Saga Corporate Finance advised the owners of Frank Mohn Mongstad in the sale to Energy Ventures.
Frank Mohn Mongstad (FMM) has roots back to the 1980s and was a division within the Frank Mohn Group (FM) until 2014, but was demerged as a stand-alone company after the latter was sold to Alfa Laval AB.
After FMM moved into new and modern premises in close proximity to Mongstad, the company has been a leading supplier of inspection, maintenance and repair services (IMR) related to drill pipes and subsea equipment for the Norwegian oil industry. The company has a number of well-reputed oil companies on the customer list and conducts an annual inspection of approx. 30,000 drill pipes and 70 risers.
Energy Ventures’ acquisition of FMM was their first of three acquisitions in the formation of WellConnection Group, which aims to become one of the largest and leading IMR suppliers to the Norwegian oil and gas industry.