ABB sells off oil and gas division

ABB has decided to sell off its oil and gas division in Norway.

ABB has decided to sell off its oil and gas division in Norway.
The buyer is an investment group, made up of Candover Partners Ltd, JP Morgan Partners and 3i Group.

Around 3,500 employees in Norway will be affected by the sale, but it is not expected to lead to any staff reductions in Norway.

The preliminary contract includes the purchase of ABB Vetco Gray, ABB Offshore Systems, including activity in maintenance and modifications, as well as ABB's oil and gas operations in Brazil.

Associated companies: