Sale to Industrial
Bennex and Poseidon Group sold to Siemens Oil and Gas
HitecVision announced on 7 March that Subsea Technology Group AS (STG) has entered into an agreement to sell its subsidiaries Bennex AS and Poseidon Group AS to Siemens Oil and Gas. The combined revenue of the two companies is approximately EUR 75 million. The purchase price is not disclosed

Siemens to increase subsea footprint

Bennex has approximately 160 employees in Norway, UK and the USA, and develops and manufactures subsea equipment mainly for power solutions.

Poseidon Group provides subsea marinisation, engineering and consulting services, and has a workforce of 140 employees and consultants in Norway and UK.

HitecVision (HV) provides capital and competence to growth companies in the energy sector. HV’s industry background enables HV to create value by partnering with entrepreneurial managers to build substantial and sustainable companies. HV manages three private equity funds with a total committed capital base of USD 1.4 billion. HV’s investor base comprises leading Norwegian and international financial institutions, pension funds, fund-of-funds, endowments and family offices. Over 50% of the capital in the latest funds is committed by investors outside of Norway.

Siemens Oil and Gas is part of Siemens Energy Sector, the world’s leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas

Alpha logo