Cegal AS, Norway-based centralized and module-based IT operating solutions provider has agreed to acquire Blueback Reservoir AS, Norway-based company engaged in providing geoscience consulting services and software solutions for the global oil & gas industry for an undisclosed consideration.
The transaction will enable the combined entity to cater to the demands with their unique skill set within oil and gas, software development, deployment and operation in addition to cloud infrastructure. The combined entity is expected to have 50% increased revenues 2013and a further 25% increase in 2014 to NOK 550m (EUR 66.9m)and will have more that 300 employees with offices in Stavanger, Bergen, Oslo, London, Houston, Calgary and Dubai.
Post acquisition, the combined company will be 52% owned by Norvestor, and 48% by employees and board members.
Alpha Corporate Finance
Advised in the sale of
Blueback Reservoir AS
to