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Although this acquisition likely had more to do with a recognition of an increasingly valuable synergy between the two firms, declining oil prices no doubt helped reduce the valuation of the deal, thereby making it even more attractive as Kongsberg Maritime AS, a wholly owned subsidiary of Kongsberg Gruppen ASA, has acquired the remaining 90% of the shares of the Germany-based underwater chemical sensors specialist, Contros Systems & Solutions GmbH. Contros develops, produces and markets underwater sensor systems to detect dissolved gases, such as hydrocarbons, CO2 and oxygen, as well as pH and total alkalinity (TA). Contros has built a strong reputation as a provider of complete systems for offshore early leak detection and environmental monitoring.
At the end of 2013, Kongsberg Maritime and Contros entered a cooperation agreement enabling a smart integration of modular sensor packages into Kongsberg Maritime solutions for subsea monitoring. As part of this agreement, Kongsberg Maritime took a 10% shareholding in Contros. In the past 15 months, Kongsberg Maritime solutions integrated with Contros technology have been well received in the global markets. Both Kongsberg and Contros were covered in ARC's global market study Leak Detection Systems.
Following the acquisition, Contros will be part of the Subsea Monitoring business unit of Kongsberg Maritime's Subsea Division. The focus of the business unit is the development, engineering and realization of modular, scalable, and networked subsea monitoring systems for existing and emerging markets, such as environmental monitoring, leak detection, marine research, arctic applications, fish farming, and offshore renewables.