Stavanger, Norway – 27 April 2017: Flux Group’s subsidiary, Flux Active Service, has signed a one-year frame agreement, with a renewal option for two additional years, with the rig company COSL Drilling Europe AS. The delivery of hoses and couplings in connection with classification of the drilling rig COSL Promoter, represents the first major project under the new agreement.
Prior to its acquisition by Flux Group late 2016, Flux Active Service constituted the bulk of the Fluid Control Group. Flux Active Service provides hoses and couplings for fluid transfer, power and control solutions to the oil and gas and marine industry. Entering the Flux Group, Flux Active Service brought on board a solid market position, and a very strong customer portfolio.
Flux Active Service has worked with COSL over a number of years, and the new frame agreement consolidates this relation. The agreement stipulates that Flux Active Service will deliver hoses and couplings and related products and services to COSL’s Norwegian operation.
“COSL is well acquainted with Flux Active Service and our products, and we are very pleased that they are seeking to develop the relationship further, now that we have become part of Flux Group. Both parties envision exciting opportunities for future cooperation”, said Erlend Fremstad, Managing Director of Flux Active Service.
The agreement has already come into effect, and Flux Active Service has started preparations for the delivery of hoses and couplings in conjunction with the classification of COSL’s semi-submersible drilling rig, COSL Promoter, in May.
In connection with the acquisition of Flux Active Service, Flux Group established a Hoses & Couplings division. This initiative has been very well received, as the COSL agreement also confirms, and Flux Active Service now has 25 employees in Stavanger and Bergen. Flux Active Service has provided a considerable contribution to Flux Group’s product and services portfolio, and the Group experiences market synergies from its broader, consolidated offering.
For further information, contact:
Erlend Fremstad, Managing Director Flux Active Service, tel: +47 975 45 913
About Flux Group
Flux Group was established by HitecVision in the spring of 2014, with the ambition to build
a strong, international oilfield services group. Flux Group intends to consolidate through acquisitions, as well as organic growth. Emphasising safety and quality, the group focuses
on providing customers with a variety of oil and gas related equipment and components.
Flux Group is headquartered in Stavanger, with locations in Norway, Italy, and South Korea.
About Flux Active Service