Aker Closes Enovate Acquisition

Norwegian oilfield services company Aker Solutions announced Wednesday that it has closed a deal to buy a majority stake in Enovate Systems – a specialist in subsea well control equipment. Aker announced at the end of January that it had agreed to buy a controlling stake in the Aberdeen-based firm.

Enovate has developed a range of patented components and products for use in open water workover systems as well as in riser workover systems, rigless intervention systems and drilling safety systems.

Founded in 2002 and now employing 62 people, Ennovate had revenues of approximately $23.6 million in 2012 and an EBITDA profit of $7.8 million.

Aker intends to see Enovate continue to be developed as an independent supplier of well control equipment.

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