Offshore firm Stork Technical Services have announced the sale of its Subsea division to N-Sea Group for a undisclosed sum.
Stork,a global offshore subsea contractor to the oil & gas, power and chemical industries, announced it has reached an agreement to sell its Subsea division to Netherlands-based N-Sea Group.
Stork said its selling its Subsea division following a strategic review of its core business offering and increasing clients’ expectations. The sale of the Subsea division will enable the firm to focus on providing key services and innovations which support its significant business operations as an asset lifecycle integrity partner in the oil & gas industry.
Throughout the transition period of the sale Stork will work closely with N-Sea to ensure the continuity of ongoing contracts and service agreements as well as offering a sustained service to existing clients.
Stork will also continue to develop and invest in technology associated with subsea integrity, cathodic protection, bolting, tensioning and tooling operations, which will not be affected by the sale of the Subsea business.