Solstad Offshore ASA (SOFF) has entered into agreement with NOR’s other shareholder, Nortrans Invest Pte. Ltd for the purchase of their 40,9% ownership share in NOR. SOFF will, after the transaction, own 100% of the share capital in NOR.
The transaction is estimated to be completed April 14th 2011, with settlement in cash (40% of purchase price) and shares in SOFF (60% of purchase price). The purchase price is determined through negotiations between the two parities in addition to an independent third party valuation.
NOR currently operates seven AHTS’s and two CSVs. Two of the AHTS vessels are chartered in on bareboat contracts, with purchase options. The main marked for the NOR fleet is Asia and Australia, where six of the nine vessels currently operate. NOR also owns a Derrick Lay Barge (DLB) which recently was completed at Keppel in Singapore. The DLB is now on sea-trials.
SOFF views the future market prospects in Asia and Australia as good with increasing offshore activity in the coming years. For SOFF the full ownership in NOR, and its employees will represent an important part of SOFF’s future focus and efforts in the region.
SOFF will within opening of business 8th April 2011 publish a Detailed Stock Exchange Announcement on the transaction according to the Continuing Obligations of Stock Exchange Listed Companies Section 3.4.2.
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Source: solstad , April 06, 2011; Image: noroffshore