In June 2006, Kongsberg Maritime acquired 100% of the shares in Fantoft Process Technologies AS, to an approximate value of MNOK 67.
In June 2006, Kongsberg Maritime acquired 100% of the shares in Fantoft Process Technologies AS, to an approximate value of MNOK 67. Fantoft and Kongsberg Maritime's process simulation department will integrate to become a single provider of dynamic process simulation tools to the oil & gas sector.
Both companies already develop sophisticated process simulation tools. Kongsberg Maritime's ASSETT and Fantoft's D-SPICE are used in many major oil & gas operations around the world, to assist integrated operations and the creation of 'smart fields'. Using sophisticated simulation and technology management tools such as ASSETT and D-SPICE, oil companies are able to increase oil recovery by billions of barrels and benefit from cost savings.
The integration project is already underway, with workgroups consisting of both Kongsberg Maritime and Fantoft staff. As the integration progresses, the companies will continue to work as before, ensuring continued service to existing and new customers. The shared knowledge and expertise of the two companies will ensure that the next generation of dynamic process simulation tools provide even further cost, efficiency and safety benefits for oil & gas companies, who are facing further challenges every year.
I am delighted that the acquisition of Fantoft Process Technologies AS is complete, comments Nils E. Standal, Executive Vice President, Kongsberg Maritime, who is leading the integration process. The acquisition is well in line with Kongsberg Maritime's strategy to become the leading supplier of process simulation and we are looking forward to completing the integration, which will be the next step in creating our next generation of tools.
We have already made a great start in creating the world's leading Process Simulation environment and the combined strengths of Kongsberg Maritime and Fantoft Process Technologies will ensure that the oil & gas industry benefits from the real-life benefits that our products and services will provide, says Rune Kvernberg, President & CEO, Fantoft Process Technologies.