Aker Solutions has agreed to acquire 70% of Brazilian contractor CSE Mecânica e Instrumentação.
CSE provides maintenance, assembly, commissioning and crane operation services at offshore and onshore facilities.
Under the agreement, Aker also has an option to buy the remaining 30% of CSE three years after the close of the transaction, which is expected by the end of the first quarter of next year.
With the acquisition, Aker will get access to Brazil's growing market for servicing existing oil and gas fields.
Aker Solutions CEO Luis Araujo said: "Aker Solutions has established a solid presence and reputation in Brazil's oil and gas market over the past 40 years and entry into the country's brownfield segment is an attractive growth opportunity.
"Joining forces with a successful local player like CSE fits well with the internationalisation of our services business, allowing us to bring our competence, knowledge and experience within this field to this important and growing region."
CSE’s fabrication shop in Rio das Ostras is located near Aker Solutions' subsea services facility.
Following the acquisition, CSE will remain a separate legal entity with a management team comprising personnel from each company.
CSE CEO Altair Dietrich said: "By combining the strengths of both companies, we will expand our capabilities and create significant value for our customers.
"Teaming up with Aker Solutions is a huge step for the company and puts us in the next league in terms of competing for even larger and more complex contracts."
The acquisition is subject to approval by Brazilian competition authorities.
Image: Aker has an option to acquire the remaining 30% of CSE three years after the deal closure. Photo: courtesy of Aker Solutions.
