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Norway: STX OSV Strengthens Specialist Technology with New Acquisitions

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STX OSV Holdings Limited (“STX OSV”), one of the major global designers and shipbuilders of offshore and specialized vessels, announces that it is strengthening its technology and engineering competence through two separate transactions.

Seaonics AS (“Seaonics”), a subsidiary of STX OSV, is in the process of acquiring a shareholding interest in Castor Drilling Solution AS (“CDS”). Based in Kristiansand, Norway, CDS is a newly established company with specialist competence in offshore drilling technology.

The investment is expected to give STX OSV new insight into this segment of the offshore market, and give opportunities for development of integrated solutions primarily related to the growing market of Offshore Subsea Construction Vessels (“OSCV”). The investment, to be completed in two tranches by the end of the year, will give Seaonics a 34% stake in CDS.

Separately, STX OSV has entered into an agreement to acquire 70% shareholding interest in Brevik Partners AS (“Brevik Partners”). Established in 2010, Brevik Partners is an engineering company specializing in offshore technology and equipment. The investment in the company, to be renamed STX OSV Engineering Brevik, is expected to strengthen STX OSV’s ability to develop new concepts and integrated solutions for offshore and specialized vessels. The proposed transaction is expected to be closed by the end of May.

Both investments are in line with STX OSV’s strategy of increasing its technology and engineering competence in select parts of the offshore value chain. Through focused investments, STX OSV aims to strengthen its ability to develop and introduce vessels equipped with cutting-edge innovation and technology.

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UK: Wellbore Clean Up Specialist Eyes Turnover Increase

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Aberdeen-based oilfield services firm Coretrax Technology Limited has secured over £1.2million of contracts since the start of the year and expanded its team to 12 people.

Coretrax specialises in innovative oilfield services to the completion, cementing, abandonment and wellbore clean up sectors both in the North Sea and globally. The contract wins are for projects in the North Sea utilising Coretrax’s innovative wellbore clean up tools and chemicals.

The team in Aberdeen has also expanded with the appointment of a new business development manager and offshore supervisor both bringing many years of oil industry experience to the company. Coretrax plans to recruit a further 6-8 new staff in 2012 including a second graduate in design engineering.

Kenny Murray, director and founder of Coretrax, said: “We have had a really promising start to the year and I’m delighted with the new members who have joined the Coretrax team. Our focus this year is continual R&D to expand our range of products and services to provide solutions to operators with our team of engineers globally.

“Our innovative approach to wellbore clean up has also led to successful projects globally and we are completing successful contracts in Africa, Middle East and Asia. We will continue to expand both internationally and in the North Sea with on-going recruitment and new premises this year.”

Formed in 2008, Coretrax is a finalist in the ‘new idea’ category of SPE’s Offshore Achievement Awards taking place in Aberdeen this month. The company forecasts a turnover of £3million this year.

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Swire Acquires Norway’s Subsea Specialist

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Swire Pacific Offshore Operations (Pte) Limited (SPO) today announced the acquisition of Seabed AS, based in Bergen, Norway.

Seabed AS was founded in 2008 by Mr Hans Martin Gravdal, who has more than 30 years of experience within a wide range of subsea operations. Mr Gravdal and his team will continue with the company which is to be renamed Swire Seabed AS.

Along with the acquisition, SPO will take ownership of Seabed Worker, the 88m state of the art Multi-Purpose Support Vessel, and the high-specification subsea ROVs held by Seabed AS.

Neil Glenn, Managing Director of SPO, said, “We are very pleased to announce the acquisition of Seabed, through which we will increase our capabilities and extend the range of services we are able to offer to our customers. We look forward to working closely with Mr Gravdal and his team in Norway as they continue to grow and develop the business.”

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