NKT continues to power ahead for the second trading day in a row. The company announced the divestment of NKT Flexibles I/S to National Oilwell Varco, Inc. (NYSE:NOV) on Friday. The agreement values the flexible pipelines supplier at around 3.8 billion Danish Kroner in cash (about 1.4 P/B). NKT Flexibles is currently a subsidiary of NKT Holding A/S (OMX: NKT 51%) and Subsea 7 S.A. (OSE: SUBC 49%, NASDAQ: SUBC, initially from the Acergy side)
NKT Flexibles supplier offshore and chemical industries with risers, flowlines, jumpers and joints. NKT has a factory at Kalundborg harbour in Denmark where it employs 700 people. The company has won a supply framework agreement with Petrobras and is currently building a new facility in Brazil, which is expected to be in operation by 2013. The transaction is subject to competition authorities' approval.
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