Stream AS (former part of Bjørge ASA) has signed an agreement to acquire Ahlsell Oil & Gas AS, a specialist supplier of pipes, valves and piping related products to the oil and gas industry.
Ahlsell Oil & Gas (AOG) is Stream’s first acquisition and is an important step in the company’s growth plan. The acquisition will enable Stream to expand its product portfolio and strengthen its position as a leading “one-stop-shop” supplier to the oil and gas industry on the Norwegian Continental Shelf. AOG. AOG had revenues of approximately NOK 400 million for 2009 and has a significant market share in Norway and growing international sales. The company has about 60 staff divided between its headquarters in Stavanger and a facility in Bergen.
Closing of the transaction is expected towards the end of Q1, subject to the fulfilment of certain closing conditions.