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.