News Column

KBC Advanced To Strengthen Ties With Norwegian Shareholder Kongsberg

June 18, 2014

Hana Stewart-Smith

LONDON (Alliance News) - KBC Advanced Technologies PLC said Wednesday it will increase its cooperation with Kongsberg Gruppen ASA, after the Norwegian technology group bought into KBC as part of KBC's recent share placing.

KBC provides technology and consultancy services for the oil and energy industries. Kongsberg bought 4.0 million of 20.9 million shares placed by KBC last month and now has a 5.0% holding.

The companies will collaborate on improving production services for oil and gas exploration and production operators. They will work together to offer a more comprehensive service, from concept selection to transport systems. Kongsberg plans to support KBC's strategy of integrate reservoir and production technology with subsurface and surface production systems technology, as it aligns with its own strategy.

"Both companies bring significant consulting capability in technical and operational excellence, which will be strengthened to empower oil and gas companies to achieve top level performance in human and asset capital," said Senior Vice President Software and Services at Kongsberg Jon Starkebye.

Shares in KBC were trading up 0.6% at 124.46 pence Wednesday morning.

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Source: Alliance News

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