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Hitec To A c q u i r e M a r i n e Consulting G r o u p

Hitec AS announced its intention to make an offer for all outstanding shares of Marine Consulting Group AS (MCG). The offer has been recommended by the board of MCG, and the four major shareholders have sold their 50.3 percent holdings.

The reason for the acquisition is the significant synergy effects perceived related to technology, market and products. With access to each other's technology, the two companies believe they will be able to develop new products, both jointly and separately. Hitec's multi-purpose remote control unit, for example, combined with MCG's technology, will result in simplified and more user-friendly systems. With access to Hitec's software and control systems, MCG will be able to increase the technological content in its products — a factor that will strengthen the company's competitive position.

Marine Consulting Group is a supplier of systems for offshore transfer of crude oil. The company's systems for oil transfer consist of the Bow Loading System (BLS), the Stern Discharge Systems (SDS), and the combined loading and offloading Stern Loading and Discharge system (SLDS). The company's STL (Submerged Turret Loading) concept represents its most important area of business. The STL system was developed in the spring of 1992 in cooperation with Statoil and Marintek. The company has exclusive worldwide rights to the production and distribution of ship-related parts of the STL technology. MCG has delivered more than 20 systems for loading and offloading shuttle tankers and floating storage vessels. Multi-Fluid specializes in instruments for multi-phase metering.

The multi-phase meter makes it possible to accurately measure water, gas and oil flows from wells, without separating the different components.

UDS is a Norwegian company with special competence in the design of remotely controlled subsea operations. Hitec's remote control technology together with UDS' subsea experience, it is believed, will provide the necessary foundation for becoming a leading supplier of advanced subsea vessels and robots in the future.

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