Flux Group awarded Johan Sverdrup contract

Photo by Statoil ASA
0094659 - johan sverdrup field centre - photo statoil - statoil
May 2015
Stavanger 11 May 2015: Statoil, as operator for the Johan Sverdrup field in the Norwegian North Sea, has awarded Flux Group a contract to deliver valves to this major field development. The initial contract value is NOK 60-70 million.
Flux Group acquired all the shares in Bergen-based Vest Ventil early 2015. Since startup in 1996, this company has built up a strong position as supplier of valves and equipment to the oil and gas industry. Flux Vest Ventil has worked closely with Statoil for a number of years, and has had a frame agreement since 2013 for various valves to Statoil’s projects on the Norwegian continental shelf (NCS). This agreement is now being substantially expanded.
 
This expansion means that Flux Vest Ventil will deliver manual and actuated butterfly valves to the Johan Sverdrup project. The agreement has been entered into for five years, with options for two x two-year extensions. Flux expects the contract value to increase as a result of final design work. The first orders are expected towards the end of 2015. The Johan Sverdrup field is due to come on stream in 2019.
 
“Flux Vest Ventil has enjoyed a very good collaboration with Statoil for a number of years, and this award confirms our position as a preferred supplier of valves,” says CEO Ådne Grødem in Flux Group. “Johan Sverdrup is a prestige project, and winning such a contract is very gratifying at a time when the market is challenging.”
 
Flux Group was established by the private equity investor - HitecVision in the spring of 2014.  Flux Valvision and Flux Norwegian Piping were acquired the same autumn, whilst Flux Vest Ventil joined the group at the beginning of 2015. Flux Group has offices in Norway, Italy and Korea and the Group had a combined turnover of NOK 700 million in 2014.
 
“We have a clear growth strategy, and we will continue to build the Group through acquisitions and organic expansion,” explains Grødem. “The fact that one of the companies we have acquired now has won such an important contract, is very encouraging for us as this proves we have chosen the right strategy.”
 
Flux Vest Ventil is based in Bergen. The company collaborates with a number of reputable international manufacturers, and has broad experience within maintenance, testing and certification of valves. Flux Vest Ventil forms part of Flux Group’s valve division along with Flux Valvision. The two companies complement each other in offering a leading range of products and services in the valve segment.
 
 
Further information from:
Ådne Grødem, CEO, Flux Group, tel: +47 907 53 999
Morten Rabben, Managing Director, Flux Vest Ventil, tel: +47 922 24 850
 
 
Flux Group in brief
Flux Group was established by HitecVision in the spring of 2014 with the ambition of building a strong international oil service group. Its build-up and expansion will be pursued through both acquisitions and organic growth. The Group will focus on delivering various kinds of oil and gas related equipment and components to customers strongly emphasising on safety and quality. Flux Group has its head office in Stavanger.
http://fluxgroup.com
 
Flux Vest Ventil in brief
http://vestventil.no
 
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