A division of the Bergen Group, the company specializes in custom cranes for the shipbuilding and oil and gas industries, with sales and services divisions in Brazil and Singapore.
Palfinger expects the transaction to be closed by the end of November, subject to approval from the Competition Authorities in Norway.
The acquisition will expand Palfinger Marine’s crane portfolio.
The Dreggen cranes will expand the product portfolio for the offshore sector considerably, adding jack-up rigs, FPSOs and drilling vessels.
Demand for offshore lifting equipment may come from offshore drilling platforms and their supply, said Palfinger.
High energy and oil prices have encouraged investments in oil exploration and production, it said.
Karl Oberreiter, head of Palfinger marine, said, "The offshore sector requires cranes that have been adapted to the highly explosive environment. In future, these special requirements will be perfectly met by the new Business Unit ‘Offshore Cranes.’"
Herbert Ortner, CEO of Palfinger said: "Our business area Marine has shown outstanding performance and has already become a highly profitable area of our Company.
"With Dreggen we can now enter a new dimension that will not only bring about a great boost to growth but will also open up new opportunities and markets".
