Ulstein Group Enters Letter of Intent with Sea of Solutions

Monday, October 22, 2007
A letter of intent was signed on the 5th of September 2007, in respect of the contemplated acquisition of a majority stake by the Ulstein Group in Netherlands based Sea of Solutions as per January 2008. The deal is subject to a positive outcome of the Due Diligence process. Managing director Tore Ulstein of Ulstein International pointed to the similarities between Sea of Solutions and the Ulstein Group, and Bob Rietveldt, commercial director of Sea of Solutions, said that joining the Ulstein Group will allow Sea of Solutions to grow. The Ulstein Group and Sea of Solutions are both part of strong national maritime clusters: Ulstein at Sunnmøre, Norway, and Sea of Solutions in the Dutch Maritime cluster. Sea of Solutions develops projects for operators, contractors, and ship owners in the exploration, construction and production market, as well as the maritime transport market. It provides products and services on an independent and confidential basis. Beside innovative designs for newbuild vessels, the company is actively involved in upgrade and conversion projects for existing offshore vessels.

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