Aarbakke acquires ITM

Bryne, 20th September 2007:
The Aarbakke Group announced today that it has entered into a letter of intent to acquire I.O.S. Tubular Management AS (ITM), a leading provider of integrated and value added tubular services, such as machining, procurement/trading and tubular goods management, to the offshore market. Aarbakke has been ITM’s largest customer for a number of years. Other major customers include oil companies such as Statoil, Esso and Shell, and oil services companies such as Halliburton, Baker and Weatherford. The acquisition will enable Aarbakke to provide more complete services to its existing customers and will also provide access to a new customers.

ITM’s revenues for 2007 are forecasted at NOK 102 million. The company is headquartered in Tananger outside Stavanger, and has three additional locations along the Norwegian coastline as well as a site in Esbjerg, Denmark. With the acquisition of ITM, Aarbakke adds another 50 employees to the Group reaching a total headcount of 350.