ABB acquires Norwegian oil and gas service company .

Zurich, Switzerland, June 27, 2000 - Global technology group ABB said today it has agreed to buy the oil and gas activities – as well as the installation business – of Umoe ASA, a leading Norwegian service company in the oil and gas industry.

ABB did not disclose the value of the acquisition, which is subject to customary approvals. In the full year 2001, the acquired businesses, which employ some 2,400 people, are expected to contribute US$ 300 million in revenues, with continued positive earnings.

Umoe’s oil and gas business, headquartered in Haugesund, has a long track record in the Norwegian offshore market with a strong focus on modification and maintenance (M&M) services, including electrical installations. ABB intends to use its global scope to expand Umoe’s activities to the worldwide oil and gas market, while supporting further growth of ABB’s share of the Norwegian offshore oil and gas service market.

“This acquisition is a step forward in our strategy to expand ABB’s service activities and to grow in the oil and gas market,” said ABB President and CEO Göran Lindahl. “It builds on our existing oil and gas service activities in the important Norwegian market while opening new market opportunities on the global market. And it strengthens our ability to undertake turnkey projects for process plants, topside and floating production systems.”

Included in the acquisition are Umoe Oil & Gas, Umoe Technology Services and Umoe Electro. The acquisition does not include Umoe Schat-Harding AS, Umoe Karmsund AS or any of the other companies in the Ulltveit-Moe Group. ABB will not acquire any Umoe real estate, but lease facilities as required.

The ABB Group serves customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. With novel IT applications, tailored software solutions, growing eBusiness and a fast expanding knowledge and service base, ABB is building links to the new economy. The ABB Group employs about 165,000 people in more than 100 countries
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    Contact us

    • John Fox
      Corporate Communications, Zurich
      Tel: +41 1 317 7371
      Fax: +41 1 317 7958
    • Elsbeth Tronstad
      ABB Oil, Gas and Petrochemicals, Oslo, Norway
      Tel: + 47 66 84 39 47
      Fax: + 47 66 84 35 49
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