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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Marine Propulsion

Volvo Penta Debuts Marine Gas Sterndrive Engines

Volvo Penta today unveiled its new family of next-generation 5.3L V8 gasoline engines for the marine sterndrive market in a press preview at the company’s Test Center in Suffolk, Va.

Exhaust Gas Scrubber Guide Updated

An updated version of the “Exhaust Gas Cleaning Systems Selection Guide” is now available, the U.S. Maritime Administration (MARAD) announced today.   Developed

Thordon Bearings Names New China Distributor

Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.2481 sec (4 req/sec)