Citec Strengthens Position Within Oil & Gas Via Acquiring M7 Offshore

NAVI MUMBAI, India, September 5, 2013 /PRNewswire/ --

Citec continues to strengthen its competence and offering within the oil and gas segment via acquiring the Norwegian engineering company M7 Offshore AS.

     (Logo: http://photos.prnewswire.com/prnh/20130328/606530 )

M7 provides engineering and project management services to the oil and gas industry, including liquefied natural gas (LNG). The focus is on process plants (topsides) as well as floating production, storage and offload units (FPSO). M7 with its experienced personnel offers services covering the complete value chain from feasibility studies, FEEDs, detail engineering and fabrication management and coordination. The company has a solid customer base consisting of oil companies, ship owners, contractors and equipment suppliers.

M7 is headquartered in Asker, just outside Oslo, Norway and has an engineering office in Singapore. The company currently employs 31 professionals and in 2012 the turnover was 43 million NOK.

"This integration with M7 offshore is just what we needed to add completeness to our existing Oil and Gas competence in India. Together we can offer the customer, a solution that is replete," says Mr. Nasir Mulani, MD, Citec India.

"Oil & gas - and LNG - are important focus areas in Citec's growth strategy. There are great prospects for the global oil & gas markets, and with this acquisition we gain foothold in Norway and Singapore, both important drivers within this industry. We also strengthen our service capabilities to our customers with these new locations," says Martin Strand, CEO of Citec.

"We have found an ideal partner to develop M7's business to the next level. Together with Citec's other oil & gas operations and Indian resources we are better positioned to serve our existing and new clients," comments Nils-Erik Hannisdal, CEO of M7.

About Citec

Citec provides multi-discipline engineering and information management services to the energy and power industry, and other technology-dependent industries. The number of employee amounts to approximately 1100 and the turnover for 2012 was about 66 million Euros. Citec is headquartered in Vaasa, Finland, and has offices in India, Sweden, the UK, France, Germany and Russia.

For more information, visit http://www.citec.com

Primary Media Contact: Vinita Darole - Marketing and Communications

vinita.darole@citec.com

+91-9819-085169

SOURCE Citec Engineering India Pvt. Ltd.



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