres, according a company statement.
The acquisition allows the German company to tap into the oil & gas industry's increasing demand for underwater power lines and expand its own subsea acitivities to offer full product range in Houston, Rio de Janeiro and Singapore.
"With this acquisition, we are strategically expanding our portfolio in the attractive future market for subsea power grids. We can now enhance our know-how in electrification and our research and development activities with our newly acquired skills," Adil Toubia, CEO of the oil & gas division at Siemens Energy, said.
The company added the transaction is conditional upon approval by the responsible anti-trust authorities.
Siemens is expecting the deep-sea applications market to reach €2 billion by 2020, citing it as the fastest-growing sector of the industry, serving various power consumers like compressors or pumps operating in the deep sea.
This acquisition is Siemens' third in the industry. The company has already acquired two Norwegian companies Bennex and Poseidon in March last year to build up its Norwegian base in the next few years.
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