Schlumberger buy more of Framo Engineering
Schlumberger (NYSE:SLB) announced today that it has acquired an additional 5.5% in Framo Engineering AS ("Framo") to take its holding to a majority 52.75%. Frank Mohn AS, which has been instrumental in the development of Framo to become a world leader within its main product groups, continues to hold the remaining shares. Framo is a Norwegian-based company providing multiphase booster pumps, flow metering equipment and swivel stack systems. "Framo has long demonstrated its capacity to innovate and has now become a worldwide leader," said Imran Kizilbash, president, Schlumberger Reservoir Characterization. "We have worked closely with Framo through the 3-PHASE Measurements joint venture and our increased stake will allow us to strengthen our cooperation in the subsea technology field."
"Since 1983, we have developed unmatched technologies and experience in the subsea multiphase pumping business," added Ole G. Steine, managing director of Framo. "We see this move by Schlumberger as recognition of the high-quality solutions developed by Framo, and an opportunity for our dedicated team to continue and expand our market exposure."
Schlumberger will begin consolidating the results of Framo in the first quarter of 2008.
