Europe's ABB has bolstered its oil and financial services activities by acquiring interests in two more Scandinavian companies. The multinational announced on 27 June that it had reached agreement to buy the oil and gas business of Norway's Umoe. The announcement was followed two days later by ABB's acquisition of a 35 per cent stake in the Swedish Export Credit Corporation (SEK).

ABB declined to reveal the value of either acquisition, although in both instances, it said it planned to use its global network to expand their activities. 'It [Umoe] strengthens our ability to undertake turnkey projects for process plants, topside and floating production systems, ' ABB's president and chief executive Goeran Lindahl said. Umoe's activities are concentrated in the offshore Norwegian oil and gas sector, where it provides modifications and maintenance services.

ABB said that the SEK acquisition would create new opportunities in structured finance, leasing and other financial services.

'By combining our intellectual capital, we think we can achieve significant growth and value creation, ' Lindahl said.