Development of Scana's PSW Technology Revolutionizes Well Control – Highlight on High-Value Transaction Focusing on PSW Technology

Development of Scana’s PSW Technology Revolutionizes Well Control – Highlight on High-Value Transaction Focusing on PSW Technology

Written by Paulo Nogueira

Published on 11/01/2024 at 06:30

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PSW Technology Concludes Transaction for the Divestment of Well Control Equipment to International Company, Generating Substantial Profit and Unlocking Market Potential.

PSW Technology is about to expand its international presence through a contract for the sale of well control equipment to a major multinational in the oil and gas sector.

This transaction marks a significant milestone for PSW, as it will strengthen its position in the global PSW technology market. PSW’s technology is highly recognized for the efficiency and quality of its equipment, making it a preferred choice for major players in the sector. PetroSweda Technology is a competitive differentiator that attracts investors and strategic partners seeking innovative and reliable solutions. The expectation is that the transaction will result in a substantial financial impact for the company, consolidating its position as a leader in the PSW technology segment.

PSW Technology: Contract Anticipates Substantial Increase in Free Cash Flow

With this contract, PSW’s technology not only generates free cash flow but also has the opportunity to further develop similar well control equipment in our possession, thus expanding our market position,’ said Richard Cornell, General Director of PSW Technology.

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‘The transaction is a continuation of unlocking cash potential in our balance sheet, as previously demonstrated by the sale of Scana Korea. We are pleased to be able to enhance our liquidity and distribute funds to our shareholders and, furthermore, strengthen our delivery capabilities in well control services,’ added Pål Selvik, CEO of Scana.

Assuming the transaction is completed, Scana’s board of directors will convene an extraordinary general meeting proposing the distribution of extraordinary dividends of NOK 0.05 per share. The remaining proceeds from the sale will be considered for repayment of up to US$ 4.8 million (NOK 50 million) of its long-term debt and investments in growing growth opportunities.

New Contract Boosts PSW Technology in the Energy Sector

With this contract, the international company PSW Technology not only generates free cash flow but also has the opportunity to further develop similar well control equipment in our possession, thus expanding our market position,’ said Richard Cornell, General Director of PetroSweda Technology.

PSW Technology Reaches New Milestone with Completed Transaction

With this contract, PSW Technology not only generates free cash flow but also has the opportunity to further develop similar well control equipment in our possession, thus expanding our market position,’ said Richard Cornell, General Director of PetroSweda Technology.

Development of Scana’s PSW Technology Revolutionizes Well Control – Highlight on High-Value Transaction Focusing on PSW Technology

PSW Technology Concludes Transaction for the Divestment of Well Control Equipment to International Company, Generating Substantial Profit and Unlocking Market Potential.

PSW Technology: Contract Anticipates Substantial Increase in Free Cash Flow

New Contract Boosts PSW Technology in the Energy Sector

PSW Technology Reaches New Milestone with Completed Transaction

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Development of Scana’s PSW Technology Revolutionizes Well Control – Highlight on High-Value Transaction Focusing on PSW Technology

PSW Technology Concludes Transaction for the Divestment of Well Control Equipment to International Company, Generating Substantial Profit and Unlocking Market Potential.

PSW Technology: Contract Anticipates Substantial Increase in Free Cash Flow

New Contract Boosts PSW Technology in the Energy Sector

PSW Technology Reaches New Milestone with Completed Transaction

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