Aker Pulls the Plug on NPS Energy Acquisition

Press Release
Wednesday, November 21, 2012

Aker Solutions has ended the process to acquire the Dubai-headquartered oil services company NPS Energy.

Aker Solutions announced an agreement to buy the shares in NPS Energy on 21 May 2012. The agreement was conditional upon a series of parameters being fulfilled before the end of the closing period.

The agreement stated that if the transaction had not closed by 20 November 2012, both parties had the right to terminate from 21 November 2012. Aker Solutions has today informed the seller of NPS Energy that it has terminated the agreement.

"We and the seller have not been able to reach the conditions for closing as agreed, and rather than risk increasing uncertainty, it was in the company and our shareholders' interest to terminate the transaction," says Øyvind Eriksen, executive chairman of Aker Solutions.

"We will continue to develop Aker Solutions as a more focused, global oilfield products, systems and services provider, by building on our strength in our home market and growing in a controlled manner internationally," says Eriksen.

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Miami Tugboat Oil Spill: Coast Guard Respond

The US Coast Guard says that its crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami, following a leak discovered aboard the 95-foot tugboat 'Neptune'.

Shipowners to Become Liable for Costs of Wreck Removal

Shipowner liability is on the horizon as the Nairobi International Convention on the Removal Wrecks will enter into force on 14 April 2015 following the deposit,

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Mergers & Acquisitions

WireCo Acquires Netherlands’ Endenburg

Company will open new crane distribution center WireCo WorldGroup Inc., the world’s leading producer and marketer of specialty steel ropes and high synthetic ropes,

Hapag-Lloyd, CSAV Merger Finalized

Hapag-Lloyd and CSAV binding agreement signed / In return for contributing its container business, CSAV becomes new core shareholder of Hapag-Lloyd / Hapag-Lloyd

Colfax's Acquisition of Victor Technologies Complete

ESAB has announced that Colfax Corporation has completed the previously announced acquisition of Victor Technologies Holdings, Inc. Victor is a preeminent global manufacturer of cutting,

Middle East

Damen Launches Kuwait Oil Company’s New Tug

First of 14 ASD Tugs launched at Damen Shipyards Galati The Kuwait Oil Company’s (KOC) new ASD Tug 3212 was launched end of March at Damen Shipyards Galati, Romania.

Attestation / Endorsement services for seaman in UAE

The Maritime Administration of the United Arab Emirates has introduced services for the attestation of seaman contract and issuance of oil/chemical/gas tanker endorsement.

Libya's Zawiya Oil Port Reopens

Libya's western Zawiya oil port has resumed operations after protesters vacated the entrance to    the facilities and the adjoining refinery will restart in about 24 hours,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0787 sec (13 req/sec)