OSI Provides Update on Acquisition

Wednesday, October 05, 2005
Offshore Systems International Ltd. is progressing with the due diligence process to acquire a United States defense contracting company, and is well underway in negotiating definitive agreements for the transaction. OSI first announced a non-binding letter of intent to purchase the target company on July 11, 2005. "The process is going very well," said President and CEO John Jacobson. "Although it is taking longer than initially anticipated, discussions have been and continue to be very positive." Jacobson said that this is a very complicated acquisition. "The target company operates in a heavily regulated field and while the regulatory approval process is proving more complex than we anticipated in July, we're optimistic and excited about where this process is leading and the progress we're making." The acquisition is expected to be accretive, and to approximately double OSI's revenue and employee base. The target company, with multiple offices in the United States, is a supplier of technology and services to the U.S. Department of Defense and key defense prime contractors.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy: Future USS John Finn (DDG 113) Launched

The future USS John Finn (DDG 113) was launched at the Huntington Ingalls Industries (HII) shipyard March 28.  During launch the drydock was flooded allowing the

WISTA AGM to Address Emerging Shipping Challenges

WISTA USA (Women’s International Shipping and Trading Association) is putting the final touches on a high-profile speaker line-up that will headline its upcoming

WOW at USMMA

The United States Merchant Marine Academy Hosts 7th Annual Women on the Water Conference. Last week, The United States Merchant Marine Academy (USMMA) in conjunction with the U.

Marine Propulsion

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

MAN Demonstrates Two-Stroke Methanol Engine Concept

MAN Diesel & Turbo successfully demonstrated its ME-LGI concept engine in front of customers and partners at its Diesel Research Center in Copenhagen on March 17th, the company announced today.

Becker Marine at Electric & Hybrid Marine Expo

Becker Marine Systems product presentation at the dutch Electric & Hybrid Marine World Expo will put a strong focus on environmentally-friendly technology for the

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1289 sec (8 req/sec)