Stream makes strategic add-on acquisition
HitecVision are pleased to announce that Stream has acquired 100% of the shares in Drammen Elektro Automasjon AS.
The new acquisition will complement its existing operations in instrumentation and electrical services.
The acquisition of Drammen Elektro Automasjon (DEA) consolidates Stream’s position as a leading one-stop shop operator focused on instrumentation and electrical services the Norwegian oil and gas industry. DEA’s electrical expertise will strengthen STREAM’s product portfolio and expand its customer base.
DEA has about 50 employees with significant industry experience and a proven track record of delivering quality products, primarily to the oil and gas industry. The company will post revenues of around NOK 85 million (USD 14 million) in 2011. DEA will become a part of Teamtrade, which is the market leader in instrumentation on the NCS, one of three business areas in STREAM.