Siemens acquires subsea power specialists Poseidon and Bennex

Siemens has entered into an agreement to acquire the two subsea specialists Poseidon Group AS and Bennex Group AS from Subsea Technology Group AS, Norway.
Poseidon provides subsea marinization, engineering and consulting, and has a workforce of 140 employees and consultants in Stavanger and Aberdeen. Bennex has about 160 employees in Norway (Bergen and Kongsberg), Scotland (Aberdeen) and the US and develops and manufactures subsea equipment mainly for power solutions.
The combined revenue of the two companies is approximately EUR75m ($105m). The purchase price is not disclosed. The transaction is subject to the approval of the responsible antitrust authorities.

Tom Blades, CEO of Siemens Oil & Gas Division, said: "With the acquisition of Poseidon and Bennex, Siemens has taken a major step to strengthen its in-house capabilities in marinization, subsea engineering and consulting and assert itself as the leading developer of subsea power grid solutions on the back of its traditional electrical engineering core-competence.”

Siemens anticipates that the subsea power grid market will enjoy a double digit growth especially in power grid applications, to become a multi billion market in 2020. Siemens subsea solution includes transformers, switchgear and variable-speed drives along with other elements, to power and control electric-driven pumps, compressors, and other processing equipment.

Bennex is one of the leading suppliers of subsea distribution (hydraulic and electrical) systems, fibre optic, electromagnetic and seismic applications.

Poseidon is a subsea engineering and consulting company capable of marinizing existing Siemens equipment and technology to subsea environment, such as subsea control systems, transformers, switchgears, electric motors automation and compressors along with other complementary elements such like cameras and subsea electric valve actuators.

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