TTS Marine acquires drilling technology companyNews // April 30, 2007
TTS Marine in Norway has signed an agreement to purchase all of the shares of Sense EDM AS at a price of NKr 525 million.
The company delivers drilling equipment and control systems to the offshore industry.
In 2006 Sense EDM had a turnover of NKr 379.3 million which yielded earnings before depreciation (EBITDA) of NKr 27.3 million. Budgeted turnover in 2007 is NKr 600 million and EBITDA NKr 66.5m.
In the first quarter of 2007 the company's turnover was NKr 144.6 million and EBITDA was NKr 18.1 million.
In a statement TTS Marine said: "The acquisition of Sense EDM is a major step forward in TTS’ targeting of a third business area - drilling and offshore equipment, in addition to ships' equipment and port equipment. The common factor of the three business areas is handling equipment, a market in which TTS is a leading international player."