Western Shipyard (AB "Vakarų Laivų Gamykla") has signed a deal on the acquisition of 100% shares of Norwegian company Marine Technology AS.
Marine Technology AS specialises in manufacturing engineering equipment used in oil and gas extraction, as well as in the renewable energy sector. The company is the main global supplier of reels for offshore high voltage power cables.
Arnoldas Šileika, the general manager of Western Shipyard company group, says that the agreement will enable the company to consolidate its position in the market. According to the general manager, the acquisition of Marine Technology AS brings the company closer to the implementation of its strategic goal to cover the entire value chain, increase the added value and strengthen its position in the market.
Marine Technology AS will continue manufacturing oil and gas extraction, renewable energy, offshore and maritime equipment.
Source: Vakarų Ekspresas