Blue Water Energy to acquire a 70% stake in Varel International Energy Services for $93m.

Blue Water Energy, an energy private equity firm, agreed to acquire a 70% stake in Varel International Energy Services, a provider of drilling and downhole solutions to the oil and gas, mining, and industrial markets, from Sandvik, a high-tech and global engineering company offering tools and tooling systems for advanced metal-cutting, for $93m. “In line with our strategy, we continue to focus Sandvik’s business portfolio to core areas. While Sandvik keeps the mining related part of Drilling and Completions, the oil and gas related operations will now receive full attention from its new owners to support profitable growth,” says Björn Rosengren, Sandvik President and CEO.