Fjords provides wellstream processing technology, systems and services to the upstream oil and gas industry. It also delivers solutions for separation and treatment of oil and gas.
Under Akastor's ownership, Fjords has streamlined operations and expanded its footprint in key regions.
Akastor CEO Kristian Røkke said that the the Fjords organization has improved operational performance and expanded business opportunities.
"Fjords is performing well and we are pleased to be selling to NOV, which is committed to further growing the business globally."
Akastor expects the transaction to realize an accounting gain of about NOK650m ($78.5m), and release about NOK1.15bn ($138.9m).
NOV CEO Clay Williams said: "We see significant potential in combining the capabilities of Fjords technology with our existing NOV platform, which includes complementary solutions and services, as well as a broad infrastructure to enable market expansion and significant cost reductions.
“The production and process solutions that our combined businesses offer will enable operators to continue to meet the increasing technical challenges our industry faces while reducing their marginal cost per barrel."
Scheduled to be completed in the fourth quarter of this year, the transaction is subject to clearance from Norwegian and Korean competition authorities.
NOV is engaged in designing, manufacturing and selling equipment and components that are used in oil and gas drilling and production operations.
