IK-Group has acquired Online Electronics Limited.

DYNAMIC NEW PIPELINE GROUPING IS FORMED

IK-Group AS (IK) is pleased to announce that it has acquired Online Electronics Limited (OEL), a leading global pipeline communications specialist.

The acquisition of OEL, headquartered in Aberdeen, Scotland with Business Units in Houston, Dubai, Singapore and Perth W.A., further strengthens and widens IK`s position within the pipeline sector of the International Oil & Gas industry.

This now takes the number of employees in the IK Group closer to 200. The investment in OEL is expected to create additional jobs in the next twelve months through increased market share driven by Research, Development and Special Engineering Projects. In parallel further strategic acquisitions will be evaluated.

The combination of OEL’s cutting edge products for pipeline pig monitoring, pipeline data communication and logging systems with IK’s top of the line PIG manufacturing and niche pipeline engineering services will provide our shared clients with a strong, innovative service partner to help them with the challenges now seen in the Oil and Gas Market. This combination is expected to enhance IK’s Special Project capability and overall significantly increase IK`s market share.

IK-Group will keep the well-established OEL brand and global structure as this has proven to be highly successful. The companies are an excellent fit and fully complement each other in terms of sector, technology and geography.

IK has a well-established model where each company within the Group operates as a separate entity yet leverages the strengths and knowledge to provide top services to each other and the industry.

The main shareholder and current CEO of OEL, Brian Gribble, will remain in the company as an Advisor and Director on the Board. Customers will continue to receive the same high quality and services they have come to expect.

For further information:

Christian Bull Eriksson; CEO IK-Group AS +47 906 92 581
John Gotrik; PPS Department Manager IK-Norway AS +47 908 71 402