Siemens Lays Down $630M For Expro’s Subsea Power Part Unit

Law360, New York (March 21, 2012, 6:25 PM EDT) -- Siemens AG will buy U.K.-based oil and gas company Expro Group’s subsea power component engineering unit for $630 million as part of its ongoing efforts to develop a seabed power grid nearly two miles below sea level, the companies said Tuesday.

The Expro unit, known as the connectors and measurement division, makes subsea components including cable connectors, sensors, and measuring devices, Siemens said, as it eyes the deep-sea applications market, among the fastest-growing segments in the oil and gas industry, which is expected to swell up...
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