PSW Technology AS has signed a contract to acquire its longstanding partner, Mongstad Industrier AS. The transaction has an estimated value in the upper range of a sizeable contract(1). Mongstad Industrier delivered revenues of NOK 75 million and a profit before tax of NOK 12 million in 2023.

Mongstad Industrier was established in 1973 during the construction of Equinor’s refinery at Mongstad and is a provider of high-quality steelworks and prefabrication services. The company today has 45 highly skilled employees. PSW Technology will for the time being run Mongstad Industrier as a separate company, serving a combined customer base. The collaboration between PSW Technology and Mongstad Industrier was driven by jointly bidding on the maintenance contract for the Mongstad refinery. This collaboration has led to the identification of significant synergies best realized through PSW Technology ownership.

The acquisition is effective from 15 May 2024. The acquisition is financed through internal funds and a seller credit of NOK 10 million.

“I’ve had the pleasure of collaborating with Mongstad Industrier and its current owners, and I’m confident that we share a common commitment to deliver high quality to our customers. We are both committed to developing our employees while prioritizing safety and maintaining a strong commercial perspective,” says Richard Cornell, Managing Director of PSW Technology AS.

“Since we acquired the business from Caverion in 2018, we’ve been focused on building a solid workplace with a strong dedication to our customers. With both employees and customers in mind, we have sought the right local partner to continue our work, and we see great potential for further development of the business through the sale to PSW Technology,” says Jan Helge Rikstad and Leif Ståle Vabø, the sellers of Mongstad Industrier.

“With the acquisition of Mongstad Industrier, Scana demonstrates its strong belief in increased activity in the Mongstad and Fensfjord basin, while also showing our ability to identify and execute value-creating transactions within Scana’s business areas,” says Pål Selvik, CEO of Scana.

(1) A sizeable contract is defined to be between NOK 20 million and NOK 50 million.

(2) A substantial contract is between NOK 50 million and NOK 150 million.

(3) A large contract is over NOK 150 million.

For more information, please contact:

Pål Selvik, Chief Executive Officer, Scana ASA, +47 970 46 502

Richard Cornell, Managing Director, PSW Technology AS, +47 952 31 652