Wednesday 6 April 2011

Siemens strengthens subsea expertise

Siemens has acquired two subsea specialist companies from Norwegian energy firm Subsea Technology Group.

Siemens anticipates that the subsea power grid market will grow to become a multi billion market by 2020. Tom Blades, CEO of Siemens Oil & Gas Division said: "Subsea processing is a fast growing and technologically challenging part of upstream oil and gas. With the acquisition of Poseidon and Bennex, Siemens has taken a major step to strengthen its in-house capabilities in marinisation, subsea engineering and consulting."

The combined revenue of the two companies, Poseidon and Bennex, is approximately €75 million.