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Kongsberg Oil & Gas Technologies has signed purchase agreement with subsidiary of National Oilwell Varco regarding sale of Subsea Products

Kongsberg Oil & Gas Technologies has signed a purchase agreement with a subsidiary of National Oilwell Varco (NOV) regarding the sale of Subsea Products.

The sale includes Thor Tie-In, Weaklink, Pipeline Structures (typically PLEM, PLETS, Wyes, Tees, Foundations, Spools, Jumper), Adjustable Pipeline Supports, GRP Protection Covers, Hot Tap systems, Installation and Repair Tools, Pig Launchers, Pig Tracking Systems, Subsea Storage Units and Subsea Cooler. Technology and employees of Subsea Products will be transferred to NOV at closing. Closing is estimated to Aug 31st 2016.