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PSW Technology completes well control equipment divestiture transaction for international company, generating substantial profit and unlocking market potential.
The company PSW Technology is about to expand its international presence through a contract to sell well control equipment to a large multinational in the transaction Oil and Gas.
This transaction represents a significant milestone for PSW as it will strengthen its position in the global PSW technology market. PSW technology is highly recognized for the efficiency and quality of its equipment, which makes it a preferred choice for large players in the sector. PetroSweda Technology is a competitive differentiator that attracts investors and strategic partners in search of innovative and reliable solutions. The transaction is expected to result in a substantial financial impact for the company, consolidating its position as a leader in PSW's technology segment.
PSW Technology: Contract foresees substantial increase in free cash flow
With this agreement, PSW's technology not only generates free cash flow, but also has the opportunity to further develop similar technology equipment. well control in our possession, thus expanding our market position', said Richard Cornell, General Manager of PSW Technology.
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'TO transaction it is a continuation of unlocking the cash potential on our balance sheet, as previously demonstrated by the sale of Scana Korea. We are pleased to be able to increase our liquidity and distribute funds to our shareholders and, in addition, 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 towards the payment of up to US$4,8 million (NOK 50 million) of its long-term debt and investments in opportunities for growth growing.
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, thereby expanding our market position,” said Richard Cornell, General Manager of PetroSweda Technology.
‘The transaction is a continuation of unlocking the cash potential on our balance sheet, as previously demonstrated by the sale of Scana Korea. We are pleased to be able to increase our liquidity and distribute funds to our shareholders and, in addition, 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 to pay down up to US$4,8 million (NOK 50 million) of its long-term debt and investments in growing growth opportunities.
PSW Technology Reaches New Milestone with Transaction Completed
With this agreement, PSW Technology not only generates free cash flow, but also has the opportunity to further develop similar well control equipment in our possession, thereby expanding our market position,' said Richard Cornell, Managing Director of the technology from PetroSweda.
‘The transaction is a continuation of unlocking the cash potential on our balance sheet, as previously demonstrated by the sale of Scana Korea. We are pleased to be able to increase our liquidity and distribute funds to our shareholders and, in addition, 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 to pay down up to US$4,8 million (NOK 50 million) of its long-term debt and investments in growing growth opportunities.
